The India air conditioner (AC) market, marked by fierce competition and dynamic consumer demands, has witnessed a consistent growth trajectory over the years. Amidst this landscape, a single entity has emerged as the undisputed market leader, shaping trends, setting benchmarks, and influencing the very course of the industry. There are a number of domestic and international players in the AC market in India.
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Key Players in the Industry
Here are some leading players, which leads the India air conditioner market are as below:
Originally founded in 1954, Voltas, one of the primary players in the Indian Air Conditioner industry is a Mumbai-headquartered company, with a significant presence in India and other geographies including, the Middle East, Africa, and Singapore, among others.
The company holds a 21.60% share in the market, which over the years has declined principally due to the increasing competition. The industry leader derives the majority of its revenue from the Unitary Cooling Products segment, which primarily manufactures and markets air conditioning and cooling products.
The Havells-owned consumer electronics brand is domiciled in India, and primarily derives its revenue from air conditioners, washing machines, refrigerators, dishwashers, and TVs, with air conditioners contributing the most to its revenue. The company as of April 2022 held a market share of 6.4%.
3. LG Electronics
Founded in 1958, LG Electronics is a South-Korea headquartered electronics company, with a global presence. The company manufactures and markets products across various categories including, home entertainment, mobile communications, home appliance, and air solutions, among others. LG holds approximately 22% market share and is the first company to manufacture its own compressors in India.
Panasonic is a Japan-based conglomerate, with global operations. The company holds a market share of approximately 7.5 to 8 percent and is one of the supreme players in connected air conditioners segment. The group primarily categorizes its products across 5 product categories including, lifestyle, automotive, connect, industry, and energy.
Strategies adopted by key players
With an established demand from urban areas, and demand from the rural regions picking up, the companies in the industry are actively taking benefit of GOI’s Product Linked Incentive scheme, establishing manufacturing plants across the nation, and are also setting up backward integrated plants, promoting ‘Make in India’.
Moreover, the key players are forming joint ventures with foreign companies to tackle the fierce domestic competition. For instance, Voltas formed a joint venture with Beko, part of Arçelik Group. Moreover, the companies are also adopting aggressive price strategies to gain revenue and of course market share.
In the ever-evolving landscape of the Indian AC market, these key players have emerged as influential forces, each contributing to the growth and development of the industry in its own unique way. From innovation-driven giants to customer-centric brands and sustainability champions, the diversity of strategies and offerings presented by these players reflects the dynamic nature of the market.
As consumer demands evolve and technology continues to advance, the roles of these key players will undoubtedly shape the trajectory of the Indian AC market, making it an exciting space to watch in the years to come.
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Ujjwal is a thought leader and recognized expert in the market research and consulting field. He is the co-founder at RationalStat, a leading global market research & procurement intelligence firm with 10+ years of industry expertise.