In addition to RAC, Commercial Air Conditioning (CAC) will see a rise in competitiveness as major international businesses begin to concentrate on this market.
According to Voltas, a market leader in the area, the presence of both domestic and major international firms has "intensified" competition in the Indian RAC market.
According to Voltas, a Tata group company, the room air conditioner (RAC) market in India is projected to develop at a robust 12 percent compound annual growth rate (CAGR) and reach Rs 50,000 crore by FY 2028–2029.
According to Voltas, a market leader in the area, the presence of both domestic and prominent international competitors has "intensified" competition in the Indian RAC market.Furthermore, the corporation said that when talking about chances and difficulties, the competition "intensity is going to increase" in the near future.The market for room air conditioners is expected to rise as a result of factors including hotter summers, higher disposable incomes, and the desire for a better lifestyle with easy access to credit.
Voltas predicted that the Indian RAC market will expand at a robust 12 percent compound annual growth rate and reach a value of Rs 50,000 crores by 2028–2029.According to the firm, Voltas sold more than 2 million air conditioners in 2023–2024—the most air conditioners ever sold by any brand in a single year."Voltas also sold one million air conditioners in a record-breaking 110 days, from January 1, 2024, to April 20, 2024," the statement said.
This season, a number of businesses reported growth that was more than twice as high in April and May as a result of sales that soared during the scorching summer, when temperatures reached about 45 degrees and set many records."Voltas intends to strengthen its market leadership going forward by growing its Exclusive Brand Outlets (EBOs) and other channels," the statement said.
In addition to RAC, Commercial Air Conditioning (CAC), where major international firms have begun to concentrate on this industry, is expected to see a rise in competition intensity.According to the research, "a focus on comfort and sustainability is driving an increase in demand for commercial air conditioning across industries and commercial establishments."The Consumer Electronics and Appliance Manufacturers Association has previously said that it anticipates record RAC sales this year, with an estimated 14 million devices sold annually by 2024.
But Voltas also noted in its research that the sector has difficulties as a result of the recent introduction of QCO (Quality Control Orders) regulations, which have an impact on component imports.Nevertheless, components for air conditioners in India are mostly imported; on average, 65–70% of the product value is imported.According to Voltas' annual study, the market for commercial refrigeration (CR) products would increase at a rate of more than 10% year through FY 2028–2029."Many of the product categories are likely to register high double-digit growth" in this category, it said.Many firms have increased local production and opened new facilities as part of the "Made in India" campaign. It stated that there are difficulties with market share and profitability because of the fierce competition brought on by the substantial local manufacturing base in important categories.
No comments:
Post a Comment