According to the report, the fact that air conditionings are no longer considered as luxury goods in India and is now being recognized as a necessity due to rising temperature in many parts of the country is a key factor behind the growth of the market.
According to the report, the air conditioning market in India will expand at a 10.39% CAGR between 2017 and 2021.The pollution rate in India is very high and this will also be a key factor boosting the demand for ACs. Leading AC manufacturers are developing products that are energy efficient which is also encouraging many households to opt for AC. In addition to this, energy-efficient ACs are also supported by government, driving the market further.
On the other hand, the penetration of AC is still very low in India as compared to developed nations. The demand for AC is extremely low or negligible in rural areas and this is expected to be a major drawback for the air conditioning market in India. Rural areas in India prefer cost-effective products that are durable and need no maintenance. Vendors need to invest in R&D to develop ACs that fit into the criteria of the rural customers so as to increase their sales by volume.
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On the basis of distribution channel, the electronics retail stores are leading and are expected to expand at a 2% CAGR during the period from 2017 to 2021. These stores offer good ambience and multiple brands, thus driving more customers. Also, electronics retail stores offer correctly priced items, which are boosting customers to buy from them. In the years to come however, internet penetration and ease of using e-commerce websites will drive many consumers to make purchases using e-commerce as a platform. In addition to this, facilities such as order cancel, cash on delivery, home delivery, order replacement, and attractive offers will drive many Indian consumers to make use of e-commerce.
As per the report, the sales of ACs increase between the months March end and early April. Sales are particularly high in cities such as Mumbai, Chennai, and Bengaluru, apart from other tier-II cities. One of the trends in the market is the development of air conditioning that also purifies rooms apart from cooling them. Built-in purifier feature has been developed by leading players such as Blue Star, based in Mumbai in collaboration with companies in China and the U.S. on account of the release of excess carbon dioxide and increase in greenhouse gas.
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