Market outlook of the HVAC systems in India
HVAC systems help in maintaining air quality in residential and commercial establishments by adequately ventilating and filtering it, and ensuring thermal balance. Significant policies on refrigerant use, stringent and eco-friendly norms, safety pre-requisites, advances in technology, and efficient use of products and services have influenced the market players to improve their business strategies and product offerings. These factors in turn play a significant role in creating a pertinent demand for efficient HVAC system.
Technavio’s market research analysts expect the HVAC systems market in India to grow at a CAGR of close to 11% during the forecast period, which is mainly driven by the rapid infrastructure development. The growing population combined with government initiatives to promote the “Make in India” concept has heightened manufacturing activities and infrastructure development in the country.
Segmentation of the HVAC systems in India by product
- Split AC
- Windows AC
- Others
A split AC system consists of external and internal units. The external unit comprises of the condenser and compressor, whereas the internal unit contains an evaporator, expansion coil, and air filter. In 2014, split AC systems dominated the market, accounting for a share of almost 82% of the overall market.
Segmentation of the HVAC systems in India by end-user
- Residential sector
- Commercial sector
Technavio’s market research analysts has projected the residential segment to grow significantly, posting a CAGR of nearly 12% during the forecast period. New employment opportunities, growing disposable income of the middle class, and population growth are the major factors contributing to the growth of the residential sector in the country.
Competitive landscape and key vendors
Both established international and local vendors have a substantial share in the HVAC systems market in India. The international players compete on parameters such as reliability and after-sales services to increase their foothold in the market. However, the local players are gaining traction in the market as the cost-driven end-users in the country prefer low-cost products offered by these players.
Main vendors in this market are:
- Blue Star
- Carrier Corporation
- Daikin Industries
- ETA
- Voltas
Other prominent vendors include Danfoss, Hitachi Home and Life Solutions, Johnson Controls York, Kirloskar, LG, Lloyd, Onida, Panasonic, Samsung, Thermax, Toshiba, Trane, and Zeco.
Key questions answered in the report include
- What will the market size and the growth rate be in 2019?
- What are the key factors driving the HVAC systems in India?
- What are the key market trends impacting the growth of the HVAC systems in India?
- What are the challenges to market growth?
- Who are the key vendors in the HVAC systems in India?
- What are the market opportunities and threats faced by the vendors in the HVAC systems in India?
- What are the key outcomes of the five forces analysis of the HVAC systems in India?
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