Research and Markets Forecasts US$ 1.62 Billion India Air Coolers Market
The report titled ‘India Air Coolers Market, By Sector (Unorganized and Organized). India Organized Air Coolers Market, By End-User (Residential Air Coolers and Industrial & Commercial Air Coolers), By Region, By Top 3 Leading States, Competition, Forecast and Opportunities, 2028F’ has been added to ResearchAndMarketscom’s offering.
The Indian air coolers market was valued at US$ 339.64 million in 2022 and is expected to grow at a compound annual growth rate (CAGR) of 9.04% in the forecast period of 2023 to 2028 to surpass US$ 1.62 billion by 2028. The market is driven by factors such as the rise in the disposable income of middle-class families and the ongoing process of rural electrification across the country. Also, the emergence of online sales channels and the continuous technological evolution are expected to create lucrative growth opportunities for the Indian air coolers market in the forecast period.
The demand for air coolers is primarily dependent on the climate witnessed in the country. The climate in most of the country is hot, and the summer season is long, beginning in April and ending in October; the temperature often reaches 45ºC during summer.
The costs of running and the electricity consumed by air coolers are much less than those of air conditioners, making them affordable for consumers. Efforts to ensure that electricity reaches each remote location of the country along with the development of rural areas are expected to fuel demand for air coolers across the country.
The Indian air coolers market is segmented into organized vs. unorganized sectors, regional distribution, and competitive landscape. The unorganized segment dominated the market with a share of 69.68% in 2022.
The unorganized sector is expected to maintain its dominance over the forecast period due to the continuous entry of new market players and the availability of air coolers at comparatively lower prices. Unorganized distribution channels can be seen even in remote locations, making them highly accessible to consumers.
Air Handlers Show the Largest Increase in the 2nd Quarter of 2022 in Canada
The Heating, Refrigeration and Air Conditioning Institute of Canada (HRAI) has announced air conditioner shipments for second quarter of 2022. Increases this quarter included air handler units +22%, residential air conditioning systems +5%, residential furnaces +2%, and lastly unit heaters +1%. Shipments of commercial air conditioning systems down 10%, and ductless split system shipments down 8%, while chillers showed a 4% decrease in the second quarter.
The above chart provides specific data for each product, with year-to-date Canadian shipments for selected HVAC&R equipment at the end of the second quarter. An expansion factor has been included to compensate for the non-participating portion of the market.
China's Heater Exports to Europe Surging
Energy shortages in Europe have stimulated demand for energy-saving and heating appliances. This year China's export volume of heating appliances, including electric heaters and electric blankets.to Europe has surged. Moreover, air-to-water (ATW)heat pumps that apply green energy principles have presented explosive growth.
Since 2022, the lasting impact of the Russia and Ukraine conflict has exacerbated the energy crisis, creating major issues for industry, and people's livelihoods in many European countries. In response, while accelerating energy structure transformations, many European countries have also initiated energy saving campaigns to cope with the energy shortage.
According to Eurostat, as of July, 2022, the European Union (EU) has seen the annual growth rate of energy price inflation rise 38.3%, of which the price inflation annual growth rate of natural gas and electricity came to 52.2 and 31.1% respectively.
Since 2022, the export value of many home appliances sent to Europe has decreased, and growing categories included air conditioners, electric water heaters, electric heaters, and electric blankets, which have seen cumulative export values of USS 1.99 billion, US$130 million, USS 490 million, and USS 33.4 million from January to July. Among these, electric blankets led other categories with a 97% growth rate.
According to ChinaIOL, the first half of 2022 saw the sales value of the ATW heat pump industry in China reach RMB 7.193 billion (about US$1.00 billion), growing by nearly 30%year on year, and the domestic sales value came to RMB 3.743 billion (about USS 521.3 million). growing by 6.82%year on year;export value came to RMB 3.45 billion (about US$480.5 million),growing by 68.2%year on year.Export destination countries that ranked highest were Italy, Poland, Australia, and Spain, all indicating over 50%year-on-year growth.
Post time: Nov-15-2022
