The Indian air conditioners market revenues are projected to grow at a CAGR of 12.2 percent during 2018–2024. The growing number of middle-class households and rising buying power would continue to accelerate the demand for room split air conditioners (ACs) in India. Increasing office and retail spaces in the country along with booming tourism and hospitality sectors are also contributing in the healthy growth of the Indian air conditioners market.
The market is highly competitive and fragmented with presence of domestic, international, and unorganized market participants. The market is broadly divided into seven segments; within that, split air conditioners segment dominates the market and would continue to lead. The demand for these air conditioners is primarily growing in the residential market. The VRF/VRV segment is also gaining popularity in the market. In India, the northern region has captured yhe major share in the overall air conditioners market followed by the southern and western region.