The "India HVAC Market Research Report: By Offering (Equipment, Service), End-User (Commercial, Industrial, Residential) - Industry Analysis and Growth Forecast to 2030" report has been added to ResearchAndMarkets.com's offering.
As per the World Bank, the gross domestic product (GDP) per capita of India rose from $112.434 in 1970 to $2,005.863 in 2018. During the same period, the adjusted net national income per capita of the country increased from $104.049 to $1,735.329. This clearly shows that the average Indian is significantly richer now than 30 years ago, which is allowing them to spend on products, once considered a luxury, such as heating, ventilation, and air conditioning (HVAC) systems, cars, and refrigerators.
The publisher says that the increasing disposable income will act as the key driver for the growth of the Indian HVAC market from $8,526.7 million in 2019 to $31,598.6 million by 2030, at a high 16.0% CAGR during the forecast period (2020-2030). These appliances are witnessing rising sales with people purchasing them to maintain the optimum temperature inside closed spaces and achieve proper ventilation. From homes and large shops to offices, transport hubs, and factories, HVAC appliances find widespread usage.
Another reason for the rising installation rate of such equipment in the country is its burgeoning residential construction sector. Apart from the rapidly increasing population and urbanization, government support and the implementation of real estate regulations are also boosting residential construction activities in India. Compared to 1.3% in 2016-2017, the construction sector of the nation grew by 4.3% during 2017-2018, to reach $140 billion in FY2018. Moreover, the ongoing construction of 100 smart cities in India will further drive the demand for HVAC systems.
The Indian HVAC market is divided into ventilation, cooling, and heating, on the basis of equipment type. Among these, the cooling category held the largest share during the historical period (2014-2019), and the same scenario is predicted for the forecast period. Most of the country has a tropical or subtropical climate, which means hot weather for much of the year. Day temperatures of 45 degrees Celsius are common in sub-Himalayan India during summers, while high humidity characterizes the period between July and September.
Among commercial, industrial, and residential end users, commercial users account for the highest procurement rate of HVAC appliances in the nation. In recent years, the number of corporate houses and shopping malls has risen vastly in the country, thus creating a huge demand for ACs and heating and ventilation systems. By 2021, an additional 34 shopping malls are set to be inaugurated in eight cities, including Hyderabad, Delhi-National Capital Region (NCR), and Bangalore.
Moreover, the rising spending on other commercial infrastructure projects is also helping the Indian HVAC market grow. For instance, Delhi Metro is being expanded deeper into Noida and Ghaziabad with an investment of $57 million. Similarly, two corridors of Mumbai Metro are being constructed with a total expenditure of $925 million. Additionally, the construction of 100 airports over the next 10-15 years was okayed by the Indian government in 2017. As cooling and ventilation systems are important in all such places, their establishment and expansion will boost the HVAC demand.
Rising inclination toward smart HVAC systems
Adoption of energy-efficient HVAC systems
Growing residential construction sector
Surging infrastructure spending
Rising disposable income
Impact analysis of drivers on market forecast
High installation cost
Impact analysis of restraints on market forecast
Growing preference for geothermal HVAC
Increasing deployment of VRF systems in high-rise buildings
Carrier Midea India Private Limited
Carrier Airconditioning & Refrigeration Ltd.
Daikin Industries Ltd.
Mitsubishi Electric Corporation
LG Electronics Inc.
Blue Star Limited
Havells India Limited
Johnson Controls-Hitachi Air Conditioning India Limited
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View source version on businesswire.com: https://www.businesswire.com/news/home/20201203005443/en/
Laura Wood, Senior Press Manager
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