India HVAC systems market size to grow at a CAGR of 9.97% by 2026: Split AC segment among the top contributors - Technavio

NEW YORK, Feb. 16, 2023 /PRNewswire/ -- According to Technavio, India HVAC systems market size is estimated to grow by USD 2.77 billion from 2021 to 2026. The market is estimated to grow at a CAGR of 9.97% during the forecast period. Moreover, the growth momentum will accelerate. The report provides a comprehensive analysis of growth opportunities at regional levels, new product launches, the latest trends, and the post-pandemic recovery of the market. For more insights on the market, request a sample report

HVAC systems market in India - Five forces
The HVAC systems market in India is fragmented, and the five forces analysis covers– 

• Bargaining power of buyers 
• The threat of new entrants
• Threat of rivalry
• Bargaining power of suppliers
• Threat of substitutes
• For an interpretation of Porter's five forces model – Buy the report!

HVAC systems market in India – Customer landscape 

The report includes the market's adoption lifecycle, from the innovator's stage to the laggard's stage. It focuses on adoption rates in different regions based on penetration. Furthermore, the report also includes key purchase criteria and drivers of price sensitivity to help companies evaluate and develop their growth strategies.

HVAC systems market in India - Segmentation assessment

Segment overview
Technavio has segmented the market based on application (split AC, window AC, and others) and product (split AC, window AC, and others). 

• The split AC segment will account for a significant share of the market's growth during the forecast period. The rising awareness about the reduction of energy consumption is fueling the adoption of inverter split ACs. In these ACs, compressors run continuously. Thus, the focus on lowering energy consumption has encouraged HVAC system manufacturers to expand their product portfolios by introducing inverter split ACs, especially in the residential segment. These factors will drive the growth of this segment during the forecast period.

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HVAC systems market in India – Market dynamics
Key factor driving market growth

• The growing demand for inverter HVAC systems is driving the market growth.
• The demand for HVAC systems is growing rapidly in India, with the rise in disposable income and improvement in the standard of living.
• The average temperature in India has been rising continuously over the years, which has increased the demand for HVAC systems.
• Moreover,  the Indian government is investing significantly in infrastructure development, which is driving the demand for HVAC systems.
• In the residential segment, the use of split ACs is higher when compared to window ACs.
• However, the increasing awareness about reducing energy consumption and the growing focus on energy-efficient products are increasing the adoption of inverter-type split ACs.
• These factors will drive the growth of the market during the forecast period.

Leading trends influencing the market 

• The increasing popularity of smart HVAC systems is a key trend in the market.
• The adoption of HVAC systems is leading to a rise in the use of smart and connected HVAC systems.
• End-users can manage their HVAC systems efficiently, with advances in portable devices and monitoring systems.
• The demand for Internet of Things (IoT)-enabled devices has increased rapidly primarily due to the need for data collection and analysis.
• End-users are focusing on predictive maintenance to reduce overall downtime and increase operational efficiency.
• The increasing focus on building smart factories in India is also expected to support the trend of smart HVAC systems in India.

Major challenges hindering market growth

• The need for high R&D investment will challenge the HVAC systems market growth in India during the forecast period.
• The production and installation stages of HVAC systems require high capital.
• Rapid technological advances have reduced the product lifecycle, which has compelled HVAC system manufacturers to invest more in R&D.
• The growing competition has made it difficult for manufacturers to pass on these costs to end-users.
• Hence, the high costs must be borne by manufacturers, and they require a long period to attain a break-even point.
• Such factors are expected to remain a challenge in the HVAC systems market in India during the forecast period.

Drivers, trends, and challenges have an impact on market dynamics, which can impact businesses. Find more insights in a sample report!

What are the key data covered in this India HVAC systems market report?

• CAGR of the market during the forecast period
• Detailed information on factors that will drive the growth of the HVAC systems market in India between 2022 and 2026
• Precise estimation of the size of the HVAC systems market in India and its contribution to the parent market
• Accurate predictions about upcoming trends and changes in consumer behavior
• A thorough analysis of the market's competitive landscape and detailed information about vendors
• Comprehensive analysis of factors that will challenge the growth of India HVAC systems market vendors

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Scope HVAC Systems Market India

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Table of contents

1 Executive Summary

• 1.1 Market overview 
• Exhibit 01: Executive Summary – Chart on Market Overview
• Exhibit 02: Executive Summary – Data Table on Market Overview
• Exhibit 03: Executive Summary – Chart on Country Market Characteristics
• Exhibit 04: Executive Summary – Chart on Market Segmentation by Application
• Exhibit 05: Executive Summary – Chart on Market Segmentation by Product
• Exhibit 06: Executive Summary – Chart on Vendor Market Positioning

2 Market Landscape

• 2.1 Market ecosystem 
• Exhibit 07: Parent market
• Exhibit 08: Market Characteristics

3 Market Sizing

• 3.1 Market definition 
• Exhibit 09: Offerings of vendors included in the market definition

• 3.2 Market segment analysis 
• Exhibit 10: Market segments

• 3.3 Market size 2021

• 3.4 Market outlook: Forecast for 2021-2026 
• Exhibit 11: Chart on India - Market size and forecast 2021-2026 ($ million)
• Exhibit 12: Data Table on India - Market size and forecast 2021-2026 ($ million)
• Exhibit 13: Chart on India: Year-over-year growth 2021-2026 (%)
• Exhibit 14: Data Table on India: Year-over-year growth 2021-2026 (%)

4 Five Forces Analysis

• 4.1 Five forces summary 
• Exhibit 15: Five forces analysis - Comparison between 2021 and 2026

• 4.2 Bargaining power of buyers 
• Exhibit 16: Chart on Bargaining power of buyers – Impact of key factors 2021 and 2026

• 4.3 Bargaining power of suppliers 
• Exhibit 17: Bargaining power of suppliers – Impact of key factors in 2021 and 2026

• 4.4 Threat of new entrants 
• Exhibit 18: Threat of new entrants – Impact of key factors in 2021 and 2026

• 4.5 Threat of substitutes 
• Exhibit 19: Threat of substitutes – Impact of key factors in 2021 and 2026

• 4.6 Threat of rivalry 
• Exhibit 20: Threat of rivalry – Impact of key factors in 2021 and 2026

• 4.7 Market condition 
• Exhibit 21: Chart on Market condition - Five forces 2021 and 2026

5 Market Segmentation by Application

• 5.1 Market segments 
• Exhibit 22: Chart on Application - Market share 2021-2026 (%)
• Exhibit 23: Data Table on Application - Market share 2021-2026 (%)

• 5.2 Comparison by Application 
• Exhibit 24: Chart on Comparison by Application
• Exhibit 25: Data Table on Comparison by Application

• 5.3 Non-residential - Market size and forecast 2021-2026
• Exhibit 26: Chart on Non-residential - Market size and forecast 2021-2026 ($ million)
• Exhibit 27: Data Table on Non-residential - Market size and forecast 2021-2026 ($ million)
• Exhibit 28: Chart on Non-residential - Year-over-year growth 2021-2026 (%)
• Exhibit 29: Data Table on Non-residential - Year-over-year growth 2021-2026 (%)

• 5.4 Residential - Market size and forecast 2021-2026
• Exhibit 30: Chart on Residential - Market size and forecast 2021-2026 ($ million)
• Exhibit 31: Data Table on Residential - Market size and forecast 2021-2026 ($ million)
• Exhibit 32: Chart on Residential - Year-over-year growth 2021-2026 (%)
• Exhibit 33: Data Table on Residential - Year-over-year growth 2021-2026 (%)

• 5.5 Market opportunity by Application 
• Exhibit 34: Market opportunity by Application ($ million)

6 Market Segmentation by Product

• 6.1 Market segments 
• Exhibit 35: Chart on Product - Market share 2021-2026 (%)
• Exhibit 36: Data Table on Product - Market share 2021-2026 (%)

• 6.2 Comparison by Product 
• Exhibit 37: Chart on Comparison by Product
• Exhibit 38: Data Table on Comparison by Product

• 6.3 Split AC - Market size and forecast 2021-2026
• Exhibit 39: Chart on Split AC - Market size and forecast 2021-2026 ($ million)
• Exhibit 40: Data Table on Split AC - Market size and forecast 2021-2026 ($ million)
• Exhibit 41: Chart on Split AC - Year-over-year growth 2021-2026 (%)
• Exhibit 42: Data Table on Split AC - Year-over-year growth 2021-2026 (%)

• 6.4 Window AC - Market size and forecast 2021-2026
• Exhibit 43: Chart on Window AC - Market size and forecast 2021-2026 ($ million)
• Exhibit 44: Data Table on Window AC - Market size and forecast 2021-2026 ($ million)
• Exhibit 45: Chart on Window AC - Year-over-year growth 2021-2026 (%)
• Exhibit 46: Data Table on Window AC - Year-over-year growth 2021-2026 (%)

• 6.5 Others - Market size and forecast 2021-2026
• Exhibit 47: Chart on Others - Market size and forecast 2021-2026 ($ million)
• Exhibit 48: Data Table on Others - Market size and forecast 2021-2026 ($ million)
• Exhibit 49: Chart on Others - Year-over-year growth 2021-2026 (%)
• Exhibit 50: Data Table on Others - Year-over-year growth 2021-2026 (%)

• 6.6 Market opportunity by Product 
• Exhibit 51: Market opportunity by Product ($ million)

7 Customer Landscape

• 7.1 Customer landscape overview 
• Exhibit 52: Analysis of price sensitivity, lifecycle, customer purchase basket, adoption rates, and purchase criteria

8 Drivers, Challenges, and Trends

• 8.1 Market drivers

• 8.2 Market challenges

• 8.3 Impact of drivers and challenges 
• Exhibit 53: Impact of drivers and challenges in 2021 and 2026

• 8.4 Market trends

9 Vendor Landscape

• 9.1 Overview

• 9.2 Vendor landscape 
• Exhibit 54: Overview on Criticality of inputs and Factors of differentiation

• 9.3 Landscape disruption 
• Exhibit 55: Overview on factors of disruption

• 9.4 Industry risks 
• Exhibit 56: Impact of key risks on business

10 Vendor Analysis

• 10.1 Vendors covered 
• Exhibit 57: Vendors covered

• 10.2 Market positioning of vendors 
• Exhibit 58: Matrix on vendor position and classification

• 10.3 Blue Star Ltd 
• Exhibit 59: Blue Star Ltd - Overview
• Exhibit 60: Blue Star Ltd - Business segments
• Exhibit 61: Blue Star Ltd - Key offerings
• Exhibit 62: Blue Star Ltd - Segment focus

• 10.4 Daikin Industries Ltd 
• Exhibit 63: Daikin Industries Ltd - Overview
• Exhibit 64: Daikin Industries Ltd - Business segments
• Exhibit 65: Daikin Industries Ltd - Key news
• Exhibit 66: Daikin Industries Ltd - Key offerings
• Exhibit 67: Daikin Industries Ltd - Segment focus

• 10.5 Havells India Ltd 
• Exhibit 68: Havells India Ltd - Overview
• Exhibit 69: Havells India Ltd - Business segments
• Exhibit 70: Havells India Ltd - Key news
• Exhibit 71: Havells India Ltd - Key offerings
• Exhibit 72: Havells India Ltd - Segment focus

• 10.6 IFB Industries Ltd 
• Exhibit 73: IFB Industries Ltd - Overview
• Exhibit 74: IFB Industries Ltd - Business segments
• Exhibit 75: IFB Industries Ltd - Key offerings
• Exhibit 76: IFB Industries Ltd - Segment focus

• 10.7 Ingersoll Rand Inc. 
• Exhibit 77: Ingersoll Rand Inc. - Overview
• Exhibit 78: Ingersoll Rand Inc. - Business segments
• Exhibit 79: Ingersoll Rand Inc. - Key offerings
• Exhibit 80: Ingersoll Rand Inc. - Segment focus

• 10.8 LG Electronics Inc. 
• Exhibit 81: LG Electronics Inc. - Overview
• Exhibit 82: LG Electronics Inc. - Business segments
• Exhibit 83: LG Electronics Inc. - Key news
• Exhibit 84: LG Electronics Inc. - Key offerings
• Exhibit 85: LG Electronics Inc. - Segment focus

• 10.9 Panasonic Corp 
• Exhibit 86: Panasonic Corp - Overview
• Exhibit 87: Panasonic Corp - Business segments
• Exhibit 88: Panasonic Corp - Key news
• Exhibit 89: Panasonic Corp - Key offerings
• Exhibit 90: Panasonic Corp - Segment focus

• 10.10 Samsung Electronics Co. Ltd. 
• Exhibit 91: Samsung Electronics Co. Ltd. - Overview
• Exhibit 92: Samsung Electronics Co. Ltd. - Business segments
• Exhibit 93: Samsung Electronics Co. Ltd. - Key news
• Exhibit 94: Samsung Electronics Co. Ltd. - Key offerings
• Exhibit 95: Samsung Electronics Co. Ltd. - Segment focus

• 10.11 Voltas Ltd 
• Exhibit 96: Voltas Ltd - Overview
• Exhibit 97: Voltas Ltd - Business segments
• Exhibit 98: Voltas Ltd - Key offerings
• Exhibit 99: Voltas Ltd - Segment focus

• 10.12 Whirlpool Corp. 
• Exhibit 100: Whirlpool Corp. - Overview
• Exhibit 101: Whirlpool Corp. - Business segments
• Exhibit 102: Whirlpool Corp. - Key offerings
• Exhibit 103: Whirlpool Corp. - Segment focus

11 Appendix

• 11.1 Scope of the report

• 11.2 Inclusions and exclusions checklist 
• Exhibit 104: Inclusions checklist
• Exhibit 105: Exclusions checklist

• 11.3 Currency conversion rates for US$ 
• Exhibit 106: Currency conversion rates for US$

• 11.4 Research methodology 
• Exhibit 107: Research methodology
• Exhibit 108: Validation techniques employed for market sizing
• Exhibit 109: Information sources

• 11.5 List of abbreviations 
• Exhibit 110: List of abbreviations

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