India Home Ventilation System Market Analysis
The India Home Ventilation System Market is expected to register a CAGR of greater than 8% during the forecast period.
The northern part of the country holds the largest Indian HVAC industry share, due to the varying climatic conditions here. While Rajasthan, Delhi, Haryana, Madhya Pradesh, Uttar Pradesh, and Punjab have a predominantly hot climate, Uttarakhand, Jammu and Kashmir, Ladakh, and Himachal Pradesh experience long and freezing winters. This is leading to the increasing installation of cooling, as well as heating equipment in North India. Moreover, the purchasing power of the people living in the northern part of the nation is helping them purchase a variety of HVAC equipment.
One of the trends in the India Home ventilation market is energy-efficient equipment. Due to the growing environmental concerns in the country, the preference is shifting toward HVAC equipment which uses less fuel and electricity, but provides the same or better efficiency than conventional variants. Additionally, the national government introduced a new Energy Conservation Building Code (ECBC), ECO Niwas Samhita, in 2018, for residential units. The aim of this energy-efficiency measure is to cut down the annual electricity consumption by 125 billion units by 2030.
India Home Ventilation System Market Trends
Rising Residential Construction Sector in India Driving the Market.
Residential construction in India growing around 15% CAGR and about to cross INR 40,000 billion in 2022, India witnessing an improvement in the real estate regulations, growth in the urbanization rate, and rise in government-initiated residential projects.India is among the top 10 price appreciating housing markets internationally. Organised retail real estate stock is expected to increase by 28% to 82 million sq. ft. by 2023.
Home sales volume across seven major cities in India surged 113% YoY to reach 62,800 units in the third quarter 2021, from 29,520 units in the same period in 2020. The current shortage of housing in urban areas is estimated to be 10 million units. An additional 25 million units of affordable housing are required by 2030 to meet the growth in the country's urban population.
In November 2021, the Indian Government approved the construction of 3.61 lakh houses under the Pradhan Mantri Awas Yojana (Urban). Moreover, the approval of the new housing units takes the total number of sanctioned houses under the scheme to 1.14 crore. For the affordable housing scheme, the Indian Government has approved a total investment of 7.52 lakh crore. Apart from Ventilation systems, the demand for heat pumps and AC is rising, especially in newly constructed housing units.
Increased Demand for Decentralized Ventilation System to Propel Market Growth
Decentralized ventilation system couples small packaged outdoor-air fan coil units, recirculated-air fan coil units, and a chilled ceiling, could reduce total daily electricity consumption for air-conditioning use by at least 15% in a commercial office space. Decentralization systems outperform in residential and commercial applications where natural ventilation is insufficient. It reduces space conditioning requirements by allowing compartmentalization of buildings into zones, which reduces air leakage through the building envelope. This, in turn, increases comfort, resulting in market growth.
India Home Ventilation System Industry Overview
The report covers major international players operating in the India Household Electric Grills market. In terms of market share, few of the major players currently dominate the market. However, with technological advancement and product innovation, mid-size to smaller companies is increasing their market presence by securing new contracts and tapping new markets. It has major players includes Hitachi, Samsung, Bluestar, Voltas and LG etc.
India Home Ventilation System Market Leaders
Daikin
Haier
Bluestar
Voltas
Samsung
- *Disclaimer: Major Players sorted in no particular order
India Home Ventilation System Market News
- On June 13, 2022, Voltas launched India's first Air conditioner with HEPA Filter technology. This latest offering, the Voltas' Pure Air 6 Stage Adjustable Inverter AC comes with a unique value proposition of 'Pure & Flexible Air Conditioning', powered with HEPA Filter, PM 1.0 Sensor and AQI Indicator, that helps in purifying the indoor air.
- On August 28, 2021, Hitachi announced its expansion plans to capture the promising residential and commercial air conditioning market in Gujarat. The company is doubling its channel partner strength in Gujarat by taking the current 120 dealers count to over 250 in the next 3 years.
