AC sales may touch a new record of 14 million units by the end of 2024: CEAMA

This year's existing heatwave has significantly driven up the demand for room air-conditioners nationwide, with an expected annual sale of around 14 million units, as per the Consumer Electronics and Appliances Manufacturers Association (CEAMA). CEAMA President, Mr. Sunil Vachani, underscores the industry's remarkable sales figures for air-conditioners in May, projecting a 30% to 40% surge in volume growth during the summer months alone. He emphasizes that rising temperatures and heatwaves have now made air-conditioners a "quintessential requirement" for households across urban areas. The Indian air-conditioner market is evolving because of the availability of energy-efficient models catering to various income brackets and substantial investments by companies in indigenous manufacturing units for components.

Moreover, the nation has experienced record-breaking temperatures this season, surpassing 45 degrees Celsius in some areas, including Delhi-NCR. Appliance manufacturers such as Voltas, LG, and Haier have reported a twofold growth in volume sales year-on-year in May, albeit facing challenges due to installation delays and replenishing inventories of popular energy-efficient models. He highlights establishing indigenous manufacturing units for components under the PLI scheme as instrumental in meeting the escalating demand. Haier Appliances India President, Mr. NS Satish, acknowledges the consistent demand for efficient and high-quality air conditioning, particularly during extreme summer temperatures. He reveals that based on last year's trends and current consumer behaviour, robust demand for cooling appliances is anticipated this summer, with AC sales increasing by 103% and refrigerator sales by 30% from March to May compared to last year. The company expects a 35-40% growth in AC sales and a 30% growth in refrigerators, confirming its commitment to delivering superior products and ensuring customer satisfaction.

Disclaimer: This information has been collected through secondary research and IBEF is not responsible for any errors in the same.