Global Air Condition (AC) Market
On June 30, 2023, Panasonic announced a partnership with Xiaomi to produce and develop air conditioners for the Chinese market. Under the partnership, Panasonic will use freed-up capacity in its Guangzhou plant to produce Xiaomi air conditioners. Partners will also target the development of new technology for home units. For the Japanese market, Panasonic plans to slowly transfer some of the production of its home air conditioners from Guangzhou, China, to Shiga prefecture, Japan.
On June 01, 2023, Daikin India announced its plan to meet summer demand by tapping into its powerful manufacturing ability and combining it with the ingenuity of Daikin's Japanese designs. With enhanced localization and better supply chain merits, the company has lifted its AC's quality and performance without increasing prices. Daikin has designed a product range to suit the country's extreme temperature range, following Japanese processes adapted to Indian requirements.
On Apr.05, 2023, Blue Star announced its plan to grab around 15% of the residential air conditioner market share by expanding its product portfolio and distribution network by FY 2025. The company has been witnessing constant growth in the markets of West and South regions and expects a 20 to 25 percent volume growth further. Blue Star is launching affordable products targeting the mass premium segment, catering to price-sensitive buyers, especially from non-metro towns. It has also introduced 75 products across the inverter, fixed speed, and window ACs.
On Mar 27, 2023, LG Electronics India announced Rs. 300 crore investments to manufacture air-conditioner components in the country. The company also launched the compressor plant in Greater Noida. The plant-making dual inverter compressors will have an annual production capacity of over 1 MN units. This investment has ensured that over 65% of LG's ACs made in India are developed using locally sourced parts. This investment into the component ecosystem makes LG the first brand to manufacture its compressors in India.
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Key Companies in the air condition market include –
- AB Electrolux (Sweden)
- Carrier Corporation (USA)
- Daikin Industries Ltd. (Japan)
- Daikin Airconditioning India Pvt. Ltd. (India)
- GE Appliances (USA)
- Gree Electric Appliances Inc. (China)
- LG Electronics (South Korea)
- Midea Group (China)
- Mitsubishi Heavy Industries Ltd. (Japan)
- Panasonic Corporation (Japan)
