When you’re battling the intense summer heat in India, a reliable air conditioner becomes more than just a luxury – it’s an absolute necessity. With soaring temperatures and high humidity levels, AC units are essential for maintaining comfort and productivity in homes and offices across the country.
With a multitude of options available on the market today, choosing the right air conditioner can seem like a daunting task. This article will guide you through the top 10 AC companies in India that have won consumers’ trust with their innovative technology, energy efficiency, exceptional performance and stellar customer service.
From global giants to promising local brands making waves in India’s AC industry – each company has its unique selling points that cater to different needs and budgets. So whether you’re looking for an affordable option or don’t mind splurging on premium features, there’s something here for everyone. Let’s dive into it!
Air Conditioners Industry in India
- The Air Conditioners segment in India is projected to grow by 18.57% (2023-2028) resulting in a market volume of US$11.13bn in 2028.
- The Indian room air conditioner market is expected to reach USD 5 billion by 2027-28, with a CAGR of ~10 per cent.
- Voltas, an industry leader in the segment with a market share of 21.6 per cent in FY23, remains “very optimistic” about the room air conditioner business and is investing in augmenting its capacity.
- The Indian HVAC market size was $7,820.5 million in 2021, and it is projected to reach $29,282.7 million by 2030, growing at a CAGR of 15.8% between 2021 and 2030.
- The air conditioner market grew with CAGR of more than 9% for 2016-2021, registering more than INR 26000 Crore in 2021-22.
- In India, AC penetration is still hovering around 8% compared to the 90% in developed countries.
- The market size of air conditioners in India reached 1.8 billion U.S. dollars in financial year 2020.
- The ‘International Energy Agency’ (IEA) projected that by 2030 the number of ACs in India will increase to 240 million units from 27 million in 2016.
AC/Air Conditioners Companies in India
- LG
- Panasonic
- Voltas
- Daikin
- Hitachi
- Samsung
- Blue Star
- Godrej
- Whirlpool
- Haier
| Company | Revenue (FY 2022, crores) |
|---|---|
| LG | 17,171 |
| Panasonic | 5,14,920 |
| Voltas | 9,667 |
| Daikin | 8,860 |
| Hitachi | 2,384 |
| Samsung | 853.25 billion |
| Blue Star | 6,081 |
| Godrej | 7,530 |
| Whirlpool | 5,990 |
| Haier | 2,80,000 |
- LG:
- Revenue FY 2022: Rs 17,171.3 crores
- Panasonic:
- Revenue FY 2022: Rs 5,14,920 crores
- Voltas:
- Revenue FY 2022-23: Rs 9,667 crores
- Daikin:
- Revenue FY 2022: Rs 8,860 crores
- Hitachi:
- Revenue FY 2022-23: Rs 2,384 crores
- Samsung:
- Revenue FY 2022: Rs 853.25 billion
- Blue Star:
- Revenue FY 2022: Rs 6,081 crores
- Godrej:
- Revenue FY 2022: Rs 7,530.80 crores
- Whirlpool:
- Revenue FY 2022: Rs 5,990 crores
- Haier:
- Revenue FY 2022: Rs 2,80,000 crores (Converted from RMB).
1. LG
When it comes to top-of-the-line air conditioning, LG has made quite the name for itself. With a notable rise in total income during fiscal year 2022, LG’s presence in India stands firm. The company witnessed an almost 10% increase in revenue, raking in a whopping Rs 17,171.3 crore. While profit after tax did see a slight decline of 23.17% to settle at Rs 1,174.7 crore for FY22, it’s worth noting that their home appliances and air solution division – which includes their acclaimed air conditioners – brought home an impressive Rs 12,419.5 crore.
However, the first half of the fiscal year also saw their revenues from the AC segment drop to about Rs 4,000 crore.
Despite these minor setbacks, you’ll find that this global powerhouse employs over 75,000 people worldwide as of the current year.
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Being known for efficiency and style is something not many companies can boast about but LG does so with ease! Their vast array of AC products includes portable units along with window and wall units too! Keeping your comfort at heart, these machines have been designed to cool one room or several at just the touch of a button.
Catering to both commercial and residential customers alike they provide cooling solutions for homes offices and other business spaces!
Based out of Seoul South Korea LG Electronics India Private Limited operates as a wholly-owned subsidiary under its parent company also located in South Korea.
Making headlines yet again in 2022 LG Electronics sold over one million units of residential invertor air conditioners domestically within just six months marking nearly a fifty percent growth compared to last year!
In terms of projects they’ve spearheaded recently there’s one that stands out – their 2023 initiative to start local manufacturing of Dual Inverter Air Conditioner Compressors at their Greater Noida facility. With an investment of approximately INR 100 crores, LG became the first brand in India to manufacture its own Dual Inverter AC compressor.
Roots of LG Electronics in India trace back to January 1997. Since then, they’ve ventured into various segments such as home appliances, HVAC and IT hardware among others. Back in 2019 they were aiming for a forty percent market share in the domestic AC segment!
LG is renowned for pushing boundaries with innovation! Their air conditioners featuring Dual Inverter Technology offer up to twenty-five percent more energy savings than required by ENERGY STAR certification!
Finally it’s worth mentioning that LG Electronics India operates under South Korea-based LG Electronics as a wholly-owned subsidiary.
2. Panasonic
Stepping into the world of air conditioning, we can’t overlook Panasonic. Originated in Japan, this multinational electronics company has been a player since 1918. Its birthplace was Fukushima, Osaka, where it was first established as Matsushita Electric Housewares Manufacturing Works by Kōnosuke Matsushita. Fast forward to 2022 and it has transformed into a holding company known as Panasonic Holdings Corporation.
In 2022, Panasonic’s revenue reached ¥7.388 trillion – that’s about ₹5,14,920 crores if you’re thinking in Indian Rupees! The profit wasn’t too shabby either with an impressive ¥255.3 billion or approximately ₹17,769 crores.
As of April 2023, around 22k folks were employed under Panasonic’s Heating & Ventilation A/C Company which includes their AC segment.
Panasonic delves into various sectors from rechargeable batteries to automotive systems; industrial systems; home renovation and construction services are also part of its portfolio. Their wide range of versatile heating and cooling solutions including single-split systems; multi-split systems; ECOi VRF-systems; controls and more.
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The heart of the operation lies at the Panasonic Tokyo Shiodome Building found at 1-5-1 Higashi Shinbashi, Minato-ku in Tokyo.
Amongst its achievements is an impressive growth rate – A whopping 35% surge in air conditioner unit sales during the first half of ’22 compared to pre-pandemic days in ‘19!
Panasonic’s big move in ’23 was the acquisition of all outstanding shares of Systemair AC SAS, Systemair S.r.l., and Tecnair S.p.A. These companies operate under commercial air-conditioning businesses owned by Sweden’s leading air quality and air-conditioning equipment manufacturer, Systemair AB.
From a humble vendor of duplex lamp sockets back in 1918 to becoming Matsushita Electric Industrial Co., Ltd in ’35 – it’s been a journey! The name that we recognise today only came about in 2008 when it was renamed to Panasonic Corporation. In 2022, another transformation took place as it became a holding company known as Panasonic Holdings Corporation.
In ’23, Panasonic secured all outstanding shares from Systemair AC SAS; Systemair S.r.l.; and Tecnair S.p.A – all operating under commercial air conditioning businesses owned by Systemair AB.
Masaharu Michiura stands as the President of Panasonic’s Heating & Ventilation A/C Company steering them towards continued growth.
3. Voltas
Let’s delve into the world of Voltas, one of India’s leading AC companies. The fiscal year 2022-23 saw Voltas reporting a total income of ₹9,667 crores and a profit before tax of ₹307 crores. From this figure, they managed to pocket ₹136 crores as their profit after tax.
Their workforce is extensive too. In 2022, over 8,800 individuals are proud employees at Voltas. They’re primarily involved in designing, developing and manufacturing an array of products that range from air conditioners to refrigerators to water dispensers.
Voltas serves a wide clientele base: from residential homes to societal infrastructure like convenience stores and offices & businesses; it even extends its services to mining & construction sites! Their corporate head office is nestled in Mumbai, Maharashtra – the bustling hub of the Indian economy.
Not only is Voltas India’s largest air conditioning company but it has also installed air conditioning systems in internationally-acclaimed structures such as the Burj Khalifa – imagine that!
In recent years, they’ve built on their success by partnering with Ardutch (a subsidiary company based out in Turkey that forms part of Arçelik). Together they initiated production under the name ‘Voltas Beko’ for various household items including kitchen appliances.
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Given its long-standing history since incorporation on 6th September 1954 and its association with well-known brands like Carrier Corporation since the ’60s for manufacturing ACs under license it comes as no surprise why Voltas holds such a large market share today.
A key factor behind this success story is their relentless focus on research and development which puts emphasis on both technology and sustainability. This strategy has played an instrumental role in propelling the company’s continued progress and innovation, ensuring it stays relevant in an ever-evolving market.
Voltas’ joint venture with Ardutch paved the way for the production of a new range of home appliances under the name ‘Voltas Beko’. So next time you’re out shopping for a fridge or an AC, remember these insights into one of India’s leading AC companies – Voltas!
4. Daikin
When you’re talking about leading innovators in air conditioning, Daikin Industries Ltd is a name that stands out. Founded on October 25, 1924, this powerhouse of a company has been delivering high-quality air conditioning solutions for residential, commercial and industrial applications for nearly a century. From its headquarters in Osaka, Japan, Daikin reaches out to customers across the globe.
Daikin India turned over an impressive Rs 8,860 crores in the fiscal year 2022. Not one to rest on its laurels though, it’s got its sights set higher – aiming for a turnover of at least $2 billion (approximately Rs 14,600 crores) during the financial year 2024-25.
With innovation at its heart and customer satisfaction as its goal, Daikin Industries had amassed an extensive workforce of around 96,337 employees by March 31st, 2023. Daikin’s product range is extensive. They’ve got everything covered from ventilation and humidification to refrigeration and freezing.
Osaka is more than just home to sumo wrestling; it’s also where you’ll find the headquarters of Daikin Industries.
Daikin holds the title as world’s largest air conditioner manufacturer. In India too they’re making waves with aims to become a billion-dollar company by the end of fiscal year 2023.
Approximately Rs 1,000 crores have been poured into phase one of their new plant at Sri City in Andhra Pradesh – expected to boost room ACs production capacity by one million units!
Daikin Industries has come a long way since its humble beginnings as Osaka Kinzoku Kogyosho Limited Partnership back in 1924. Founded by Akira Yamada, today it’s the world’s largest air conditioner manufacturer.
In India, Daikin currently holds approximately 18-19% of the market share in the split room AC category.
Known for their innovative approach, Daikin places great emphasis on research and development. Their experience and technology are leveraged to deliver air conditioning solutions that meet any demand.
With an impressive portfolio of 347 consolidated subsidiaries (30 in Japan and 317 overseas), Daikin Industries continues to grow. In 2023, they announced the acquisition of San Diego-based custom air-handling equipment manufacturer Alliance Air Products.
One notable person within the company is Masanori Togawa – serving as President and CEO.
5. Hitachi
Here’s the lowdown on Hitachi, a leading player in India’s air conditioning market. Born out of a partnership between Japanese electronics giant Hitachi Ltd and Johnson Controls, the company is officially known as Johnson Controls-Hitachi Air Conditioning. Specialising in manufacturing, selling and trading a variety of air conditioners, refrigerators, chillers and VRF systems.
In terms of finances, FY 2022-23 was quite successful for them with sales rising by 10% to Rs 2,384 crore. However, it wasn’t all smooth sailing as they saw revenues drop significantly in Q1 FY24 falling by 43.86%, down from ₹1,010.00 crore year on year to ₹567.00 crores.
They’ve got an impressive product range that includes room air conditioners (both Split & Window ACs), commercial air conditioners like Chiller, Cassette air conditioners, Ductable air-conditioners & VRF systems. They’ve launched a new line of Room Air Conditioners for this year with over 30 models and more than 90 SKUs.
While the headquarters for parent company Hitachi Ltd are located in Chiyoda, Tokyo Japan; the Indian unit of Johnson Controls-Hitachi Air Conditioning is nestled right here in Ahmedabad, Gujarat where they manufacture and market Hitachi branded air conditioners.
One achievement certainly worth highlighting is their recently launched new range of Room Air Conditioners for 2021 which addresses both residential customer needs as well as those for light commercial spaces.
Their collaboration with Johnson Controls back in 2015 resulted in forming a joint venture that has taken over Hitachi’s HVAC business while still retaining a stake of 40% for Hitachi in the newly formed Johnson Controls-Hitachi Air Conditioning.
Hitachi Ltd has a long and storied past, tracing its roots back to 1910 with an electrical machinery manufacturing plant established by Namihei Odaira within the Kuhara Mining Plant at Hitachi Mine in Hitachi, Ibaraki. Their air conditioning division came into existence as a joint venture with Johnson Controls in 2015.
Despite earlier success, their market position took a bit of hit recently. FY 2022-23 saw them end up on the seventh spot in Indian AC market share which is a drop from being among top three AC brands just few years prior in 2019-20.
They’re heavily invested in research and development that helps them utilise data and tech to build sustainable solutions for society. They have world-class R&D centres where teams work tirelessly to drive innovation and product quality.
As part of their growth strategy, they’ve also been active on acquisition front – back in 2015 they struck a deal with Johnson Controls that resulted in taking over Hitachi’s HVAC business while retaining a stake. More recently,in 2018 they acquired an 80% stake ABB’s power grid division for $6.4 billion,rebranding it as Hitachi-ABB Power Grids.
6. Samsung
When it comes to air conditioning, you can’t overlook the significant contributions made by Samsung. This giant in the electronics industry has proven itself as a major player in India’s AC market.
Having generated a hefty revenue of 853.25 billion Indian Rupees in 2022, Samsung India stands tall amongst its competitors. In terms of operating profit for the fourth quarter, they raked in KRW 4.31 trillion from a consolidated revenue worth KRW 70.46 trillion. In terms of manpower, Samsung HVAC employs between 51-200 dedicated professionals.
Samsung’s line-up of products is nothing short of impressive. Their offerings include WindFree AC units known for their milder airflow and superior performance. In 2023, they launched an innovative line-up featuring Wi-Fi enabled models with AI Auto Cooling that can save up to a whopping 77% energy!
Their clients range across various sectors including commercial, light commercial and residential HVAC systems. They cater to office spaces too by ensuring comfortable environments through effective cooling and heating solutions.
The headquarters of this behemoth are located at Yeongtong-gu, Suwon, Gyeonggi-do, Korea which serves as the nerve centre for all operations.
Samsung continues to innovate with its premium WindFree™ air conditioners introduced recently in 2023 – designed with aesthetics at heart while delivering powerful cooling and clean air efficiently.
Tracing back the history of this multinational conglomerate; it was established on January 13th.,1969 initially as Samsung Electronics Industry Co., Ltd.. The company underwent an IPO on June 11th.,1975 before changing its name following a resolution passed during their Annual General Meeting (AGM) held on February 28th.,1984.
Their recent array of ACs released in 2023 are testament to their relentless commitment towards research & development; featuring AI capabilities that can analyse user temperature preferences and room conditions to switch to the most effective mode, thereby saving up to 20% of energy.
As of December 31st.,2022, Samsung Electronics boasted a staggering 232 consolidated subsidiaries under its umbrella. This company’s focus on constant innovation and expansion is clearly seen in their achievements within the AC industry.
7. Blue Star
Known for its stronghold in the air-conditioning industry, Blue Star is a brand that’s made its mark in India. Let’s delve into what makes this company a leader in its field.
When it comes to financials, Blue Star has been showing steady growth. In the third quarter of 2023, their net profit leapt by 22.79% to Rs 58.41 crores, while revenue saw an 18.72% increase to Rs 1788.20 crores. For the whole of 2022, they posted a total revenue of ₹6,081 crores and a net profit of ₹296 crores.
This success can be attributed to their dedicated workforce that exceeds 2,800 employees as per data from 2022. They’re behind the production and service delivery of various products such as room air conditioners, water purifiers and central air conditioning systems amongst others.
Blue Star caters to a diverse clientele which includes offices, restaurants and even residential properties showing increased demand for their products. Operating out of Mumbai, India – they’ve managed to become the country’s second-largest homegrown player in the AC industry.
Blue Star started exporting goods overseas to Dubai – further solidifying their position in the market since going public back in 1969 on the Bombay Stock Exchange.
With joint ventures across Oman, Qatar and Malaysia alongside serving Middle Eastern markets via their UAE subsidiary – Blue Star’s reach is indeed global. The company began as a reconditioning firm established by Mohan T Advani back in 1943 before venturing into manufacturing ice candy machines and bottle coolers.
Innovation remains at the forefront for Blue Star, as seen with their new range of room air conditioners adhering to energy standards set by the Bureau of Energy Efficiency (BEE). They’ve committed a whopping Rs 250 million towards product development and R&D initiatives in 2012.
Finally, Blue Star’s business structure includes subsidiaries in UAE, Qatar and India under the name Blue Star Engineering & Electronics Ltd. Their reach and influence cannot be underestimated when discussing top AC companies operating within India today.
8. Godrej
As one of India’s leading players in the Home Appliances sector, Godrej Appliances has made a name for itself. A business unit of Godrej & Boyce, this company was the first Indian firm to manufacture refrigerators back in 1958. Since then, they’ve broadened their horizons to embrace a wide array of products – think washing machines, air conditioners, microwave ovens and highly specialized medical refrigerators.
In terms of financials, Godrej Consumer Products reported an impressive net revenue of ₹7,530.80 crores for the fiscal year 2022. Their profit after tax was ₹1,513.70 crores.
Despite its extensive operations across 24 locations nationwide as of 2022, you might be surprised to hear that Godrej only employs five individuals.
Their standout product is perhaps the Godrej Hot & Cold Air Conditioner – capable maintaining your perfect room temperature all year round. Key features include Quick Defrost Technology and a Nano Coated Anti-Viral filter (among others).
Godrej Appliances boasts an extensive consumer base throughout India; they cater not just to individual consumers but businesses and institutions too. The nerve centre for all things Godrej & Boyce can be found at Pirojshanagar in Vikhroli Mumbai.
Godrej Appliances stands out amongst competitors thanks to its dedication towards environmental issues. The manufacturing units were the first in India to scoop up the coveted Platinum Plus Green Co certification commending their green manufacturing practices.
Always pushing boundaries, in 2022 Godrej Appliances unveiled a range of made-in-India Air Conditioners. These state-of-the-art ACs offer Smart IOT controls, 99.9 percent UV virus sterilization and advanced cooling features.
Godrej & Boyce has come a long way since becoming the first Indian company to manufacture refrigerators in 1958. The business has expanded over time, with Godrej Appliances emerging as one of their key players.
By the end of FY 22-23, Godrej Appliances aims to secure a market share of at least 10% for its Hot & Cold Air Conditioners.
Innovation is at the heart of what they do at Godrej Appliances. They’re constantly investing in research and development to create air conditioners that are not only intelligent but eco-friendly too.
Their accolades include both the National Energy Conservation Award for Refrigerators and Air Conditioners from Bureau Of Energy Efficiency-Govt. Of India, plus recognition as Reader’s Digest Trusted Brand-Gold.
Godrej & Boyce is part of the larger Godrej Group; within this conglomerate, Godrej Appliances stands as an integral business unit. For their latest television campaign showcasing their air conditioning expertise, Bollywood superstar Ayushmann Khurrana took centre stage.
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9. Whirlpool
When we talk about top-tier home appliances manufacturers, it’s impossible to overlook the impact of Whirlpool Corporation. With a significant global presence, this giant offers a wide array of products ranging from laundry appliances and cooking equipment to air purifiers and air conditioners.
In fiscal year 2022, Whirlpool of India generated quite the revenue, amassing approximately 59.9 billion Indian rupees (5990 crores). The company reported net sales for Whirlpool Consolidated in June 2023 at Rs 2,038.59 crore with a profit after tax for the year ending March 2022 at Rs 184.86 crore.
Employing around 61,000 people worldwide as of 2022, Whirlpool takes pride in its workforce’s diversity and dedication.
Besides air conditioners known for innovative features and high performance, they offer refrigerators, washing machines and cooking appliances too. Their window-mounted AC units are particularly popular due to their ease of installation and operation.
A broad range of clients including individual consumers, businesses and organisations benefit from Whirlpool’s quality offerings. You can find their products in various retail outlets online platforms or directly through their website.
With Benton Harbor in Michigan serving as its world headquarters, regional centres are strategically located across Pero (Milan) Italy for Europe Middle East & Africa; São Paulo Brazil for Latin America; Hong Kong China for Asia.
Whirlpool’s boasts annual sales close to $22 billion in 2021 along with operating an impressive number of manufacturing facilities –54 research centres worldwide!
Their ability to drive out cost complexity has been well-documented in major projects undertaken over years attesting to their competency agility amid varying operating environments throughout history spanning over a century!
Committed to purposeful innovation, Whirlpool operates several manufacturing and technology research centres globally. This commitment is reflected in their portfolio that includes renowned brands such as KitchenAid, Maytag, Hotpoint, Consul, Brastemp, Amana, Bauknecht, JennAir, Indesit and Yummly.
10. Haier
One of the significant players in air conditioning and home appliances market in India is the multinational company, Haier. It’s a Chinese corporation with its headquarters nestled in Qingdao, Shandong. With a wide range of products under its name, including refrigerators, washing machines, dryers and microwaves among others, it has managed to carve out a distinct place for itself globally.
In financial terms, Haier had an impressive year in 2022. The global sales revenue rose by 7.2% amounting to approximately ₹2,80,000 crores with net profit soaring up by 12.5% which is around ₹16,900 crores (conversion rate as per October 2023: 1 RMB = ₹1.15). This growth is supported by their massive workforce of over 109 thousand employees.
Haier’s product line extends beyond just air conditioners – they offer everything from refrigerators to televisions and smaller appliances designed for compact spaces. If you’re looking for window or portable AC units that are tailored to fit various spaces – Haier has got you covered!
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This powerhouse of consumer electronics hails from Qingdao, Shandong in China but its impact can be felt worldwide. Its mark on the industry isn’t limited to sales alone; Haier has been recognised as the world’s number one home appliance brand consecutively for twelve years till 2020! Their Air Conditioning division continued this winning streak into 2022 by topping three different categories listed by Euromonitor International.
Their success story includes strategic partnerships like joining forces with ID.me to provide exclusive savings to military members and planning an investment worth ₹1,000 crore over three years targeting manufacturing expansion along with backward integration within India.
Founded back in 1984, Haier has come a long way growing exponentially into a global leader across home appliances and consumer electronics sectors. This journey includes numerous acquisitions and expanding operations worldwide.
When it comes down to the nitty-gritty of market share, Haier is the leading brand for connected air conditioners (including smart air conditioners) across the globe with a whopping 33% volume sales in 2021. Their dedication towards technology innovation, research, and development has set new standards in aspects like smart control, air quality and heating & cooling performance.
Haier’s commitment isn’t just limited to providing world-class products but also being environmentally conscious. They were awarded the “Greener China Business Award” in 2018 for their outstanding efforts in environmental protection.
Haier has an array of subsidiaries including well-known brands like GE Appliances (U.S.), Hotpoint (U.S.), Hoover (Europe), Candy, Fisher & Paykel, Sanyo (South East Asia). Notably, they expanded their reach further by acquiring Italy-based group – Candy back in 2018.
Conclusion on AC/Air Conditioners Companies in India
After journeying through the top 10 air conditioner companies in India, you’ve gained a deeper understanding of these giants. There’s a clear reason why they’re at the forefront of the industry.
Each company has its unique strengths that set it apart. But remember, choosing an air conditioner isn’t just about picking one from the top 10 list. It’s about finding what suits your specific needs best – be it power consumption, cooling capacity, or budget. And now, with this knowledge under your belt, you’re ready to make an informed choice.
As we wrap up our discussion on India’s top AC companies, it’s evident that these brands have worked hard to reach their current positions by focusing on quality products, innovation and customer satisfaction. They’ve set high standards not only for themselves but also for any new entrants into the market.
