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In a bullish forecast for India’s air-conditioning (AC) industry, Blue Star has projected that it could double in value over the next four years, driven by expanding middle-class demand and rising disposable incomes in smaller Tier III, IV, and V markets.
Currently valued at approximately ₹27,500 crore (USD 3.3 billion), the Indian HVAC&R sector is poised for significant growth, according to Blue Star’s annual report. Vir S Advani, Chairman & Managing Director of Blue Star, highlighted factors such as low penetration of room ACs and increasing affordability among middle-class consumers as key drivers for this anticipated growth.
Advani stated in the company’s annual shareholder address that, “The overall Indian AC industry, both residential and commercial, is expected to double in the next four years.” He underscored the company’s optimism amidst changing weather patterns leading to hotter summers, alongside a robust product portfolio in residential and commercial air-conditioning.
Blue Star has outlined a three-year strategic plan aimed at reinforcing its core capabilities, acquiring new technologies, and enhancing operational efficiencies. The company plans to make substantial investments in sales, distribution, research & development (R&D), manufacturing, supply chain, and digitalization to capitalize on market opportunities.
Financially, Blue Star reported a 21.4% revenue growth in FY24, totaling ₹9,685.36 crores. The company has also increased its market share in the room air-conditioner segment to 13.75%, up from 13.50% in the previous fiscal year.
Looking ahead, Blue Star anticipates leveraging its deep consumer insights, extensive network of channel partners across 900 towns, and strong brand equity to maintain leadership in the expanding AC market in India.
The growth trajectory of India’s AC industry reflects broader trends of urbanization, rising temperatures, and increasing consumer aspirations, positioning companies like Blue Star at the forefront of an evolving market landscape.
Sources By Agencies
