Indian summers are bringing rising temperature and heated competition in the air cooler space with new entrants in the market: Bonafide Research

Rising temperatures, higher running cost of air conditioners, increased disposable incomes, lifestyle changes, demand for premium consumer durables and a growing middle class are some of the reasons that are making air cooler industry worth investing in. Summers this year have been on a new high. For the months between April and June, the day time temperature is hovering between 40 and 45 degrees Celsius in most of the north and northwest India, especially in states like Delhi/NCR (that includes Noida, Ghaziabad, Faridabad and Gurgaon), Rajasthan, Haryana, Bihar, Uttar Pradesh and other states like Madhya Pradesh, Telangana and Andhra Pradesh. Consequently, people flock to retail store for buying air conditioners, air coolers and electric fans to beat the heat. While a major portion of the urban high class population resorts with an air conditioner thinking that the same has become a necessary evil, middle class consumers are still on the lookout for evaporative air coolers as these are considered to be a much better option in terms of operating cost and capital cost. According to a recently published report by Bonafide Research, "India Evaporative Air Cooler Market Outlook, 2022", the total evaporative air cooler market of the country is anticipated to grow with more than 9% CAGR in the next five years. New players have marked their arrival in the air cooler industry like Voltas and Hindware. Owned by Tata Group, Voltas is one of the biggest brands in the air conditioner segment in India and has now forayed into the air cooler segment with the launch of affordable evaporative air coolers priced between INR 8,000 and INR 15,000. The company launched another six models within a year, some of which were in the price range INR 5,000-INR 6,000, further increasing the competition with existing major players like Symphony, Bajaj, Kenstar and USHA. This move from the air conditioner major was backed by its brand equity in cooling and comfort. The other major entry has been of Hindware. Hindustan Sanitaryware & Industries Limited is one of the biggest names in the Sanitaryware market in India that have entered into the market with the launch of their latest range of air coolers with changeable colourful front panels under the brand Hindware Snowcrest. The new line of air coolers introduced under – Desert, Personal and Window categories are available in fourteen models ranging from 18 litres to 100 litres. The changeable colour panels that are available in select models come in three colors for now – premium purple, brick red & icy grey. The cooler range starts from INR 8990 and goes up till INR 17,990. Today's consumer looks for an air cooler that goes with the aesthetics of his/her bedroom, living room which gives enough reason to the air cooler makers to work on the looks and feel of their products. Gone are the days where big, steel bodied air coolers were fitted outside a window that created a lot of noise. The next-gen evaporative air coolers are small in size, looks trendy, acquire less floor space and operate quietly. Along with these factors, new-age air coolers have a plethora of features that make them even more irresistible. With the influx of more and more entities entering the evaporative air cooler market, it sure is to create a wave that is going to impact the cooling industry in the coming years. Major companies operating in the evaporative air cooler market of India are Symphony Limited, Crompton Greaves Consumer Electricals Ltd., Canbara Industries Private Limited, Ram Coolers, Groupe SEB India Private Limited, Vego Home Science Private Limited, Orient Electric Limited, Hindustan Sanitaryware and Industries Limited, Usha International Limited, Wim Plast Limited, Marc Enterprises Pvt. Ltd., KAIL Limited, Khaitan Electricals Limited, Voltas Limited and Bajaj Electricals Limited.