Daikin Industries (TYO:6367) and Fujitsu General (TYO:6755) are ramping up operations in India, where rising income and extreme heat are driving air conditioner demand despite low household penetration, Nikkei reported Tuesday.
Daikin plans to boost local output to up to 7 million units a year by 2030, expand its service network, and cut costs through a compressor joint venture with Taiwan's Rechi. It leads in commercial units and holds an 18% share of the household market, the report said.
Fujitsu General is doubling its Indian sales network and focusing on cooling-only models for extreme heat. It expects 18% sales growth in India this fiscal year, according to the report.
Mitsubishi Electric (TYO:6503) will start local production in October. India's AC market is forecast to grow from $5.41 billion in 2024 to $8.07 billion by 2030, the report said.
(Market Chatter news is derived from conversations with market professionals globally. This information is believed to be from reliable sources but may include rumor and speculation. Accuracy is not guaranteed.)
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