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Daikin to expand compressor manufacturing to two million units in India
Industry News- Jun 27,24
Daikin is also exporting to markets such as South Africa, the Middle East and South America helped by its new 75-acre Sri City manufacturing unit.
Air conditioner manufacturer Daikin plans to expand its compressor manufacturing capacity at its new facility in Sri City, Andhra Pradesh. The company aims to produce two million AC units in India this fiscal year and is exploring additional export opportunities to position India as a manufacturing hub.
Daikin has already sold 700,000 residential air conditioner (RAC) units in the first three months of the year, driven by a particularly hot summer. The company expects over 50% growth, according to Kanwaljeet Jawa, CMD, Daikin India.
The new Sri City unit, Daikin's third manufacturing facility in India, will also focus on producing five million units by 2030, including four million for the domestic market and one million for export. Jawa expressed confidence in achieving this target.
The Indian RAC market, currently with a penetration rate of around 7%, is expected to see robust growth. Jawa noted that the market has reached an explosion stage, with decreasing prices and increasing energy efficiency.
Daikin is also exporting to markets such as South Africa, the Middle East, and South America from its 75-acre Sri City facility, the largest factory in Southeast Asia. Since entering the Indian market in 2004, Daikin has invested over Rs 20 billion. For the fiscal year ending March 31, 2024, Daikin India's turnover was Rs 105 billion.
Looking ahead, Daikin plans to enter the commercial refrigeration segment. It is also expanding its VRV Chiller line for the HVAC business, leveraging local R&D and innovations. The company, which began domestic chiller manufacturing in 2010, now holds a 60% market share in the segment and expects RAC contributions to increase to 80% in the coming years. Daikin, which was ranked 6th or 7th in the Indian market in 2010, is now the second largest player in the fast-growing RAC segment.
(Source: Bizz Buzz News)
Daikin
compressor manufacturing
Make in India
airconditioning
Air conditioner manufacturer
Kanwaljeet Jawa
Daikin India
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