Record Air Conditioner Sales in India: Insights into the Heatwave Situation
Money | June 27, 2024, 8:54 p.m.
India is facing an unprecedented surge in air conditioner sales due to a severe heatwave. With 97% of households electrified, the demand for cooling solutions has skyrocketed. Companies are experiencing a 60% growth in AC sales this summer, compared to the usual 25-30% increase. Despite only 8% of households owning air conditioners, India is the world's fastest-growing AC market. The rising demand is fueled by rising aspirations, disposable incomes, and extreme weather conditions. The trend is reflective of India's struggle with heat stress, as nearly a billion people are exposed to extreme temperatures. The gap between rich and poor households in access to cooling solutions is widening, highlighting the need for sustainable solutions such as rejuvenating aquatic habitats and implementing energy-efficient air conditioners. As India continues to face rising temperatures, addressing heat-related challenges is crucial for improving living conditions and reducing inequality.