India is at the cusp of a sustained growth journey, with our economy being one of the fastest growing major economies of the world. India’s economic growth, combined with low residential AC penetration (below 8%) and ongoing infrastructure development like metro rail, airports, manufacturing facilities, offices, healthcare, and hospitality, presents significant opportunities for our industry. Tier II & Tier III cities in India are also driving growth due to rapid urbanization & rising middle class incomes. Indian HVAC market is expected to reach $30 billion by 2030 with a CAGR of 15-16%.
The Government of India’s Atmanirbhar Bharat Initiative & PLI schemes are also driving, India’s HVAC equipment manufacturing story. This, in turn will create a pathway for us to export these products to a larger global audience and is a step towards our eventual global leadership in this space. India is also leading its way in terms of Standards for energy efficiency and sustainability which are the important themes when it comes to the Global stage.
The upcoming BEE star rating revision, effective Jan 1, 2026, is expected to further stimulate demand as trade partners and consumers prioritize energy-efficient products. Our refreshed BEE-compliant AC portfolio and continued manufacturing investments position us to lead this transition.
Beyond cooling, our Voltas Beko home appliances portfolio is scaling rapidly. Categories such as refrigerators, washing machines, dishwashers, and microwaves are gaining strong traction, supported by localized manufacturing and a sharp focus on energy efficiency. Innovation and sustainability remain at the heart of our strategy. From smart cooling solutions to energy-efficient home appliances, we are committed to delivering products that meet the evolving aspirations of Indian consumers while contributing to environmental goals. Voltas Beko continues to gain traction across key categories, reinforcing our ambition to become a full stack appliance player.
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