90% Indians remain at risk of heat waves.
A great way to get to know India, is to get to know India through the lens of individual markets. Durables, smartphones, short-form video, education, sanitation, health, aerospace, crypto, and ...what not.
To understand India, today I am picking the Air-conditioners market. And to understand Air Conditioner market - let me begin by getting you to 'feel the heat'.
Temperatures in India are no joke. The country has been experiencing unprecedented heatwaves, February 2023 recorded as the hottest since 1901. Northern and western India are reeling under temperatures exceeding 40 degrees Celsius, transforming “March into the new May” as per Hindustan Times. Delhi which is the capital city of India saw temperature peak to 109F in 2023. This climatic challenge underscores the critical need for cooling solutions. 1 reply
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All this, despite the fact that India, Indonesia, Brazil, and Mexico experience higher average temperatures compared to the USA and Japan.
Higher temperatures reduce productivity, lowering GDP and incomes, which in turn increases risk to higher temperatures? Looks like it.
India has a population of 1.47 billion people. Among the lower-income class, which makes up 70% of the population, AC adoption stands at just 3% in 2023. That's approximately 950 million people living without air conditioning.
A staggering 90% of Indian households, primarily from the low-income class, haven’t bought their first AC. An air conditioner costs around 20% of their annual income in a country where temperatures can soar as high as 110°F.
This stark reality underscores the urgent need for affordable cooling solutions to address the risk to heat and improve the quality of life for millions of Indians. 0 reply
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