Exports of HVAC-R products from India will grow: EEPC India

New Delhi, Jan 19 (IANS): India’s exports in the heating, ventilation, air conditioning and refrigeration (HVAC-R) segments are expected to grow exponentially, EEPC India said on Tuesday.

Currently, the top three destinations of India’s global exports of HVAC-R products in 2020 were the United States, United Arab Emirates and China, with their respective shares of 16.7 percent, 7 percent and 5.92 percent.

Mahesh Desai, Chairman of EEPC India, speaking at an industry event here, said outbound shipments would grow rapidly in the coming years as more markets opened up to global trade.

“The European Union is the largest importer of India’s HVAC-R products among all regions, consuming over a fifth of India’s total global exports,” he said.

“North America and ‘Middle East and West Asia’ are the immediate successors of the EU with respective shares of 18.2 percent and 16.5 percent. Both ASEAN and Northeast Asia consumed over 10 percent of India’s global exports of HVAC-R last year.”

Currently, India is the 24th largest global supplier of heating equipment, 25th in air conditioning and 33rd in refrigeration equipment. It is estimated that India exported US$2,026.20 million worth of HVAC-R products in 2020, with the export of air conditioning, refrigeration and ventilation equipment and parts accounting for the largest share of 77.67 percent, followed by 11.35 percent from heaters, 6.64 percent from refrigerators and 4.3 percent from air conditioners.

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