Voltas, a leading player in the residential air conditioner market, has achieved a milestone by surpassing the two million units mark in AC sales during the fiscal year 2023-24.
This marks a 35 per cent growth compared to the previous fiscal year, making Voltas the first company in India’s domestic market to achieve this feat within a single financial year.
The performance of Voltas is attributed to various factors, including sustained demand for cooling products throughout the year, a robust offline and online distribution network, and the launch of innovative new products. Despite the typically lower demand for compressor-based cooling products during the March quarter due to moderate temperatures, Voltas witnessed a substantial volume growth of 72 per cent in AC sales during Q4 FY24.
The Indian residential AC market, estimated to be around 10 million units in FY24, is expected to further expand to 11.5 million units in the current fiscal year. Voltas has cemented its position as the undisputed market leader in the Room Air Conditioner category, maintaining its number one position.
Pradeep Bakshi, Managing Director and CEO of Voltas, credited the company’s widespread presence, focus on emerging retail channels, a robust distribution network, strong brand equity and attractive consumer offers for this remarkable achievement.
In addition to its success in the AC segment, Voltas has reported noted growth in other cooling products, including air coolers and commercial refrigeration products. Further, Voltas Beko, the home appliances brand formed as a joint venture with Turkish appliances maker Arcelik, achieved a milestone by selling close to two million units in FY24.
