Rewind 2024: When consumer electronics turned smart for larger share of the market

As we conclude another year, it is essential to reflect on the key developments, challenges, and achievements that have shaped different sectors throughout the past 12 months. The year 2024 has been marked by dynamic shifts, rapid innovation, and the continued adaptation to both external factors and emerging trends.

Adgully’s annual feature – REWIND – revisits different sectors and identifies the key developments as well gauges the long-term impacts of those developments. We speak to a cross-section of industry leaders to bring a 360-degree view of the industry landscape, the growth trends, financial performance, disruptions, innovations, challenges and more.

In this Rewind 2024 article, Girish Hingorani, Vice President - Marketing & Corporate Communications, Blue Star, sheds light on the company’s remarkable performance in 2024, emphasizing the robust 45% growth in the room air conditioner segment. He also highlights the company’s commitment to quality, coupled with its focus on innovation and sustainability, and more.

Overview of the Industry and Indian economy in 2024

2024 has been a positive year for the broader industry. The air conditioning sector, in particular, has seen impressive growth. The overall room air conditioner market, in terms of volume, has increased from 11 million units in 2023 to 14 million units in 2024, showcasing a significant year-on-year increase. The sector has experienced substantial growth in 2024, driven by technological advancements, changing consumer preferences, and the persistent demand for cooling solutions amidst rising temperatures.

Key trends and developments

Several notable trends have shaped the air conditioning sector in 2024, such as smart wi-fi ACs and fast cooling ACs. Given the harsh summer conditions in India, consumers have increasingly favoured ACs with faster cooling technology, improving comfort during extreme heat waves. The push towards energy efficiency and sustainability also remains a key theme, as consumers continue to opt for environmentally friendly products.

The running cost of air conditioners has reduced significantly in the past 15 years due to the energy efficiency programme, which facilitated deeper penetration in Tier 3, 4, 5 cities.

Blue Star’s performance in 2024

Blue Star has performed exceptionally well throughout the year. Our room AC segment has witnessed a remarkable growth of 45%. This growth indicates the strong demand for our products, driven by consumer preference for quality, innovation, and reliability. A key factor contributing to this success was the enhanced sales of our flagship product range, particularly the smart wi-fi ACs.

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