Air Conditioner Market in Ethiopia to Shoot-up Amidst the Bullish Investor Sentiments and Assortment of Infrastructural Projects - 6Wresearch
Massive investment flow and incentivized support to local and foreign investors led to a massive growth in Ethiopian air conditioner market in 2016. Ethiopia attracted $3.8 billion in foreign direct investment in the Ethiopian Fiscal Year (EFY) 2016/17, registering a 20% increase from EFY 2015/16. In the 2016/17 fiscal year, 381 projects became operational. However, after a year of tremendous growth, Ethiopian air conditioner market contracted in 2017 amidst the devaluation of the country's currency (Ethiopian Birr); the National Bank of Ethiopia (NBE) announced a devaluation of 'birr' by 15% resulting in payment delays.
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According to 6Wresearch, Ethiopia Air Conditioner market is forecast to grow at a CAGR of 15.8% during 2018-24. In last fiscal year, 28 companies with a combined capital of $1.5 billion made an agreement with the Ethiopian government for eight industrial parks. Rising investment in projects primarily engaged in manufacturing, health, education and construction sectors would further elevate the growth of air conditioner market. Furthermore, Ethiopian government's five-year Growth and Transformation Plan II (GTP II) for the period 2015-16 to 2019-20 relies heavily on the construction of modern structures and amenities which has further resulted in embarkment of construction activities in the residential and commercial sectors in the nation's capital, Addis Ababa.
According to Prijo Samuel, Assistant Research Manager - IT & Electronics, Research and Consulting, 6Wresearch, "Wall mounted air conditioning systems accounted for major sale in room air conditioner segment market attributed to reasonable pricing, high demand for inverter models, quiet operations and complexities in the installation of window air conditioners."
"Additionally, centralized air conditioner was the fastest growing segment with VRF leading the demand. VRF systems were highly popular among residential and commercial applications, while chiller segment gained a quick acceptance in manufacturing and industrial applications owing to high capacity requirements in these applications," Samuel further added.
According to Rishi Malhotra, Senior Research Analyst - IT & Electronics, Research and Consulting, 6Wresearch, "Residential segment was the largest contributor to air conditioner market in terms of value. The segment was closely followed by commercial building and retail application. Real estate sector has been the fastest growing sector contributing around 12% to domestic growth over the past 10 years. Furthermore, operational investment capital in the sector increased by over 500% during EFY 2014-15 to 2015-16 and 60% from 2015/16 to 2016-17."
"Moreover, Addis Ababa was the prime location for the development of high-rise residential buildings and commercial compounds. Large residential development emerging at the outskirts of the city, office complexes and government buildings in the areas located at the center of the city led to a strong growth for air conditioner market in the residential and commercial applications," Rishi further added.
Key contributing vendors in Ethiopia air conditioner market include- Samsung Electronics East Africa Ltd., LG Electronics Inc., Awal Gulf Manufacturing Co., Daikin Middle East & Africa FZE, Carrier Africa FZE, and Gree Electric Appliances Inc.
"Ethiopia Air Conditioner Market (2018-2024)" provides in-depth analysis with 69 figures 3 tables covered in more than 125 pages. The report estimates and forecast the overall Ethiopia air conditioner market by end-use applications, product-types and regions. The report also gives key insights on competitive landscape, market share by companies, market trends, market drivers & restraints, and recommendations.
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