Voltas, the leading residential air conditioner manufacturer, reported a remarkable 35% increase in sales to over two million units in FY24, marking the first time any company in the domestic market has surpassed this milestone. This achievement was credited to sustained demand for cooling products throughout the year, supported by a robust offline and online distribution network and the introduction of new innovative products, as stated by the Tata Group firm.
In FY23-24, Voltas achieved the highest-ever sales of AC units by any brand in India, with a volume growth of 35%, making it the first brand to attain such a milestone in the Indian air conditioning industry. The Indian residential AC market, estimated at around 10 million units in FY24, is projected to expand to 11.5 million units this year.
Even during the typically slower March quarter for compressor-based cooling products due to milder temperatures, Voltas witnessed a substantial 72% volume growth in AC sales. The company asserts its undisputed market leadership and the maintenance of its number one position in the Room Air Conditioner category.
Voltas attributes its success to factors such as widespread presence, emphasis on emerging retail channels, a strong distribution network, brand strength, and appealing consumer offers. Pradeep Bakshi, MD and CEO of Voltas, highlighted the significance of these factors in achieving such a significant milestone.
Voltas is now aiming to expand its retail and distribution network further to accommodate its expanding product range. Additionally, the company saw significant growth in volume across other cooling products, including air coolers and commercial refrigeration products.
Furthermore, Voltas Beko, its home appliances brand formed through a joint venture with Turkish appliances maker Arcelik, also achieved a milestone by selling close to 2 million units in FY24. Overall, Voltas reported selling five million consumer products to customers across the country in FY24.
