For decades, India's air conditioning market was largely concentrated in metropolitan centres such as Delhi, Mumbai, Bengaluru, and Chennai. ⁣ The next wave of demand is coming from smaller cities, where rising incomes, rapid urbanisation, and intensifying heat are making air conditioning a household necessity, rather than a luxury. As these markets mature, India’s Tier 2 and Tier 3 cities are set to become the country’s next billion-dollar cooling opportunity.

SCGD Unveils Five-Year Growth Plan, Targets US$136 Million EBITDA by 2031 THAILAND: SCG Decor Public Company Limited has unveiled a five-year growth strategy targeting Baht 4.5 billion (~US$136.1 million) in EBITDA and a twofold increase in EPS by 2031. The company plans to expand beyond tiles and sanitaryware into products such as SPC flooring, smart toilets, doors and windows, and kitchen and bathroom furniture, with sales from new product categories growing more than 90% o

BMS Holdings Expands Northern Malaysia Reach Through Penang Joint Venture MALAYSIA: Malaysia’s BMS Holdings Bhd plans to establish a 60:40 joint venture with the shareholders of Penang-based Wee Tatt Traders Sdn Bhd to expand its tile and building materials distribution network across the northern states. The proposed JV, Jubin BMS (Wee Tatt) Sdn Bhd, will distribute tiles, ceramic and porcelain products, sanitary ware and other building materials. BMS will contribute RM3 mil

USA Finalises High Duties on Solar Imports from India, Indonesia and Laos USA: The US Commerce Department has finalised steep anti-dumping and countervailing duties on solar cells and panels imported from India, Indonesia and Laos, citing unfair pricing and government subsidies. Anti-dumping duties were set at 123.04% for Indian producers, 94.36% for Indonesian producers and 65.43% for Lao producers, while countervailing duties vary by producer and country. The investigation

China Home Prices Remain Weak, Weighing on Economic Growth CHINA: China’s housing market continued to face pressure in August, with new home prices declining 0.1% month-on-month, marking a third consecutive monthly fall. The annual decline narrowed to 3.0% from 3.2% in July, while prices in tier-one cities increased 0.1%, contrasting with declines in tier-two and tier-three markets. Despite signs of stabilisation in major cities, a broad-based recovery remains unlikely in the

Samsung and LG Strengthen Electric HVAC and B2B Smart Home Presence South Korea/Saudi Arabia: Samsung Electronics and LG Electronics are expanding their presence in electric HVAC and smart home markets, with Samsung showcasing its EHS All-in-One and EHS Heat Pump Boiler in South Korea and LG opening its first B2B-dedicated AI Home experience space in Riyadh, Saudi Arabia. Samsung’s EHS Heat Pump Boiler achieves a SCOP of 4.9, provides heating at temperatures as low as -25°C a

Kyungdong Navien Broadens Heat Pump Portfolio with New Air-Source Water Heater South Korea: Kyungdong Navien has introduced a new air-source water heater in South Korea, combining heat pump technology with an electric heater to provide stable hot water supply while improving energy efficiency. Tests of a North American model with the same specifications recorded around 60% higher cumulative hot water supply over four hours and more than four times higher energy efficiency tha

China’s Midea Hits 3 Million Units in Indonesia, Boosts Global Export Hub Indonesia: Midea Electronics reached cumulative production of 3 million units in Indonesia and inaugurated its expanded Residential AC plant in Cikarang, West Java, on September 9, 2026. The company has produced 2.25 million AC units (75.0%), 1 million refrigerators and 367,500 washing machines, while the Cikarang AC facility covers 51,405 sq m and is planned to expand its operational area by 230%, from

Wilcon Depot Opens First Legazpi City Branch in Albay Philippines: Wilcon Depot opened its first branch in Legazpi City, Albay, expanding access to building materials, tiles, sanitaryware, plumbing, electrical supplies, tools, hardware, furniture, appliances and other home improvement products. The expansion supports the city’s ongoing residential, commercial and infrastructure development and provides services including Browse, Call, Collect/Deliver and a 3D Design Hub. The

Heat Pumps Highlighted In Industrial Decarbonisation Efforts Indonesia: Indonesia is advancing efforts to reduce emissions from its industrial sector, with the Ministry of Industry setting a target of achieving net-zero emissions by 2050, ahead of the national target of 2060. The manufacturing sector accounts for around 19.07 per cent of the country’s gross domestic product and remains a major consumer of energy, particularly for process heat. Heating requirements account for

China Announces USD 54 Billion Capital Injection to Strengthen Financial Sector China: China's finance ministry is leading a CNY 360 billion (USD 54 billion) capital injection into state-owned insurers and banks to strengthen the country's financial system and support long-term economic growth. China Life Insurance will receive CNY 35 billion (USD 5.2 billion), China Taiping Insurance CNY 7 billion (USD 1.0 billion), People's Insurance Company of China plans to raise up to CN

Samsung Opens Heat Pump Training Centre in South Korea South Korea: Samsung Electronics has established a dedicated EHS heat pump training centre at its CS Academy in Suwon, Gyeonggi Province. The facility will provide training for B2B partners and installation engineers covering water piping, product installation, commissioning and service inspection. The initiative comes as South Korea targets the deployment of 3.5 million heat pumps by 2035. The training centre includes eq

Blue Star Expects Continued Margin Pressure from Raw Material Costs India: Blue Star expects margin pressure to continue during the July-September 2026 quarter as higher raw material costs offset the impact of price increases. Managing Director B Thiagarajan said the company may see some improvement towards the end of the quarter as it implements product redesign and material substitution measures. “The summer season was good, though it was short, and we couldn't deliver in t

Housing Prices in India’s Top Cities Rise Faster Than Construction Costs India: Housing prices across India’s seven major cities increased by 59% between 2021 and 2025, compared with a 34% rise in construction costs, according to a report by ANAROCK. The average cost of constructing a standard-plus residential project increased from INR 2,681 per sq ft (USD 28.14) in 2021 to INR 3,604 per sq ft (USD 37.83) in 2025, representing a compound annual growth rate of 6.9%. During th

Air cond INDIA: Indian air cooler manufacturer Symphony is expanding beyond its core air cooler business by entering the room air conditioner segment in the domestic market. The company also plans to make a calibrated and phased entry into BLDC ceiling fans and air purifiers, marking its expansion into adjacent consumer durable categories. The new products are expected to be introduced selectively across product ranges, geographic markets and distribution channels starting fr

TCL Targets Heat Pumps as Part of Broader HVAC Expansion China: TCL Electronics is positioning heat pumps as a key growth area as it moves towards acquiring control of TCL Air Conditioner in a proposed US$ 0.7 billion (HK$5.61 billion) transaction. The deal would give TCL Electronics control of 51% of the China-based HVAC business, which sold more than 22 million units in 2025 and has over 38 million units of annual production capacity. TCL plans to expand beyond residential

Data Centres Drive Non-Residential Construction Spending USA: Non-residential construction spending in the US increased by 0.1% in July 2026, reaching an annualised US$1.286 trillion, according to an analysis by Associated Builders and Contractors (ABC). The increase was driven almost entirely by the data centre sector, with spending declining in half of the 16 tracked subcategories. Private non-residential construction rose 0.4%, whereas public spending fell 0.2%. Data centr

Bangladesh Gas Crisis Threatens Ceramics Industry BANGLADESH: Bangladesh’s prolonged gas shortage has pushed its ceramics industry into a severe crisis, disrupting production at more than 30 factories across major industrial hubs. Gas pressure has fallen well below required levels, forcing many plants to operate at just 20–40% of capacity, while some production lines have been shut and workers placed on leave. The disruptions are raising production costs, weakening exports an

South Korea’s Exports Surpass Annual Record, Reach US$709.4 Billion SOUTH KOREA: South Korea’s exports have reached US$709.4 billion so far this year, surpassing the country’s full-year record of US$709.3 billion set in 2025, according to the Korea Customs Service. Driven by surging global demand for artificial intelligence (AI) chips, South Korea is on track to achieve US$1 trillion in annual exports by early December, potentially becoming the fourth country after the United

PCT expands PCBA manufacturing for HVAC applications India: Pacific Cyber Manufacture Technology Co., Ltd. (PCT) has expanded its printed circuit board assembly (PCBA) manufacturing capabilities at its facility in Daman, India, with a focus on components used in residential air conditioners and other white goods. The company stated that it plans to manufacture up to 3.0 million PCBA units in 2026, supported by an installed annual capacity of up to 5.0 million units. The expan