Air conditioning giant Carrier is set to replicate its successful China strategy in India, focusing on localizing its supply chain and strengthening its research and development capabilities, according to Saif Siddiqui, President of APAC at Carrier.
“We’re committed to India for the long term,” Siddiqui said. “We’ve operated in India for 40 years and have been in China for several decades. In China, we’ve localized our supplier ecosystem extensively and invested heavily in R&D and manufacturing. Now, we’re applying that same playbook to India.”
Carrier plans to invest $800 million in India over the next five years, building on a $1 billion investment made over the past decade, as revealed by CEO David Gitlin in an earlier statement. Siddiqui highlighted that in a few years, the majority of products sold in India will be locally sourced.
Speaking during the inauguration of a new research and development center in India, Siddiqui said Carrier expects its commercial business in India to double within five years. This growth will be driven by its chiller air-side segment, the expanding variable refrigerant flow (VRF) market, and a focus on aftermarket services and lifecycle solutions.
The company’s chiller air-side business covers both industrial and building cooling solutions, while its VRF offerings aim to optimize air conditioning between indoor and outdoor units.
Siddiqui noted that several key sectors in India, including renewable energy, high-tech manufacturing, battery storage, and semiconductors, are experiencing strong growth. “Data centers in South Asia alone are expected to double, growing by 15-20% annually,” he added.
Carrier remains optimistic about the Asia-Pacific region, with Siddiqui highlighting that half of the world’s population resides there. “Over the past 10-12 years, Asia-Pacific has contributed to around two-thirds of global GDP growth,” he said, emphasizing the company’s bullish outlook on India and the region as a whole.
