Boston, MA -- (SBWIRE) -- 06/16/2014 -- At the end of 2012, the Ministry of Energy commenced a subsidy operation on air conditioners, as part of the national energy efficiency program. This caused an increase in volume but an erosion of the unit price. The market volume of air conditioners was 500,000 units and about NIS1.4 billion in 2013.
Local company Electrostar Ltd continued to lead the category with a 28% volume share. This lead was due to Electrostar's dominance in ceiling fans, desk fans and standing fans, which together account for 55% of all air treatment appliances. Electrostar manufactures and markets fans under the brand names of Blue Star, Star and Briza and also markets ceiling fans from the Hunter and Fanimation brands.
The national energy efficiency program will continue during the forecast period; in its course, further air conditioners will be replaced by new subsidised ones. Shortening of air conditioner life spans will drive sales as well. We are also expected to see a significant increase as well on cooling fans due to strong competition and lower prices. The expected volume CAGR for the forecast period is 5%, slightly lower than the 6% growth in 2013 which was driven by government subsidies.
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