Growing Demand for Local Air Conditioners

The fan market in Bangladesh has seen significant growth due to increased demand fueled by global warming and expanded electrification. Approximately 50-60 lakh ceiling fans are demanded annually, accounting for a market size of Tk 1,250 crore to Tk 1,500 crore. The country's leading electronics companies, such as Walton, RFL, and Electro Mart, are catering to this demand by manufacturing energy-efficient fans, including BLDC technology fans, which consume 65% less energy.

A memorandum of understanding (MoU) was recently signed between Minister Hi-Tech Park Limited, a domestic electronics company, and Faraji Hospital Limited. The signing took place at the headquarters of Minister Hi-Tech Park Limited. Head of Corporate Sales at Minister Hi-Tech Park, and the Chairman of Farazi Hospital, signed the MoU. The Secretary-Chairman of Minister Group, and the General Manager of Farazi Hospital were also present.

Walton Hi-Tech Industries is grappling with meeting regulatory requirements to offload a minimum of 10% stake in the capital market, citing challenges in finding buyers and high share values. Despite expressing intentions to sell shares, sponsor-directors have struggled to complete the offloading process. Since August 2022, three directors announced plans to sell around 6.75 lakh

Singer Bangladesh Begins Production at $78 Million Factory in BSEZ, Aims to Manufacture 90% Components Locally. The new facility plans to manufacture refrigerators initially, with capacity for up to 10 lakh units annually. It aims to employ 5,000 people and produce air conditioners, televisions, and more by the third quarter.

The elevator market in Bangladesh is expanding rapidly, driven by the country's growing housing sector. With the contribution of housing to GDP reaching around 8%, the demand for elevators is increasing. Currently, domestic manufacturers like Walton and Pran-RFL Group have entered the market, producing elevators with advanced safety features.

Household ownership of smartphones increased from 65.91% in 2021 to 74.5% in 2023, while ownership of refrigerators, ovens, or washing machines rose by over 8 percentage points to 53.4% in 2023. Computer or laptop ownership also saw growth, alongside a rise in air conditioner ownership from 1.6% in 2021 to 2.28% in 2023. Motorcycle ownership increased to 11.11% in 2023. These trends reflect increasing purchasing power and social status enhancement.