OSAKA/TOKYO — Japanese air conditioner makers like Daikin Industries and Fujitsu General are stepping up their offensive in India — the world’s third-largest market even with a residential penetration rate in the single digits — taking on low-priced local players with energy-saving technology.
As U.S. President Donald Trump’s tariff policies cast increasing uncertainty over the future of the global economy, interest in India is growing. Its nominal gross domestic product is expected to surpass Japan’s this year to become the fourth-largest in the world, according to estimates by the International Monet Fund. The country also has the world’s largest population.
