The Global Air Conditioners Market is anticipated to grow during the forecasted period due to prolonged heatwaves, rising disposable income and, rapid urbanization.
According to TechSci Research report, “Air Conditioner Market - Global Industry Size, Share, Trends, Competition, Opportunity and Forecast, 2018-2028F”, the global air conditioner market is expected to be around more than USD107.20 billion by 2022. During the forecasted period, the air conditioner market is expected to witness an increase in sales due to the rise in the investment of residential and commercial buildings’ construction. However, the growth in the market was impacted due to the rise in temperature with greenhouse gas emissions, where countries such as India, Australia and France touched 46.2, 45.9 and 49.5 degree Celsius, respectively in 2020.
Particularly, the market for smart air conditioners, along with many other air conditioner industry segments, may grow in the upcoming years. The market for smart air conditioners is projected to be driven by the growing popularity of smart devices that can transform traditional remote-controlled air conditioners into smart gadgets. Room air conditioner demand is rising with the rise in housing standards. In contrast, packaged air conditioner demand is predicted to grow somewhat as more malls, offices, and factories are permitted to be built.
Government regulations on refrigerants are pushing businesses to create goods that are both eco-friendly and energy-efficient. Due to the phase-out of important refrigerants, the market has witnessed several technological advancements. In the coming years, CFCs, which were once the most used refrigerants, are likely to be entirely replaced by alternative refrigerants such as R-410A refrigerant as it is more energy efficient, it is able to absorb and release heat better than other refrigerants.
China is a major supplier for equipment to every industry player, globally. However, China stopped their manufacturing operations due to the breakdown of supply chain, in 2020. This led to the shortage of air-conditioning components. The heart of the COVID-19 outbreak in central China was in Wuhan, Hubei Province, which also acts as a hub for US, European, and Japanese technology vendors.
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The market for air conditioners is divided into four categories: product type, light commercial air conditioners, region, and by company. The market can be divided into Chillers, VRFs, Ductable Splits, Light Commercial Air Conditioners, and Others based on product typeAmong all, the light commercial air conditioners market had registered the highest market share of around more than 75% among all air conditioners in 2022. Hence, the easy availability and installation of the product are significantly driving the demand for light commercial air conditioners.
Due to their efficient use as well as fact that they don't require any additional space or window space for installation, they also provide complete control over the room's temperature, the high-wall splits hold the majority of the market share in the market for light commercial air conditioners.. The high-wall split air conditioners are designed to blend in with different room décor types. Moreover, high-wall split air conditioners are becoming increasingly technologically advanced. For example, new air conditioners with inverter technology adjust the compressor's speed to operate continuously at maximum efficiency, maintaining the desired temperature in the room with a minimum amount of temperature variation.
Some of the market players, dominating the global air conditioner market are
- Daikin Industries, Ltd.
- Gree Electric Appliances Inc.
- Carrier Global Corporation
- Midea Group Co., Ltd.
- Samsung Electronics Co., Ltd
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In terms of regional analysis, the global air conditioners market is segment into Asia-Pacific, Europe, North America, South America and Middle East & Africa. Among these, the Asia-Pacific region is dominating the global air conditioners market followed by North America in 2020. Due to rapid population expansion, growing urbanization, and rising temperatures brought on by global warming, there is an unprecedented increase in the need for air conditioners. Furthermore, the government's environmental regulations, such as China's Green Building Evaluation Label (GBEL) and India's Bureau of Energy Efficiency Standards and Labeling Program, are pushing air conditioner manufacturers to create energy-efficient products, which is in-turn increasing the demand for air conditioners in the APAC region.
“During the forecast period, it is anticipated that the global air conditioners market will rise strongly. Global demand for air conditioners is expanding due to factors like the emerging economies' rapid economic growth, the rise of the smart home market, easier financing options, the introduction of new payment options, and the use of solar hybrid air conditioners.”. said Mr. Karan Chechi, Research Director with TechSci Research, a research-based global management consulting firm.
“Global Air Conditioners Market By Product Type (Chillers, VRFs, Ductable Splits, Light Commercial Air Conditioners and Others), By Light Commercial Air Conditioners (High Wall Splits, Window Air Conditioners, Cassettes and Concealed Ductable Splits), By Region, Competition, Forecast Opportunities, 2028F”, has evaluated the future growth potential of air conditioners in global market and provides statistics and information on market structure, size, share, and future growth. The report is intended to provide cutting-edge market intelligence and help decision makers take sound investment decisions. Besides, the report also identifies and analyzes the emerging trends along with essential drivers, challenges, and opportunities present in the global air conditioners market.
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