NEW YORK, Oct. 25, 2023 /PRNewswire/ — The air conditioning market size is expected to grow by USD 19.65 billion from 2022 to 2027, progressing at a CAGR of 2.87% as per the latest Technavio market research report. The air conditioning market is fragmented and the vendors are deploying organic and inorganic growth strategies to compete in the market. AB Electrolux, Blue Star Ltd., Daikin Industries Ltd., DeLonghi Appliances S.r.l., Emerson Electric Co., Fujitsu Ltd., Haier Smart Home Co. Ltd., Hitachi Ltd., Honeywell International Inc., Johnson Controls International Plc, LG Electronics Inc., MIDEA Group, Mitsubishi Electric Corp., Panasonic Holdings Corp., Samsung Electronics Co. Ltd., Trane Technologies Plc, Transform Holdco LLC, Toshiba Corp., Voltas Ltd., and Whirlpool Corp. For more insights on the market share of various regions- Download sample report in MINUTES
Technavio has announced its latest market research report titled Global Air Conditioning Market 2023-2027
What’s New?
· Special coverage on the Russia-Ukraine war; global inflation; recovery analysis from COVID-19; supply chain disruptions, global trade tensions; and risk of recession
· Global competitiveness and key competitor positions
· Market presence across multiple geographical footprints – Strong/Active/Niche/Trivial - Buy the report!
Air Conditioning Market: Rise in residential construction activity to drive growth
The increasing demand for inverter air conditioners significantly drives market growth.
The newest technology available for air conditioners is inverter technology. As compared to other conventional air conditioners, the technology is intended to save over 35–45% of electricity and the technology was created in Japan.
It is highly sought after by the refrigeration and air conditioning industries. Based on the temperature of the room, the system modifies the refrigerant’s flow rate and when the heat is lower, the technology decreases the flow rate and vice versa.
Furthermore, the compressor is also not shut off by this technology.
Hence, the increasing demand for inverter air conditioners to save energy will drive the growth of the global air conditioning (AC) market during the forecast period.
Air Conditioning Market: Increase in the use of R32 refrigerant in split ACs
Increased adoption of omnichannel distribution and multichannel marketing is an emerging trend in market growth.
Residential users’ preference for online shopping for home goods, including air conditioning products, has grown significantly over the past few years.
The market has been stimulated by the expansion of the online retail sales channel and the use of multichannel business models. Several suppliers, including Midea, sell their goods both offline and online.
Moreover, the products also have greater visibility due to the online channel. This, along with the accessibility of a broad product selection, helps to fuel the expansion of the online retail sector.
Hence, such trends influence the growth of the air conditioning market during the forecast period.
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Air Conditioning Market: Geographical Analysis
APAC is estimated to account for 44% of the market’s overall growth. The demand for pricey home appliances like refrigerators and air conditioners increases as disposable income rises in nations like Vietnam, China, and India. The demand for comfort also grows along with income, which fuels the demand for air conditioners. The primary factor behind the rise in household air conditioner sales is the migration of air conditioners from bedrooms to living rooms and vendors are expanding their product lines to include more efficient air conditioners in response to the region’s price-conscious consumers.
Air Conditioning Market: Segmentation Analysis
This market research report segments the air conditioning market by Product (Splits, Chillers, Airside, and Others), Distribution Channel (Offline and Online), and Geography (APAC, Europe, North America, Middle East and Africa, and South America).
The market share growth by the splits segment will be significant for overall market growth during the forecast period. The segment grows as energy-efficient and stylish split air conditioners are replacing window units. In order to meet the rising demand from customers, suppliers like Samsung have stopped making window air conditioners in favor of split air conditioners. Because of their effectiveness, inverter-based splits are also becoming more popular. Hence, due to the abovementioned factors, the demand for split ACs is increasing, which in turn will drive the growth of the global air conditioning (AC) market during the forecast period.
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Air Conditioning Market Scope |
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Report Coverage |
Details |
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Base year |
2022 |
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Historic period |
2017-2021 |
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Forecast period |
2023-2027 |
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Growth momentum & CAGR |
Accelerate at a CAGR of 2.87% |
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Market growth 2023-2027 |
USD 19.65 billion |
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Market structure |
Fragmented |
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YoY growth 2022-2023 (%) |
1.64 |
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Regional analysis |
APAC, Europe, North America, Middle East and Africa, and South America |
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Performing market contribution |
APAC at 44% |
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Key countries |
US, China, Japan, South Korea, and Germany |
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Competitive landscape |
Leading Vendors, Market Positioning of Vendors, Competitive Strategies, and Industry Risks |
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Key companies profiled |
AB Electrolux, Blue Star Ltd., Daikin Industries Ltd., DeLonghi Appliances S.r.l., Emerson Electric Co., Fujitsu Ltd., Haier Smart Home Co. Ltd., Hitachi Ltd., Honeywell International Inc., Johnson Controls International Plc, LG Electronics Inc., MIDEA Group, Mitsubishi Electric Corp., Panasonic Holdings Corp., Samsung Electronics Co. Ltd., Trane Technologies Plc, Transform Holdco LLC, Toshiba Corp., Voltas Ltd., and Whirlpool Corp. |
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Market dynamics |
Parent market analysis, Market growth inducers and obstacles, Fast-growing and slow-growing segment analysis, COVID-19 impact and recovery analysis and future consumer dynamics, Market condition analysis for forecast period |
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Customization purview |
If our report has not included the data that you are looking for, you can reach out to our analysts and get segments customized. |
Browse for Technavio’s Consumer Discretionary Market Reports
Table of Contents:
1 Executive Summary
1.1 Market overview
Exhibit 01: Executive Summary – Chart on Market Overview
Exhibit 02: Executive Summary – Data Table on Market Overview
Exhibit 03: Executive Summary – Chart on Global Market Characteristics
Exhibit 04: Executive Summary – Chart on Market by Geography
Exhibit 05: Executive Summary – Chart on Market Segmentation by Product
Exhibit 06: Executive Summary – Chart on Market Segmentation by Distribution Channel
Exhibit 07: Executive Summary – Chart on Incremental Growth
Exhibit 08: Executive Summary – Data Table on Incremental Growth
Exhibit 09: Executive Summary – Chart on Vendor Market Positioning
2 Market Landscape
2.1 Market ecosystem
Exhibit 10: Parent market
Exhibit 11: Market Characteristics
3 Market Sizing
3.1 Market definition
Exhibit 12: Offerings of vendors included in the market definition
3.2 Market segment analysis
Exhibit 13: Market segments
3.3 Market size 2022
3.4 Market outlook: Forecast for 2022-2027
Exhibit 14: Chart on Global – Market size and forecast 2022-2027 (USD billion)
Exhibit 15: Data Table on Global – Market size and forecast 2022-2027 (USD billion)
Exhibit 16: Chart on Global Market: Year-over-year growth 2022-2027 (%)
Exhibit 17: Data Table on Global Market: Year-over-year growth 2022-2027 (%)
4 Historic Market Size
4.1 Global air conditioning market 2017 – 2021
Exhibit 18: Historic Market Size – Data Table on Global air conditioning market 2017 – 2021 (USD billion)
4.2 Product Segment Analysis 2017 – 2021
Exhibit 19: Historic Market Size – Product Segment 2017 – 2021 (USD billion)
4.3 Distribution Channel Segment Analysis 2017 – 2021
Exhibit 20: Historic Market Size – Distribution Channel Segment 2017 – 2021 (USD billion)
4.4 Geography Segment Analysis 2017 – 2021
Exhibit 21: Historic Market Size – Geography Segment 2017 – 2021 (USD billion)
4.5 Country Segment Analysis 2017 – 2021
Exhibit 22: Historic Market Size – Country Segment 2017 – 2021 (USD billion)
5 Five Forces Analysis
5.1 Five forces summary
Exhibit 23: Five forces analysis – Comparison between 2022 and 2027
5.2 Bargaining power of buyers
Exhibit 24: Chart on Bargaining power of buyers – Impact of key factors 2022 and 2027
5.3 Bargaining power of suppliers
Exhibit 25: Bargaining power of suppliers – Impact of key factors in 2022 and 2027
5.4 Threat of new entrants
Exhibit 26: Threat of new entrants – Impact of key factors in 2022 and 2027
5.5 Threat of substitutes
Exhibit 27: Threat of substitutes – Impact of key factors in 2022 and 2027
5.6 Threat of rivalry
Exhibit 28: Threat of rivalry – Impact of key factors in 2022 and 2027
5.7 Market condition
Exhibit 29: Chart on Market condition – Five forces 2022 and 2027
6 Market Segmentation by Product
6.1 Market segments
Exhibit 30: Chart on Product – Market share 2022-2027 (%)
Exhibit 31: Data Table on Product – Market share 2022-2027 (%)
6.2 Comparison by Product
Exhibit 32: Chart on Comparison by Product
Exhibit 33: Data Table on Comparison by Product
6.3 Splits – Market size and forecast 2022-2027
Exhibit 34: Chart on Splits – Market size and forecast 2022-2027 (USD billion)
Exhibit 35: Data Table on Splits – Market size and forecast 2022-2027 (USD billion)
Exhibit 36: Chart on Splits – Year-over-year growth 2022-2027 (%)
Exhibit 37: Data Table on Splits – Year-over-year growth 2022-2027 (%)
6.4 Chillers – Market size and forecast 2022-2027
Exhibit 38: Chart on Chillers – Market size and forecast 2022-2027 (USD billion)
Exhibit 39: Data Table on Chillers – Market size and forecast 2022-2027 (USD billion)
Exhibit 40: Chart on Chillers – Year-over-year growth 2022-2027 (%)
Exhibit 41: Data Table on Chillers – Year-over-year growth 2022-2027 (%)
6.5 Airside – Market size and forecast 2022-2027
Exhibit 42: Chart on Airside – Market size and forecast 2022-2027 (USD billion)
Exhibit 43: Data Table on Airside – Market size and forecast 2022-2027 (USD billion)
Exhibit 44: Chart on Airside – Year-over-year growth 2022-2027 (%)
Exhibit 45: Data Table on Airside – Year-over-year growth 2022-2027 (%)
6.6 Others – Market size and forecast 2022-2027
Exhibit 46: Chart on Others – Market size and forecast 2022-2027 (USD billion)
Exhibit 47: Data Table on Others – Market size and forecast 2022-2027 (USD billion)
Exhibit 48: Chart on Others – Year-over-year growth 2022-2027 (%)
Exhibit 49: Data Table on Others – Year-over-year growth 2022-2027 (%)
6.7 Market opportunity by Product
Exhibit 50: Market opportunity by Product (USD billion)
Exhibit 51: Data Table on Market opportunity by Product (USD billion)
7 Market Segmentation by Distribution Channel
7.1 Market segments
Exhibit 52: Chart on Distribution Channel – Market share 2022-2027 (%)
Exhibit 53: Data Table on Distribution Channel – Market share 2022-2027 (%)
7.2 Comparison by Distribution Channel
Exhibit 54: Chart on Comparison by Distribution Channel
Exhibit 55: Data Table on Comparison by Distribution Channel
7.3 Offline – Market size and forecast 2022-2027
Exhibit 56: Chart on Offline – Market size and forecast 2022-2027 (USD billion)
Exhibit 57: Data Table on Offline – Market size and forecast 2022-2027 (USD billion)
Exhibit 58: Chart on Offline – Year-over-year growth 2022-2027 (%)
Exhibit 59: Data Table on Offline – Year-over-year growth 2022-2027 (%)
7.4 Online – Market size and forecast 2022-2027
Exhibit 60: Chart on Online – Market size and forecast 2022-2027 (USD billion)
Exhibit 61: Data Table on Online – Market size and forecast 2022-2027 (USD billion)
Exhibit 62: Chart on Online – Year-over-year growth 2022-2027 (%)
Exhibit 63: Data Table on Online – Year-over-year growth 2022-2027 (%)
7.5 Market opportunity by Distribution Channel
Exhibit 64: Market opportunity by Distribution Channel (USD billion)
Exhibit 65: Data Table on Market opportunity by Distribution Channel (USD billion)
8 Customer Landscape
8.1 Customer landscape overview
Exhibit 66: Analysis of price sensitivity, lifecycle, customer purchase basket, adoption rates, and purchase criteria
9 Geographic Landscape
9.1 Geographic segmentation
Exhibit 67: Chart on Market share by geography 2022-2027 (%)
Exhibit 68: Data Table on Market share by geography 2022-2027 (%)
9.2 Geographic comparison
Exhibit 69: Chart on Geographic comparison
Exhibit 70: Data Table on Geographic comparison
9.3 APAC – Market size and forecast 2022-2027
Exhibit 71: Chart on APAC – Market size and forecast 2022-2027 (USD billion)
Exhibit 72: Data Table on APAC – Market size and forecast 2022-2027 (USD billion)
Exhibit 73: Chart on APAC – Year-over-year growth 2022-2027 (%)
Exhibit 74: Data Table on APAC – Year-over-year growth 2022-2027 (%)
9.4 Europe – Market size and forecast 2022-2027
Exhibit 75: Chart on Europe – Market size and forecast 2022-2027 (USD billion)
Exhibit 76: Data Table on Europe – Market size and forecast 2022-2027 (USD billion)
Exhibit 77: Chart on Europe – Year-over-year growth 2022-2027 (%)
Exhibit 78: Data Table on Europe – Year-over-year growth 2022-2027 (%)
9.5 North America – Market size and forecast 2022-2027
Exhibit 79: Chart on North America – Market size and forecast 2022-2027 (USD billion)
Exhibit 80: Data Table on North America – Market size and forecast 2022-2027 (USD billion)
Exhibit 81: Chart on North America – Year-over-year growth 2022-2027 (%)
Exhibit 82: Data Table on North America – Year-over-year growth 2022-2027 (%)
9.6 Middle East and Africa – Market size and forecast 2022-2027
Exhibit 83: Chart on Middle East and Africa – Market size and forecast 2022-2027 (USD billion)
Exhibit 84: Data Table on Middle East and Africa – Market size and forecast 2022-2027 (USD billion)
Exhibit 85: Chart on Middle East and Africa – Year-over-year growth 2022-2027 (%)
Exhibit 86: Data Table on Middle East and Africa – Year-over-year growth 2022-2027 (%)
9.7 South America – Market size and forecast 2022-2027
Exhibit 87: Chart on South America – Market size and forecast 2022-2027 (USD billion)
Exhibit 88: Data Table on South America – Market size and forecast 2022-2027 (USD billion)
Exhibit 89: Chart on South America – Year-over-year growth 2022-2027 (%)
Exhibit 90: Data Table on South America – Year-over-year growth 2022-2027 (%)
9.8 China – Market size and forecast 2022-2027
Exhibit 91: Chart on China – Market size and forecast 2022-2027 (USD billion)
Exhibit 92: Data Table on China – Market size and forecast 2022-2027 (USD billion)
Exhibit 93: Chart on China – Year-over-year growth 2022-2027 (%)
Exhibit 94: Data Table on China – Year-over-year growth 2022-2027 (%)
9.9 US – Market size and forecast 2022-2027
Exhibit 95: Chart on US – Market size and forecast 2022-2027 (USD billion)
Exhibit 96: Data Table on US – Market size and forecast 2022-2027 (USD billion)
Exhibit 97: Chart on US – Year-over-year growth 2022-2027 (%)
Exhibit 98: Data Table on US – Year-over-year growth 2022-2027 (%)
9.10 Japan – Market size and forecast 2022-2027
Exhibit 99: Chart on Japan – Market size and forecast 2022-2027 (USD billion)
Exhibit 100: Data Table on Japan – Market size and forecast 2022-2027 (USD billion)
Exhibit 101: Chart on Japan – Year-over-year growth 2022-2027 (%)
Exhibit 102: Data Table on Japan – Year-over-year growth 2022-2027 (%)
9.11 Germany – Market size and forecast 2022-2027
Exhibit 103: Chart on Germany – Market size and forecast 2022-2027 (USD billion)
Exhibit 104: Data Table on Germany – Market size and forecast 2022-2027 (USD billion)
Exhibit 105: Chart on Germany – Year-over-year growth 2022-2027 (%)
Exhibit 106: Data Table on Germany – Year-over-year growth 2022-2027 (%)
9.12 South Korea – Market size and forecast 2022-2027
Exhibit 107: Chart on South Korea – Market size and forecast 2022-2027 (USD billion)
Exhibit 108: Data Table on South Korea – Market size and forecast 2022-2027 (USD billion)
Exhibit 109: Chart on South Korea – Year-over-year growth 2022-2027 (%)
Exhibit 110: Data Table on South Korea – Year-over-year growth 2022-2027 (%)
9.13 Market opportunity by geography
Exhibit 111: Market opportunity by geography (USD billion)
Exhibit 112: Data Tables on Market opportunity by geography (USD billion)
10 Drivers, Challenges, and Trends
10.1 Market drivers
10.2 Market challenges
10.3 Impact of drivers and challenges
Exhibit 113: Impact of drivers and challenges in 2022 and 2027
10.4 Market trends
11 Vendor Landscape
11.1 Overview
11.2 Vendor landscape
Exhibit 114: Overview on Criticality of inputs and Factors of differentiation
11.3 Landscape disruption
Exhibit 115: Overview on factors of disruption
11.4 Industry risks
Exhibit 116: Impact of key risks on business
12 Vendor Analysis
12.1 Vendors covered
Exhibit 117: Vendors covered
12.2 Market positioning of vendors
Exhibit 118: Matrix on vendor position and classification
12.3 AB Electrolux
Exhibit 119: AB Electrolux – Overview
Exhibit 120: AB Electrolux – Business segments
Exhibit 121: AB Electrolux – Key news
Exhibit 122: AB Electrolux – Key offerings
Exhibit 123: AB Electrolux – Segment focus
12.4 Blue Star Ltd.
Exhibit 124: Blue Star Ltd. – Overview
Exhibit 125: Blue Star Ltd. – Business segments
Exhibit 126: Blue Star Ltd. – Key offerings
Exhibit 127: Blue Star Ltd. – Segment focus
12.5 Daikin Industries Ltd.
Exhibit 128: Daikin Industries Ltd. – Overview
Exhibit 129: Daikin Industries Ltd. – Business segments
Exhibit 130: Daikin Industries Ltd. – Key news
Exhibit 131: Daikin Industries Ltd. – Key offerings
Exhibit 132: Daikin Industries Ltd. – Segment focus
12.6 DeLonghi Appliances S.r.l.
Exhibit 133: DeLonghi Appliances S.r.l. – Overview
Exhibit 134: DeLonghi Appliances S.r.l. – Business segments
Exhibit 135: DeLonghi Appliances S.r.l. – Key news
Exhibit 136: DeLonghi Appliances S.r.l. – Key offerings
Exhibit 137: DeLonghi Appliances S.r.l. – Segment focus
12.7 Fujitsu Ltd.
Exhibit 138: Fujitsu Ltd. – Overview
Exhibit 139: Fujitsu Ltd. – Business segments
Exhibit 140: Fujitsu Ltd. – Key news
Exhibit 141: Fujitsu Ltd. – Key offerings
Exhibit 142: Fujitsu Ltd. – Segment focus
12.8 Haier Smart Home Co. Ltd.
Exhibit 143: Haier Smart Home Co. Ltd. – Overview
Exhibit 144: Haier Smart Home Co. Ltd. – Business segments
Exhibit 145: Haier Smart Home Co. Ltd. – Key offerings
Exhibit 146: Haier Smart Home Co. Ltd. – Segment focus
12.9 Honeywell International Inc.
Exhibit 147: Honeywell International Inc. – Overview
Exhibit 148: Honeywell International Inc. – Business segments
Exhibit 149: Honeywell International Inc. – Key news
Exhibit 150: Honeywell International Inc. – Key offerings
Exhibit 151: Honeywell International Inc. – Segment focus
12.10 Johnson Controls International Plc
Exhibit 152: Johnson Controls International Plc – Overview
Exhibit 153: Johnson Controls International Plc – Business segments
Exhibit 154: Johnson Controls International Plc – Key news
Exhibit 155: Johnson Controls International Plc – Key offerings
Exhibit 156: Johnson Controls International Plc – Segment focus
12.11 LG Electronics Inc.
Exhibit 157: LG Electronics Inc. – Overview
Exhibit 158: LG Electronics Inc. – Product / Service
Exhibit 159: LG Electronics Inc. – Key offerings
12.12 Mitsubishi Electric Corp.
Exhibit 160: Mitsubishi Electric Corp. – Overview
Exhibit 161: Mitsubishi Electric Corp. – Business segments
Exhibit 162: Mitsubishi Electric Corp. – Key news
Exhibit 163: Mitsubishi Electric Corp. – Key offerings
Exhibit 164: Mitsubishi Electric Corp. – Segment focus
12.13 Panasonic Holdings Corp.
Exhibit 165: Panasonic Holdings Corp. – Overview
Exhibit 166: Panasonic Holdings Corp. – Business segments
Exhibit 167: Panasonic Holdings Corp. – Key news
Exhibit 168: Panasonic Holdings Corp. – Key offerings
Exhibit 169: Panasonic Holdings Corp. – Segment focus
12.14 Samsung Electronics Co. Ltd.
Exhibit 170: Samsung Electronics Co. Ltd. – Overview
Exhibit 171: Samsung Electronics Co. Ltd. – Business segments
Exhibit 172: Samsung Electronics Co. Ltd. – Key news
Exhibit 173: Samsung Electronics Co. Ltd. – Key offerings
Exhibit 174: Samsung Electronics Co. Ltd. – Segment focus
12.15 Transform Holdco LLC
Exhibit 175: Transform Holdco LLC – Overview
Exhibit 176: Transform Holdco LLC – Product / Service
Exhibit 177: Transform Holdco LLC – Key offerings
12.16 Toshiba Corp.
Exhibit 178: Toshiba Corp. – Overview
Exhibit 179: Toshiba Corp. – Business segments
Exhibit 180: Toshiba Corp. – Key news
Exhibit 181: Toshiba Corp. – Key offerings
Exhibit 182: Toshiba Corp. – Segment focus
12.17 Whirlpool Corp.
Exhibit 183: Whirlpool Corp. – Overview
Exhibit 184: Whirlpool Corp. – Business segments
Exhibit 185: Whirlpool Corp. – Key offerings
Exhibit 186: Whirlpool Corp. – Segment focus
13 Appendix
13.1 Scope of the report
13.2 Inclusions and exclusions checklist
Exhibit 187: Inclusions checklist
Exhibit 188: Exclusions checklist
13.3 Currency conversion rates for USUSD
Exhibit 189: Currency conversion rates for USUSD
13.4 Research methodology
Exhibit 190: Research methodology
Exhibit 191: Validation techniques employed for market sizing
Exhibit 192: Information sources
13.5 List of abbreviations
Exhibit 193: List of abbreviations
About Technavio
Technavio is a leading global technology research and advisory company. Their research and analysis focuses on emerging market trends and provides actionable insights to help businesses identify market opportunities and develop effective strategies to optimize their market positions.
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