NEW YORK, Nov. 1, 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 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. For more insights on the market share of various regions- Download sample report in MINUTES
Regional 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.
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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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Some of the key Air Conditioning Market Players:
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.
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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Table of Contents:
1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Historic Market Size
5 Five Forces Analysis
6 Market Segmentation by Product
7 Market Segmentation by Distribution Channel
8 Customer Landscape
9 Geographic Landscape
10 Drivers, Challenges, and Trends
11 Company Landscape
12 Company Analysis
13 Appendix
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