USD 131.08 billion
Air Conditioners Market Size, Share, Growth Analysis, By Type(Room AC-Windows, split; Ducted AC- Ceiling Concealed, Rooftop Packaged; Ductless AC- cassette, Floor Standing), By Application(Residential, Commercial Offices and Retail, Industrial), By Technology(Manual, Automatic), By Distribution Channel(Online Retail, Retail Shops, Direct Sales, Distribution Sales), By Region - Industry Forecast 2025-2032
Report ID:
SQMIG30K2020 |
Region:
Global |
Published Date: February, 2024
Pages:
285
|Tables:
122
|Figures:
77
Air Conditioners Market Insights
Air Conditioners Market size was valued at USD 139.99 Billion in 2023 and is poised to grow from USD 149.51 Billion in 2024 to USD 253.07 Billion by 2032, growing at a CAGR of 6.8% during the forecast period (2025-2032).
Due to a decline in consumer expenditure, the COVID-19 pandemic's expansion had a detrimental effect on the market for air conditioners in 2019. Nevertheless, the market is anticipated to rebound in 2019 and post a steady increase helped by shifting climatic circumstances and rising commercial development demand. Additionally, it is anticipated that over the forecast period, consumers' increased preference for comfort and convenience will support demand for air conditioners.
Places including in homes, workplaces, shops, and entertainment venues, air conditioning systems are used. Ecologically conscious goods are still quite expensive, yet they are still in high demand in developing nations. Air conditioning systems have significantly changed the indoor environment, especially in hot and arid areas, and have become an essential part of the infrastructure that sustains modern spaces. In addition, it is anticipated that as emerging economies continue to experience explosive economic expansion, demand for air conditioning would rise.
US Air Conditioners Market is poised to grow at a sustainable CAGR for the next forecast year.
Market snapshot - 2024-2031
Global Market Size
Largest Segment
Split air conditioners
Fastest Growth
Split air conditioners
Growth Rate
6.8% CAGR
Global Air Conditioners Market ($ Bn)
Country Share for APAC Region (%)
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Air Conditioners Market Segmental Analysis
Global Air Conditioners market is segmented based on type, application, technology, distribution channel, and region. Based on the type, the market is segmented into Room AC-Windows, split; Ducted AC- Ceiling Concealed, Rooftop Packaged; Ductless AC- cassette, Floor Standing, Ceiling Suspended; Centralized AC- Condensing Unit, VRF, AHU/FCV, Chillers and Others. Based on application, the market is segmented into residential, commercial offices and retail, industrial. Based on the technology, the market is segmented into Manual, Automatic. Based on the Distribution Channel, the market is segmented into Online Retail, Retail Shops, Direct Sales, Distribution Sales.
Air Conditioners Market by End-Use
Attributing to the increased rate of urbanization and the growing need for commercial space, the commercial segment is predicted to grow at a significant CAGR over the projection period. Commercial AC units take up a lot of room and are typically installed on the rooftops of structures like malls, hotels, large restaurants, theatres, and business offices, where energy consumption is at its highest. Therefore, it is anticipated that increasing the use of AC across the business market will result from retrofitting and replacing these units to reduce energy usage.
The residential segment is expected to remain the core market for many vendors. Recent years have seen an increase in temperature in a number of nations due to climate change. A/C systems are now more of a necessity than a luxury due to rising temperatures. As a result, consumers all over the world are installing air conditioning systems in their homes, and this trend is anticipated to continue as global temperatures continue to climb. Residential air conditioner sales are anticipated to expand strongly throughout the projection period as a result of the shifting climatic conditions.
Global Air Conditioners Market By Application
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Air Conditioners Market Regional Insights
In 2021, North America accounted for more than 20% of the market's total revenue share. It is anticipated that replacement sales will drive development in the North American market as well as other developed markets worldwide. The government's increasing promotional efforts to promote the use of energy-efficient air conditioning systems and lower energy consumption are also anticipated to support the expansion of the regional market. The COVID-19 epidemic spread, which caused a decline in the market as a whole, while North America and Europe saw flat growth in 2020 and were not as badly affected as the rest of the world. This can be due to both regions' robust demand in the last quarter of 2020.
Global Air Conditioners Market By Region
- Largest
- Fastest
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Air Conditioners Market Dynamics
Air Conditioners Market Driver
- Growing Demand for Air Conditioners Globally
According to NOAA, the United States (US) National Oceanic and Atmospheric Administration, the planet's average temperature in July 2019 was roughly 1°C higher than the 20th-century average. As a result, this month is the warmest on record. The five warmest years have been the last five. China, the world's largest producer of room air conditioners (RAC) and the country with the highest AC demand, had the largest market with 44.63 million units. Asia, excluding China and Japan, was the second-largest market, with a market demand of 17.82 million units. Japan was the third-largest market, with a demand of 10.52 million units. 15.59 million units were required by the market in North America, 6.91 million in Europe, and 6.83 million in Latin America.
Air Conditioners Market Restraint
- Higher Maintenance Cost Limits the Market Growth
One of the factors that hinders the air conditioning industry is the greater maintenance cost, which causes individuals to spend more on air conditioning. The adoption of modern technology in air conditioner design is constrained by the establishment of numerous laws pertaining to air conditioner design. For instance, it is against the law to service and maintain air conditioners using R22R refrigerants, according to U.K. law. This makes it difficult for manufacturers to switch over to the new refrigerants from the present R22R refrigerant in their developed goods.
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Air Conditioners Market Competitive Landscape
The market is fragmented in nature. The prominent players operating in the market are constantly adopting various growth strategies in order to stay afloat in the market. Product launches, innovations, mergers, and acquisitions, collaborations and partnerships, and intensive R&D are some of the growth strategies that are adopted by these key players to thrive in the competitive market. The key market players are also constantly focused on R&D in order to supply industries with the most efficient and cost-effective solutions.
Air Conditioners Market Top Player’s Company Profiles
- Daikin Industries Ltd.
- Gree Electric Appliances Inc.
- LG Electronics Inc.
- Mitsubishi Electric Corporation
- Fujitsu General Ltd.
- Panasonic Corporation
- Midea Group Co. Ltd.
- Samsung Electronics Co. Ltd.
- Johnson Controls International Plc.
- Carrier Corporation
- Haier Group Corporation
- Toshiba Carrier Corporation
- Trane Technologies Plc.
- Hitachi Ltd.
- Sharp Corporation
- Rheem Manufacturing Company
- Blue Star Limited
- Electrolux AB
- Lennox International Inc.
- Nortek Global HVAC LLC
Air Conditioners Market Recent Developments
- In January 2022, LG Electronics USA unveiled its new robust 2022 lineup of residential, light commercial, and commercial HVAC solutions at the 2022 AHR Expo conducted in Las Vegas.
- In January 2021, in order to engage in domestic production in India, Panasonic wanted to quadruple its AC business over the following three years. Due to pent-up demand, the company, which recently debuted the HU series of ACs with nanoeX technology, anticipates a 35% increase in sector sales this year. The company claims that hydroxyl radicals, also known as "nature's detergent," found in water and released by nanoeX technology are capable of suppressing bacteria and viruses, including 99.99% of adhering new coronaviruses.
Air Conditioners Key Market Trends
- Advancements in the Technology to Positively Influence Market Growth
There is a growing demand for air conditioners that not only cool the air but also improve indoor air quality. This includes models that incorporate air filtration and purification systems to remove allergens, pollutants, and other harmful particles from the air. Air conditioners are also being developed with features that help maintain optimal humidity levels for better respiratory health.
Smart technology is transforming the air conditioner market, allowing customers to control and monitor their AC units remotely through their smartphones or other devices. Smart technology also enables features like scheduling, zoning, and automatic temperature adjustments, improving user comfort and energy efficiency.
The use of sustainable and eco-friendly materials is also gaining traction in the air conditioner market. Manufacturers are exploring new materials and processes to reduce the environmental impact of air conditioners. This includes using recycled materials, reducing waste and emissions during production, and improving the recyclability of the products.
Air Conditioners Market SkyQuest Analysis
SkyQuest’s ABIRAW (Advanced Business Intelligence, Research & Analysis Wing) is our Business Information Services team that Collects, Collates, Co-relates and Analyses the Data collected by means of Primary Exploratory Research backed by the robust Secondary Desk research.
According to our analysis, Global Air Conditioners market is segmented based on type, application, technology, distribution channel, and region. Based on the type, the market Centralized AC- Condensing Unit segment is projected to hold substantial share in the market. Based on the application, the commercial segment of the market is projected to hold the substantial share in the market. Based on the technology, the automatic segment is projected to hold the substantial share in the market. Based on the distribution channel, the retail shop segment is projected to hold substantial share in the market. Based on the region, the Asia-Pacific region is projected to hold the market share.
| Report Metric | Details |
|---|---|
| Market size value in 2019 | USD 131.08 billion |
| Market size value in 2031 | USD 236.96 billion |
| Growth Rate | 6.8% |
| Base year | 2023 |
| Forecast period | 2024-2031 |
| Forecast Unit (Value) | USD Billion |
| Segments covered |
|
| Regions covered | North America (US, Canada), Europe (Germany, France, United Kingdom, Italy, Spain, Rest of Europe), Asia Pacific (China, India, Japan, Rest of Asia-Pacific), Latin America (Brazil, Rest of Latin America), Middle East & Africa (South Africa, GCC Countries, Rest of MEA) |
| Companies covered |
|
| Customization scope | Free report customization with purchase. Customization includes:-
|
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Table Of Content
Executive Summary
Market overview
- Exhibit: Executive Summary – Chart on Market Overview
- Exhibit: Executive Summary – Data Table on Market Overview
- Exhibit: Executive Summary – Chart on Air Conditioners Market Characteristics
- Exhibit: Executive Summary – Chart on Market by Geography
- Exhibit: Executive Summary – Chart on Market Segmentation
- Exhibit: Executive Summary – Chart on Incremental Growth
- Exhibit: Executive Summary – Data Table on Incremental Growth
- Exhibit: Executive Summary – Chart on Vendor Market Positioning
Parent Market Analysis
Market overview
Market size
- Market Dynamics
- Exhibit: Impact analysis of DROC, 2021
- Drivers
- Opportunities
- Restraints
- Challenges
- Exhibit: Impact analysis of DROC, 2021
- SWOT Analysis
KEY MARKET INSIGHTS
- Technology Analysis
- (Exhibit: Data Table: Name of technology and details)
- Pricing Analysis
- (Exhibit: Data Table: Name of technology and pricing details)
- Supply Chain Analysis
- (Exhibit: Detailed Supply Chain Presentation)
- Value Chain Analysis
- (Exhibit: Detailed Value Chain Presentation)
- Ecosystem Of the Market
- Exhibit: Parent Market Ecosystem Market Analysis
- Exhibit: Market Characteristics of Parent Market
- IP Analysis
- (Exhibit: Data Table: Name of product/technology, patents filed, inventor/company name, acquiring firm)
- Trade Analysis
- (Exhibit: Data Table: Import and Export data details)
- Startup Analysis
- (Exhibit: Data Table: Emerging startups details)
- Raw Material Analysis
- (Exhibit: Data Table: Mapping of key raw materials)
- Innovation Matrix
- (Exhibit: Positioning Matrix: Mapping of new and existing technologies)
- Pipeline product Analysis
- (Exhibit: Data Table: Name of companies and pipeline products, regional mapping)
- Macroeconomic Indicators
COVID IMPACT
- Introduction
- Impact On Economy—scenario Assessment
- Exhibit: Data on GDP - Year-over-year growth 2016-2022 (%)
- Revised Market Size
- Exhibit: Data Table on Air Conditioners Market size and forecast 2021-2027 ($ million)
- Impact Of COVID On Key Segments
- Exhibit: Data Table on Segment Market size and forecast 2021-2027 ($ million)
- COVID Strategies By Company
- Exhibit: Analysis on key strategies adopted by companies
MARKET DYNAMICS & OUTLOOK
- Market Dynamics
- Exhibit: Impact analysis of DROC, 2021
- Drivers
- Opportunities
- Restraints
- Challenges
- Exhibit: Impact analysis of DROC, 2021
- Regulatory Landscape
- Exhibit: Data Table on regulation from different region
- SWOT Analysis
- Porters Analysis
- Competitive rivalry
- Exhibit: Competitive rivalry Impact of key factors, 2021
- Threat of substitute products
- Exhibit: Threat of Substitute Products Impact of key factors, 2021
- Bargaining power of buyers
- Exhibit: buyers bargaining power Impact of key factors, 2021
- Threat of new entrants
- Exhibit: Threat of new entrants Impact of key factors, 2021
- Bargaining power of suppliers
- Exhibit: Threat of suppliers bargaining power Impact of key factors, 2021
- Competitive rivalry
- Skyquest special insights on future disruptions
- Political Impact
- Economic impact
- Social Impact
- Technical Impact
- Environmental Impact
- Legal Impact
Market Size by Region
- Chart on Market share by geography 2021-2027 (%)
- Data Table on Market share by geography 2021-2027(%)
- North America
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- USA
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Canada
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Europe
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- Germany
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Spain
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- France
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- UK
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of Europe
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Asia Pacific
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- China
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- India
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Japan
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- South Korea
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of Asia Pacific
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Latin America
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- Brazil
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of South America
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Middle East & Africa (MEA)
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- GCC Countries
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- South Africa
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of MEA
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
KEY COMPANY PROFILES
- Competitive Landscape
- Total number of companies covered
- Exhibit: companies covered in the report, 2021
- Top companies market positioning
- Exhibit: company positioning matrix, 2021
- Top companies market Share
- Exhibit: Pie chart analysis on company market share, 2021(%)
- Total number of companies covered
Methodology
For the Air Conditioners Market, our research methodology involved a mixture of primary and secondary data sources. Key steps involved in the research process are listed below:
1. Information Procurement: This stage involved the procurement of Market data or related information via primary and secondary sources. The various secondary sources used included various company websites, annual reports, trade databases, and paid databases such as Hoover's, Bloomberg Business, Factiva, and Avention. Our team did 45 primary interactions Globally which included several stakeholders such as manufacturers, customers, key opinion leaders, etc. Overall, information procurement was one of the most extensive stages in our research process.
2. Information Analysis: This step involved triangulation of data through bottom-up and top-down approaches to estimate and validate the total size and future estimate of the Air Conditioners Market.
3. Report Formulation: The final step entailed the placement of data points in appropriate Market spaces in an attempt to deduce viable conclusions.
4. Validation & Publishing: Validation is the most important step in the process. Validation & re-validation via an intricately designed process helped us finalize data points to be used for final calculations. The final Market estimates and forecasts were then aligned and sent to our panel of industry experts for validation of data. Once the validation was done the report was sent to our Quality Assurance team to ensure adherence to style guides, consistency & design.
Analyst Support
Customization Options
With the given market data, our dedicated team of analysts can offer you the following customization options are available for the Air Conditioners Market:
Product Analysis: Product matrix, which offers a detailed comparison of the product portfolio of companies.
Regional Analysis: Further analysis of the Air Conditioners Market for additional countries.
Competitive Analysis: Detailed analysis and profiling of additional Market players & comparative analysis of competitive products.
Go to Market Strategy: Find the high-growth channels to invest your marketing efforts and increase your customer base.
Innovation Mapping: Identify racial solutions and innovation, connected to deep ecosystems of innovators, start-ups, academics, and strategic partners.
Category Intelligence: Customized intelligence that is relevant to their supply Markets will enable them to make smarter sourcing decisions and improve their category management.
Public Company Transcript Analysis: To improve the investment performance by generating new alpha and making better-informed decisions.
Social Media Listening: To analyze the conversations and trends happening not just around your brand, but around your industry as a whole, and use those insights to make better Marketing decisions.
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