What is the global market size of Air Conditioners Market?

Global Air Conditioners Market size was valued at USD 131.08 billion in 2021 and is poised to grow from USD 139.99 billion in 2022 to USD 236.96 billion by 2030, growing at a CAGR of 6.8% in the forecast period (2023-2030).

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 2024-2031

Report ID: SQMIG30K2020 | Region: Global | Published Date: February, 2024
Pages: 285 | Tables: 122 | Figures: 77

Air Conditioners Market News

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.

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Air Conditioners Market size was valued at USD 131.08 billion in 2019 and is poised to grow from USD 139.99 billion in 2023 to USD 236.96 billion by 2031, growing at a CAGR of 6.8% in the forecast period (2024-2031).

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. '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'

Growing Demand for Air Conditioners Globally

Advancements in the Technology to Positively Influence Market Growth

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.

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