Air Conditioning Market Size, Share, Growth Analysis, By Type(Room AC, Ducted AC, Ductless AC, Centralized AC), By Application(Residential, Commercial offices and Retail, Industrial and Others), By Technology(Semi-automatic or Manual, Automatic, Inverter, Non-inverter), By Distribution channels(Online retail, Retail shops, Direct sales, and Distribution sales), By Region - Industry Forecast 2025-2032

Q: What is the global market size of Air Conditioning Market?

Global Air Conditioning Market size was valued at USD 138.91 Billion in 2022 and is poised to grow from USD 148.49 Billion in 2023 to USD 253.24 Billion by 2031, growing at a CAGR of 6.9% in the forecast period (2024-2031).

Q: Who are the key vendors in the Global Air Conditioning Market?

The competitive environment of the Global Air Conditioning Market is dynamic and characterized by the presence of a mix of well-established brands, emerging players, and niche producers. Innovation is a key competitive factor. Leading brands invest in research and development to introduce new flavors, packaging formats, and health-focused variations to cater to changing consumer preferences. They often set the trends in the industry. 'Daikin Industries Ltd.', 'Gree Electrical Appliances, Inc. of Zhuhai', 'United Technologies Corporation', 'Midea Group Co. Ltd.', 'Hitachi-Johnson Controls Air Conditioning, Inc.', 'Ingersoll-Rand plc.', 'LG Electronics Inc.', 'Qingdao Haier Co. Ltd.', 'Panasonic Corporation', 'Toshiba Corporation', 'Eberspaecher', 'Hanon Systems', 'Keihin Corporation', 'Sanden Holdings Corporation', 'Mitsubishi Heavy Industries Ltd.', 'Subros Limited'

Q: What is the key driver of Global Air Conditioning Market?

As global temperatures surge due to the effects of climate change, air conditioners (ACs) are rapidly evolving from being perceived as a luxury item to becoming an indispensable necessity. This fundamental shift in perspective is poised to wield a substantial and positive influence on the overall value of the global air conditioner market. The intensifying heatwaves and escalating temperatures worldwide are compelling individuals and communities to view air conditioning as an essential element for maintaining comfortable indoor environments.

Report ID: SQMIG25A2191 | Region: Global | Published Date: April, 2024
Pages: 223 | Tables: 121 | Figures: 73

Air Conditioning Market Insights

Air Conditioning Market size was valued at USD 148.49 Billion in 2023 and is poised to grow from USD 158.74 Billion in 2024 to USD 270.71 Billion by 2032, growing at a CAGR of 6.9% during the forecast period (2025-2032).

The air conditioning (AC) industry is poised for substantial growth owing to several converging factors. Escalating global temperatures and increased humidity levels worldwide are driving a surge in the demand for air conditioning systems. This shift in perception contributes significantly to the expanding market.

Moreover, the advent of technologically advanced air conditioning solutions, including inverters and air purification technologies, is set to be a key driver throughout the forecast period.

Air Conditioning Market Report Snapshots

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Air Conditioning Market size was valued at USD 138.91 Billion in 2022 and is poised to grow from USD 148.49 Billion in 2023 to USD 253.24 Billion by 2031, growing at a CAGR of 6.9% in the forecast period (2024-2031).

The competitive environment of the Air Conditioning Market is dynamic and characterized by the presence of a mix of well-established brands, emerging players, and niche producers. Innovation is a key competitive factor. Leading brands invest in research and development to introduce new flavors, packaging formats, and health-focused variations to cater to changing consumer preferences. They often set the trends in the industry. 'Daikin Industries Ltd.', 'Gree Electrical Appliances, Inc. of Zhuhai', 'United Technologies Corporation', 'Midea Group Co. Ltd.', 'Hitachi-Johnson Controls Air Conditioning, Inc.', 'Ingersoll-Rand plc.', 'LG Electronics Inc.', 'Qingdao Haier Co. Ltd.', 'Panasonic Corporation', 'Toshiba Corporation', 'Eberspaecher', 'Hanon Systems', 'Keihin Corporation', 'Sanden Holdings Corporation', 'Mitsubishi Heavy Industries Ltd.', 'Subros Limited'

As temperatures surge due to the effects of climate change, air conditioners (ACs) are rapidly evolving from being perceived as a luxury item to becoming an indispensable necessity. This fundamental shift in perspective is poised to wield a substantial and positive influence on the overall value of the air conditioner market. The intensifying heatwaves and escalating temperatures worldwide are compelling individuals and communities to view air conditioning as an essential element for maintaining comfortable indoor environments.

Product Innovation: In response to the escalating need for energy-efficient solutions, manufacturers in the air conditioning industry are prioritizing product innovation. Notably, companies such as LG have spearheaded advancements by introducing window inverter air conditioners integrated with Dual Inverter technology. These innovative units significantly reduce energy consumption compared to conventional air conditioning systems, aligning with the growing demand for environmentally friendly and cost-effective cooling options. Moreover, within the fiercely competitive market landscape, manufacturers are intensifying efforts to offer value-added features.

Asia Pacific stands as a powerhouse in the air conditioning market, primarily due to its extensive manufacturing base featuring industry giants such as LG, Samsung, Voltas, Daikin, and other major players. This robust presence of renowned manufacturers has established Asia Pacific as a dominant force in the production and supply of air conditioning systems.

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