Air Conditioners Market is projected to reach $231.3 billion by 2029
‘Air
Conditioners Market by Type (Window, Split, Variable Refrigerant Flow,
Centralized/Ducted), Tonnage, Technology (Inverter & Non-Inverter), Rating,
End User (Residential, Commercial, Industrial), and Geography - Global
Forecasts to 2029,’ the air conditioners market is projected to reach $231.3
billion by 2029, at a CAGR of 5.4% from 2022 to 2029. Based on volume, the
global air conditioners market is projected to reach 882.1 million units by
2029, at a CAGR of 6.1% during the forecast period.
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31-05-2024
An air conditioner is a system used to cool down a space by
removing heat from it and moving it outside. The benefits of conditioners are
reduced humidity, asthma, and allergies, better air quality, improved
concentration and mental well-being, enhanced security measures, fewer insects
and parasites, and protection of furniture and personal belongings across
residential spaces. The growth of this market is mainly driven by the growing
demand for energy-efficient air conditioners, increasing use of commercial air
conditioners in the industrial sector, and growing consumers' inclination
toward convenience and comfort. In addition, the increasing adoption of air
conditioners with inverter and air purification technologies is expected to
offer significant opportunities for the growth of this market. However, the
high costs of air conditioners may restrain the market growth. Connected air
conditioners and solar photovoltaic (PV) & solar thermal-assisted air
conditioning systems are major trends in this market.
The air conditioners market is segmented by type (window
ACs, split ACs, VRF (Variable Refrigerant Flow) systems, centralized/ducted
ACs, and other conditioner types), tonnage (up to 2 ton, 2 ton to 5 ton, 5 ton
to 10 ton, and more than 10 Ton), technology (inverter ACs and non-inverter
ACs), rating (1 star ACs, 2 star ACs, 3 star ACs, 4 star ACs, and 5 star ACs),
end user (residential end users, commercial end users, and industrial end
users), and geography. The study also evaluates industry competitors and
analyses the market at the regional and country levels.
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Based on type, the air conditioners market is broadly
segmented into window ACs, split ACs, VRF systems, centralized/ducted ACs, and
other conditioner types. In 2022, the split ACs segment is expected to account
for the largest share of the global air conditioners market. The large market
share of this segment is mainly attributed to the growing demand for
energy-saving air conditioners and lower noise levels.
However, the centralized/ducted ACs segment is projected to
register the highest CAGR during the forecasted period due to the rising demand
for energy-efficient and sustainable ducted air conditioning systems in
developing countries are responsible for the growing demand for
centralized/ducted ACs segment.
Based on tonnage, the air conditioners market is broadly
segmented into up to 2 ton, 2 ton to 5 ton, 5 ton to 10 ton, and more than 10
ton. In 2022, the up to 2 ton segment is expected to account for the largest
share of the global air conditioners market. The large market share of this
segment is mainly attributed to the increasing demand for custom features for
small homes or office spaces and increasing demand for up to 2 ton air
conditioners across emerging economies.
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Based on technology, the air conditioners market is broadly
segmented into inverter ACs and non-inverter ACs. In 2022, the inverter ACs
segment is expected to account for the largest share of the global air
conditioners market. This segment is projected to register the highest CAGR
during the forecasted period. This segment's large market share and fast growth
rate are mainly attributed to the growing awareness of the energy-efficiency
properties of inverter technology air conditioners, lower power consumption,
and rising temperature and humidity levels.
Based on geography, the air conditioners market is segmented
into North America, Asia-Pacific, Europe, Latin America, and the Middle East
& Africa. In 2022, Asia-Pacific is expected to account for the largest
share. The region is also projected to register the highest CAGR of the air
conditioners market. The growth of this market is mainly attributed to factors
such as increasing emphasis on agreements to provide air conditioning systems
for urban transportation systems, growing construction activities across
residential and commercial infrastructure, efforts by leading AC providers to
launch AC products in Japan and India, different real estate projects &
public-private investments in various residential, industrial and commercial
development areas across the region, and the advent of environmental
regulations for energy-efficient cooling systems.
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The report also includes an extensive assessment of the key
growth strategies adopted by the leading market participants between 2020 and
2022. The key players operating in the air conditioners market are Daikin
Industries, Ltd. (Japan), Mitsubishi Electric Corporation (Japan),
Hitachi-Johnson Controls Air Conditioning (Japan), Carrier Global Corporation
(U.S.), Whirlpool Corporation (U.S.), Haier Smart Home Co. Ltd. (China), LG
Electronics (South Korea), Voltas Limited (India), Panasonic Corporation (Japan),
Robert Bosch GmbH (Germany), Samsung Electronics Co., Ltd. (South Korea),
Fujitsu Limited (Japan), Blue Star Ltd (India), Toshiba Corporation (Japan),
Electrolux (Sweden), Gree Electric Appliances Inc. (China), Midea Group Co. Ltd
(China), and American Standard Companies Inc. (U.S.).
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