The ‘Global Air Conditioners (AC) Market Size, Report and Forecast 2023-2028’ by Expert Market Research gives an extensive outlook of the global air conditioners (AC) market, assessing the market on the basis of its segments like type, size, end-use, distribution channel, and major regions.
Air Conditioners (AC) Market Size, Trends, Industry Report, Key Player, Major Segments, and Forecast
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The key highlights of the report include:
Market Overview (2018-2028)
- Historical Market Size (2022): USD 131.08 billion
- Forecast CAGR (2023-2028): 6.8%
The market growth for air conditioners is being driven by the emergence of energy-efficient air conditioning coupled with the increasing consumer inclination for portable ACs. Due to rising consumer needs, the sales of air conditioning units are increasing intensely, this is further driving the air conditioners (AC) market growth.
The surging innovations in the electronics industry is likely to drive the market growth of air conditioners as innovations in air conditioners not only regulate the temperature but also the humidity of space. They cool air by flowing it over cold coils and permitting them to monitor the moisture in the air.
Moreover, the adoption of air conditioners has increased due to the surging awareness as well as a huge progress in HVAC technology. There are air conditioners that are more energy-efficient and effective such as ice power conditioning, solar-powered air conditioning, and smart thermostats, among others.
The demand for AC units is likely to be driven by applications from the commercial sector due to the increasing need for commercial space. They typically cool substantial areas and the ACs are usually set on the rooftops of the buildings like hotels, shopping malls, big restaurants, and commercial offices, for ideal energy usage. Replacement and retrofitting of such electronic units to reduce energy usage are anticipated to fuel the adoption of air conditioners and the overall air conditioners (AC) market.
Air Conditioners (AC) Industry Definition and Major Segments
An air conditioner is a system used to cool down the temperature in a closed interior space by eliminating the moisture and heat from the room. The AC cools down the place with a cold indoor coil named the evaporator. Further, a hot outdoor coil called the condenser lets goes of the collected heat elsewhere. The condenser coils and evaporator are in the form of serpentine tubing that are encircled with aluminium fins. Such tubing is generally made of copper.
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On the basis of type, the market can be categorised into:
- Window AC
- Central AC
- Mini Split AC
- Others
Based on size, the market can be divided into:
- <12K BTU
- 12K-36K BTU
- 36K-60K BTU
- 60K+ BTU
The market, based on end-use, can be bifurcated into:
- Commercial
- Residential
The market segmentation by distribution channel is:
- Hypermarkets
- Electronic Stores
- Online
- Others
Market Breakup by Region
- North America
- Latin America
- Asia Pacific
- Europe
- Middle East and Africa
Air Conditioners (AC) Market Trends
The global air conditioners (AC) market is projected to register progress over the forecast period on account of the rising humidity levels and fluctuating temperatures all over the world. Going further, the increasing adoption of air conditioners as a utility product and not just a luxury product is likely to drive consumer demand for air conditioners. The rise of technologically evolved air conditioners, like air conditioners with air purification and inverter technologies, is further expected to positively impact the market growth of air conditioners during the forecast period.
With the rising population, the demand for the air conditioners (AC) market is expected to expand as it is used for residential and commercial buildings. Significant growth in construction activities like housing, education, and healthcare, among other infrastructures are positively influencing the market growth of air conditioners.
Moreover, the surging purchasing power along with the accessibility of various shapes and sizes of air conditioners in the market is further expected to drive momentum in the market growth of air conditioners. The rising preference of consumers towards comfort and convenience is anticipated to propel the market demand for air conditioners in the coming timeframe.
By region, the Asia Pacific is expected to witness considerable growth in the air conditioners (AC) market share on account of the rise in infrastructural development coupled with the shifting preference of consumers toward lifestyle products.
Key Market Players
The major players in the global air conditioners (AC) market report are:
- Nortek
- AB Electrolux
- LG Electronics
- DAIKIN INDUSTRIES, Ltd
- Fujitsu General Limited
- Johnson Controls
- Others
The report covers the market shares, capacities, plant turnarounds, expansions, investments, and mergers and acquisitions, among other latest developments of these market players.
The report studies the latest updates in the market, along with their impact across the market. It also analysis the market demand, together with its price and demand indicators. The report also tracks the market on the bases of SWOT and Porter’s Five Forces Models.
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