Global Air Conditioners Market Outlook
The global air conditioners market size reached a value of nearly USD 149.51 billion in 2023. During the forecast period of 2024–2032, the market is likely to expand at a CAGR of 6.8%.
News and Developments in the Market
In July 2023, Voltas, a Tata Group company, sold about 1.2 million household air conditioners in H1 CY22, achieving an increase of 60% made possible by a summer heat and a wider sales network. The company's strong brand equity, unique line of products, and robust online and offline distribution network were cited as contributing factors to the performance, along with the country's hot summer weather and the rise in demand for cooling items.
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To get an advantage over the competition, the brand is preparing to further extend its retail and distribution network to accommodate its expanding product portfolio.
In April 2023, Realme TechLife introduced a line of convertible air conditioners in India that provide cooling at high temperatures of 55 degrees. The ACs use an inverter compressor technology, which is said to provide faster cooling and longer compressor durability and can adjust cooling capacity dependent on the number of people in a room to save energy.
The ACs also include an automatic cleaning mechanism to shield the appliance from moisture, dust, and mould. The inverter compressor technology used in the new Realme TechLife convertible air conditioners is said to extend the lifespan of the compressor and provide faster, more precise cooling. Thus, the growing product launches are driving the global air conditioners market growth.
In January 2021, Panasonic Corp. revealed the launch its HU series of air conditioners in India. Th e business emphasised how nanoeX technology releases hydroxyl radicals found in water, which have the power to thwart bacteria and viruses, including the 99.99 percent adhered new coronavirus. The company's air conditioners are also well-equipped with artificial intelligence, an Internet of Things (IoT) platform, and advanced sensors called Econavi that can detect energy-related water that is not conscious.
Energy Efficient ACs, Incorporation of Air Filters, and Inflating Disposable Incomes are Responsible for Driving the Market Growth
An indoor environment can be cooled down by removing the heat and moisture already present using an air conditioner (AC). Based on the size of the room, there are three main types of air conditioners: window AC, central AC, and micro split AC.
- Growing consumer awareness of energy-efficient cooling systems, which help reduce electricity costs and are also environmentally sustainable are the key air conditioners market trends.
- Incorporating air filters into air conditioners to improve the air quality by removing pollutants like dust and dirt is another market growth-promoting factor, in addition to energy-efficient ACs.
- Increasing disposable incomes and the availability of air conditioners in a variety of sizes and designs are further fostering the AC market expansion.
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Rising Temperatures, Technological Advancements, and Residential and Commercial Sectors to Provide Significant Growth Opportunities in the Market
Rising Temperatures
Due to the rising temperatures brought on by global warming, ACs are quickly transitioning from a luxury to a necessity, which is a significant element anticipated to favourably impact the global air conditioners (AC) market value.
Technological Advancements
It is also anticipated that the introduction of technologically advanced air conditioners (AC), such as air conditioners with air purification technologies and inverter technology, is expected to have a favourable effect on the market in the forecast period.
Growing Residential and Commercial Sectors
Construction of residential units, shopping centres, hospitals, hotels, multiplexes, and auditoriums has increased over time, especially in developing regions. This has boosted the need for air conditioning systems for cooling and sustaining indoor air quality, driving the air conditioner industry.
High Costs of Installation and Strict Government Regulations to Impede the Air Conditioners (AC) Market Growth
High Costs of Installation
The high initial costs of system and installation, along with the higher maintenance costs, are restraining the growth of the global air conditioners (AC) market.
Strict Government Regulations
Over the course of the forecast period, severe government regulations on energy usage, global warming, and pollution are also anticipated to restrain the growth of the global air conditioners (AC) market.
The fluorocarbons that the AC use as refrigerants depletes the ozone layer and contribute to global warming. Thus, governments in various countries are bringing norms to regulate the energy usage which is limiting the use of air conditioners.
Air Conditioners (AC) Market Analysis
The various types of AC in the market are mini split AC, window AC, and central AC, among others. The market is split into four categories according on size: < 12K BTU, 12K–36K BTU, 36K–60K BTU, and 60K+ BTU. The end-uses of the market are commercial and residential. The several distribution channels in the market are hypermarket, electronic stores, and online, among others.
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The regional markets for air conditioners (AC) can be divided into North America, Europe, the Asia Pacific, Latin America, the Middle East and Africa. The comprehensive EMR study offers a detailed analysis of the market based on a SWOT analysis and Porter's five forces model. The following key players in the global air conditioners (AC) market are examined in depth in the study, along with their competitive landscape and most recent developments, such as mergers, acquisitions, investments, and expansion plans.
- LG Electronics
- AB Electrolux
- Fujitsu General Limited
- Nortek
- Johnson Controls
- DAIKIN INDUSTRIES, Ltd.,
- Others
Types Include Mini Split AC, Window AC, and Central AC, Among Others
As per air conditioners (AC) market report, the most basic type of air conditioning system is a window AC, which is mounted on walls or windows. All the parts are contained in a casing that is assembled into a single unit. Window air conditioners are not only an inexpensive cooling solution, but they are also extremely energy efficient. These units can be found easily in a wide range of BTUs to meet rooms of various sizes and fit right inside the window.
Cool air is circulated by central air conditioners (AC) via a network of supply and return ducts. The most common kind of cooling system in the United States is central air conditioning. According to the most recent information from the United States Energy Information Administration, central air is used by more than 75% of homes with a cooling system.
With the help of mini split air conditioners, people can control the temperature in specific rooms or sections. The two main components of a mini-split system are an outdoor compressor and an indoor air-handling unit or units (evaporator).
<12K BTU, 12K-36K BTU, 36K-60K BTU, and 60K+ BTU are Different Sizes of the Product
The majority of window air conditioners have cooling capacity between 5,000 and 12,000 BTU. A floor area of between 450 and 550 square feet can be cooled by an air conditioner with 12,000 BTU.
End-Uses Include Commercial and Residential
Due to rapid urbanisation and increasing demand for commercial spaces, it is predicted that the commercial segment would experience significant growth during the projection period, thereby aiding the air conditioners (AC) market share.
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 commercial segment will result from retrofitting and replacing these units to reduce energy usage.
A number of market vendors will continue to rely heavily on the residential segment. Recent years have seen an increase in temperature in several nations due to climate change. AC 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. Thus, during the forecast period, residential air conditioners are anticipated to have healthy growth as a result of the changing climatic conditions.
Hypermarket, Electronic Stores, and Online, Among Others are the Several Distribution Channels in Air Conditioners (AC) the Market Research Report
Due to the large number of organised retail outlets around the world, hypermarkets and electronic stores are anticipated to be the two largest segments.
Online distribution channels are expanding quickly because market participants are using alternative sales channels to broaden their customer base and increase their brand's awareness. High internet usage and an increase in smart device use for online shopping as a result of the increased comfort and flexibility that customers enjoy while shopping are anticipated to have an impact on the segment's growth over the forecast period.
Asia Pacific and North America to Have a Strong Hold on the Global Air Conditioners (AC) Market
Due to its rapid infrastructural development and growing population preference for lifestyle goods, the Asia Pacific region is anticipated to dominate the market. The market in the region is expanding as a result of a growing middle class, rising temperatures brought on by climate change, and increased consumer spending power. The market is also anticipated to be driven by rising commercial and residential development activity in various Asia Pacific countries, particularly in India and China, along with the consumer preferences for lifestyle items.
North American is expected to witness significant growth in the global air conditioners (AC) market primarily powered by replacement sales. The regional market is anticipated to rise as a result of ongoing technical advancements and increasing government promotional efforts to boost the adoption of energy-efficient air conditioning systems. A rise in use of smart thermostats and inverter air conditioners has contributed to the increased demand for air conditioning systems from both commercial and residential applications.
Competitive Landscape
Nortek has designed and produced dependable heating and cooling solutions for more than a century. The company's primary goal is to provide real value to its clients through a distinctive blend of innovation, product excellence, and attentive customer service. In addition to others, Nortek Global HVAC and its affiliates manufacture and market HVAC systems under the Maytag®, Frigidaire®, Gibson®, and Reznor® brands.
AB Electrolux is a leading global appliance manufacturer. The company sells floor-care products as well as home and office appliances such air conditioners, microwaves, refrigerators, washing machines, freezers, stoves, dryers, and dishwashers.
LG Electronics is a key part of the South Korean conglomerate LG group. The business produces display devices, household appliances, air conditioners (AC), multimedia products, electronic parts, and creates software.
DAIKIN INDUSTRIES, Ltd., is the largest air conditioning company and has global revenues of over USD 15 billion. In more than 150 countries, from the home air conditioning industry to the commercial air conditioning market, it is widely disseminated and marketed for its cutting-edge air conditioning products and services employing eco-friendly technologies. Thus, various technological advancements are increasing the air conditioners (AC) market demand.
Fujitsu General Limited produces information-communications technology and air conditioners. The corporation operates two businesses in these sectors: the information, communication, and electric device segment and the air-conditioning equipment segment. Air conditioners, electronics, information and communication systems, home appliances, and purifiers are among the products offered by the company.
Johnson Controls is a multinational corporation with Irish identity and a base in Cork, Ireland that makes fire, HVAC, and security equipment for buildings. The business's building efficiency division is responsible for manufacturing, marketing, and installing integrated HVAC systems, controls, security, building management systems, and mechanical equipment.
Key Highlights of the Report
REPORT FEATURES | DETAILS |
Base Year | 2023 |
Historical Period | 2018-2023 |
Forecast Period | 2024-2032 |
Scope of the Report | Historical and Forecast Trends, Industry Drivers and Constraints, Historical and Forecast Market Analysis by Segment:
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Breakup byType |
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Breakup bySize |
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Breakup byEnd Use |
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Breakup byDistribution Channel |
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Breakup by Region |
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Market Dynamics |
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Competitive Landscape |
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Companies Covered |
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Air Conditioners (AC) MarketReport Snapshots
Air Conditioners (AC)Market Size
Air Conditioners (AC)Market Analysis
Air Conditioners (AC)Companies
Air Conditioners (AC)Market Regional Analysis
*While we strive to always give you current and accurate information, the numbers depicted on the website are indicative and may differ from the actual numbers in the main report. At Expert Market Research, we aim to bring you the latest insights and trends in the market. Using our analyses and forecasts, stakeholders can understand the market dynamics, navigate challenges, and capitalize on opportunities to make data-driven strategic decisions.
1 Preface
2 Report Coverage – Key Segmentation and Scope
3 Report Description
3.1 Market Definition and Outlook
3.2 Properties and Applications
3.3 Market Analysis
3.4 Key Players
4 Key Assumptions
5 Executive Summary
5.1 Overview
5.2 Key Drivers
5.3 Key Developments
5.4 Competitive Structure
5.5 Key Industrial Trends
6 Snapshot
6.1 Global
6.2 Regional
7 Opportunities and Challenges in the Market
8 Global Air Conditioners (AC) Market Analysis
8.1 Key Industry Highlights
8.2 Global Air Conditioners (AC) Historical Market (2018-2023)
8.3 Global Air Conditioners (AC) Market Forecast (2024-2032)
8.4 Global Air Conditioners (AC) Market by Type
8.4.1 Window AC
8.4.1.1 Historical Trend (2018-2023)
8.4.1.2 Forecast Trend (2024-2032)
8.4.2 Central AC
8.4.2.1 Historical Trend (2018-2023)
8.4.2.2 Forecast Trend (2024-2032)
8.4.3 Mini Split AC
8.4.3.1 Historical Trend (2018-2023)
8.4.3.2 Forecast Trend (2024-2032)
8.4.4 Others
8.5 Global Air Conditioners (AC) Market by Size
8.5.1 <12K BTU
8.5.1.1 Historical Trend (2018-2023)
8.5.1.2 Forecast Trend (2024-2032)
8.5.2 12K-36K BTU
8.5.2.1 Historical Trend (2018-2023)
8.5.2.2 Forecast Trend (2024-2032)
8.5.3 36K-60K BTU
8.5.3.1 Historical Trend (2018-2023)
8.5.3.2 Forecast Trend (2024-2032)
8.5.4 60K+ BTU
8.5.4.1 Historical Trend (2018-2023)
8.5.4.2 Forecast Trend (2024-2032)
8.6 Global Air Conditioners (AC) Market by End Use
8.6.1 Commercial
8.6.1.1 Historical Trend (2018-2023)
8.6.1.2 Forecast Trend (2024-2032)
8.6.2 Residential
8.6.2.1 Historical Trend (2018-2023)
8.6.2.2 Forecast Trend (2024-2032)
8.7 Global Air Conditioners (AC) Market by Distribution Channel
8.7.1 Hypermarket
8.7.1.1 Historical Trend (2018-2023)
8.7.1.2 Forecast Trend (2024-2032)
8.7.2 Electronic Stores
8.7.2.1 Historical Trend (2018-2023)
8.7.2.2 Forecast Trend (2024-2032)
8.7.3 Online
8.7.3.1 Historical Trend (2018-2023)
8.7.3.2 Forecast Trend (2024-2032)
8.7.4 Others
8.8 Global Air Conditioners (AC) Market by Region
8.8.1 North America
8.8.1.1 Historical Trend (2018-2023)
8.8.1.2 Forecast Trend (2024-2032)
8.8.2 Europe
8.8.2.1 Historical Trend (2018-2023)
8.8.2.2 Forecast Trend (2024-2032)
8.8.3 Asia Pacific
8.8.3.1 Historical Trend (2018-2023)
8.8.3.2 Forecast Trend (2024-2032)
8.8.4 Latin America
8.8.4.1 Historical Trend (2018-2023)
8.8.4.2 Forecast Trend (2024-2032)
8.8.5 Middle East and Africa
8.8.5.1 Historical Trend (2018-2023)
8.8.5.2 Forecast Trend (2024-2032)
9 North America Air Conditioners (AC) Market Analysis
9.1 United States of America
9.1.1 Historical Trend (2018-2023)
9.1.2 Forecast Trend (2024-2032)
9.2 Canada
9.2.1 Historical Trend (2018-2023)
9.2.2 Forecast Trend (2024-2032)
10 Europe Air Conditioners (AC) Market Analysis
10.1 United Kingdom
10.1.1 Historical Trend (2018-2023)
10.1.2 Forecast Trend (2024-2032)
10.2 Germany
10.2.1 Historical Trend (2018-2023)
10.2.2 Forecast Trend (2024-2032)
10.3 France
10.3.1 Historical Trend (2018-2023)
10.3.2 Forecast Trend (2024-2032)
10.4 Italy
10.4.1 Historical Trend (2018-2023)
10.4.2 Forecast Trend (2024-2032)
10.5 Others
11 Asia Pacific Air Conditioners (AC) Market Analysis
11.1 China
11.1.1 Historical Trend (2018-2023)
11.1.2 Forecast Trend (2024-2032)
11.2 Japan
11.2.1 Historical Trend (2018-2023)
11.2.2 Forecast Trend (2024-2032)
11.3 India
11.3.1 Historical Trend (2018-2023)
11.3.2 Forecast Trend (2024-2032)
11.4 ASEAN
11.4.1 Historical Trend (2018-2023)
11.4.2 Forecast Trend (2024-2032)
11.5 Australia
11.5.1 Historical Trend (2018-2023)
11.5.2 Forecast Trend (2024-2032)
11.6 Others
12 Latin America Air Conditioners (AC) Market Analysis
12.1 Brazil
12.1.1 Historical Trend (2018-2023)
12.1.2 Forecast Trend (2024-2032)
12.2 Argentina
12.2.1 Historical Trend (2018-2023)
12.2.2 Forecast Trend (2024-2032)
12.3 Mexico
12.3.1 Historical Trend (2018-2023)
12.3.2 Forecast Trend (2024-2032)
12.4 Others
13 Middle East and Africa Air Conditioners (AC) Market Analysis
13.1 Saudi Arabia
13.1.1 Historical Trend (2018-2023)
13.1.2 Forecast Trend (2024-2032)
13.2 United Arab Emirates
13.2.1 Historical Trend (2018-2023)
13.2.2 Forecast Trend (2024-2032)
13.3 Nigeria
13.3.1 Historical Trend (2018-2023)
13.3.2 Forecast Trend (2024-2032)
13.4 South Africa
13.4.1 Historical Trend (2018-2023)
13.4.2 Forecast Trend (2024-2032)
13.5 Others
14 Market Dynamics
14.1 SWOT Analysis
14.1.1 Strengths
14.1.2 Weaknesses
14.1.3 Opportunities
14.1.4 Threats
14.2 Porter’s Five Forces Analysis
14.2.1 Supplier’s Power
14.2.2 Buyer’s Power
14.2.3 Threat of New Entrants
14.2.4 Degree of Rivalry
14.2.5 Threat of Substitutes
14.3 Key Indicators for Demand
14.4 Key Indicators for Price
15 Value Chain Analysis
16 Competitive Landscape
16.1 Market Structure
16.2 Company Profiles
16.2.1 Nortek
16.2.1.1 Company Overview
16.2.1.2 Product Portfolio
16.2.1.3 Demographic Reach and Achievements
16.2.1.4 Certifications
16.2.2 AB Electrolux
16.2.2.1 Company Overview
16.2.2.2 Product Portfolio
16.2.2.3 Demographic Reach and Achievements
16.2.2.4 Certifications
16.2.3 LG Electronics
16.2.3.1 Company Overview
16.2.3.2 Product Portfolio
16.2.3.3 Demographic Reach and Achievements
16.2.3.4 Certifications
16.2.4 DAIKIN INDUSTRIES, Ltd.,
16.2.4.1 Company Overview
16.2.4.2 Product Portfolio
16.2.4.3 Demographic Reach and Achievements
16.2.4.4 Certifications
16.2.5 Fujitsu General Limited
16.2.5.1 Company Overview
16.2.5.2 Product Portfolio
16.2.5.3 Demographic Reach and Achievements
16.2.5.4 Certifications
16.2.6 Johnson Controls
16.2.6.1 Company Overview
16.2.6.2 Product Portfolio
16.2.6.3 Demographic Reach and Achievements
16.2.6.4 Certifications
16.2.7 Others
17 Key Trends and Developments in the Market
List of Key Figures and Tables
1. Global Air Conditioners (AC) Market: Key Industry Highlights, 2018 and 2032
2. Global Air Conditioners (AC) Historical Market: Breakup by Type (USD Billion), 2018-2023
3. Global Air Conditioners (AC) Market Forecast: Breakup by Type (USD Billion), 2024-2032
4. Global Air Conditioners (AC) Historical Market: Breakup by Size (USD Billion), 2018-2023
5. Global Air Conditioners (AC) Market Forecast: Breakup by Size (USD Billion), 2024-2032
6. Global Air Conditioners (AC) Historical Market: Breakup by End Use (USD Billion), 2018-2023
7. Global Air Conditioners (AC) Market Forecast: Breakup by End Use (USD Billion), 2024-2032
8. Global Air Conditioners (AC) Historical Market: Breakup by Distribution Channels (USD Billion), 2018-2023
9. Global Air Conditioners (AC) Market Forecast: Breakup by Distribution Channels (USD Billion), 2024-2032
10. Global Air Conditioners (AC) Historical Market: Breakup by Region (USD Billion), 2018-2023
11. Global Air Conditioners (AC) Market Forecast: Breakup by Region (USD Billion), 2024-2032
12. North America Air Conditioners (AC) Historical Market: Breakup by Country (USD Billion), 2018-2023
13. North America Air Conditioners (AC) Market Forecast: Breakup by Country (USD Billion), 2024-2032
14. Europe Air Conditioners (AC) Historical Market: Breakup by Country (USD Billion), 2018-2023
15. Europe Air Conditioners (AC) Market Forecast: Breakup by Country (USD Billion), 2024-2032
16. Asia Pacific Air Conditioners (AC) Historical Market: Breakup by Country (USD Billion), 2018-2023
17. Asia Pacific Air Conditioners (AC) Market Forecast: Breakup by Country (USD Billion), 2024-2032
18. Latin America Air Conditioners (AC) Historical Market: Breakup by Country (USD Billion), 2018-2023
19. Latin America Air Conditioners (AC) Market Forecast: Breakup by Country (USD Billion), 2024-2032
20. Middle East and Africa Air Conditioners (AC) Historical Market: Breakup by Country (USD Billion), 2018-2023
21. Middle East and Africa Air Conditioners (AC) Market Forecast: Breakup by Country (USD Billion), 2024-2032
22. Global Air Conditioners (AC) Market Structure