Air Conditioning Market

Air Conditioning Market was evaluated at USD 22,774 Million in 2019 and predicted to grow at 6.2% CAGR during the forecast period.

Air conditioning is a method used to maintain and create temperature, air purity conditions, and relative humidity in the indoor spaces. Air conditioning can be implemented in both the domestic and commercial environments and is independent of the external conditions. The technology that is implemented in air conditioning is exactly the same as in the fridges. It is also utilized in the industrial applications to perform the correct operation of the machinery or equipment which are needed to be operated in specific environmental conditions.

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The significant factors which are fuelling the growth of the global air conditioning market include the rise in technological advancements in the air conditioners such as the presence of air purification technologies and increasing development of hospitals, multiplexes, which is leading to an increase in the adoption of air conditioning. In addition to this, the expansion in the construction sector is promoting the development of residential and commercial buildings as a result of rapid population growth and the increasing tourism sector.

The increasing focus on the development of energy-efficient and environment-friendly air conditioners, enhancing economic conditions of the developing nations along with rapid urbanization, high disposable income, and changing consumer lifestyle are some other reasons surging the demand for the air conditioning in the market worldwide. An increase in the demand for private car rental services like Uber, Ola, is further accelerating the demand for products to enhance the consumer’s experience and growing middle-class population. The factors that are hampering the growth of the global air conditioning market include the high initial cost of system and maintenance cost. The global air conditioner market is likely to have an adverse impact by the COVID-19 pandemic and lockdown in 2020. The major reason behind the massive impact is the sharp fall in the supplies of numerous components of air conditioners from China, which is affecting the production of AC around the world. The leading distributors are worried that the customers may not buy these products in the near future due to the fear of contracting the virus by the usage of air conditioners in their homes and offices.

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Based on the type, the Room/Unitary Air Conditioners segment is anticipated to increase at a higher CAGR during the forecast period owing to the increasing adoption of these air conditioners as a result of rapidly expanding residential areas across several regions.

Based on the end-user, the commercial segment is expected to grow at a higher compound annual growth rate over the forecast period due to the rising development of office buildings, hospitals, and hotels is leading to an increase in the implementation of air conditioners. In addition to this, the proliferation of smart and energy-efficient air conditioners is causing less ozone depletion, which is also leading to an increase in the adoption of air conditioning among this end-user, hence driving the growth of this segment.

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Based on the region, the Asia-Pacific region is anticipated to dominate the market during the forecast period owing to the rising development of infrastructure as a result of increasing population and enhancing consumer’s lifestyles across the region. Furthermore, the growing demand for automobiles and rapid urbanization are some other factors fuelling the growth of the air conditioning market in this region.

Various notable players operating in the market include Mitsubishi Electric Corporation, Daikin Industries Ltd., Denso Corporation, Voltas Ltd., Gree Electric Appliances, Inc., LG Electronics, Panasonic Corporation, Midea Group, Toshiba Carrier Corporation, and Haier lnc., among others.

Key Developments: 

• • In 2020, Mitsubishi Electric Corporation’s subsidiary Mitsubishi Electric Europe B.V, acquired AQS PRODUKTER AB, which is a process, comfort, and IT cooling and heat pump distributor. Through this acquisition, the company planned to strengthen its commercial business in the Swedish market along with strengthening the total solution’s capabilities.
  • In 2020, Panasonic Corporation launched IoT-enabled air conditioners in India equipped with several smart features that include smart customizable sleep mode. Through this launch, the company focus on increasing its share in the market.

The global air conditioning market has been segmented on the basis of type, end-user, distribution channel, and region. Based on the type, the market is segmented into chillers, VRF systems, room/unitary air conditioners, coolers, and others. Based on the end-user, the market is segmented into the commercial, residential, industrial, and automotive. Based on the distribution channel, the market is segmented into the supermarkets/hypermarkets, specialty stores, online, and others.

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Key questions answered in this research report:

• • At what pace is the global air conditioning market growing? What will be the growth trend in the future?
  • What are the key drivers and restraints in the global air conditioning market? What will be the impact of drivers and restraints in the future?
  • What are the regional revenues and forecast breakdowns? Which are the major regional revenue pockets for growth in the global air conditioning market?
  • Which type generated maximum revenues in 2019 and identify the most promising type during the forecast period?
  • What are the various end-users of the air conditioning market and how they are poised to grow?
  • What companies are the major participants in this market and their business strategies, how does the competitive landscape look like?

Market Segmentation

Global Air Conditioning Market by Type

• • Chillers
  • VRF Systems
  • Room/Unitary Air Conditioners
  • Coolers
  • Others

Global Air Conditioning Market by End-User

• • Commercial
  • Residential
  • Industrial
  • Automotive

Global Air Conditioning Market by Distribution Channel

• • Supermarkets/Hypermarkets
  • Specialty Stores
  • Online
  • Others

Global Air Conditioning Market by Region

• • North America Air Conditioning Market (Option 1: As a part of the free 25% customization)

• • • North America Air Conditioning Market by Type
    • North America Air Conditioning Market by End-User
    • North America Air Conditioning Market by Distribution Channel
    • US Air Conditioning Market All-Up
    • Canada Air Conditioning Market All-Up

• • Europe Air Conditioning Market (Option 2: As a part of the free 25% Customization)

• • • Europe Air Conditioning Market by Type
    • Europe Air Conditioning Market by End-User
    • Europe Air Conditioning Market by Distribution Channel
    • UK Air Conditioning Market All-Up
    • Germany Air Conditioning Market All-Up
    • France Air Conditioning Market All-Up
    • Spain Air Conditioning Market All-Up
    • Rest of Europe Air Conditioning Market All-Up

• • Asia-Pacific Air Conditioning Market (Option 3: As a part of the free 25% Customization)

• • • Asia-Pacific Air Conditioning Market by Type
    • Asia-Pacific Air Conditioning Market by End-User
    • Asia-Pacific Air Conditioning Market by Distribution Channel
    • China Air Conditioning Market All-Up
    • India Air Conditioning Market All-Up
    • Japan Air Conditioning Market All-Up
    • Rest of APAC Air Conditioning Market All-Up

• • RoW Air Conditioning Market (Option 4: As a part of the free 25% Customization)

• • • RoW Air Conditioning Market by Type
    • RoW Air Conditioning Market by End-User
    • RoW Air Conditioning Market by Distribution Channel
    • Brazil Air Conditioning Market All-Up
    • South Africa Air Conditioning Market All-Up
    • Saudi Arabia Air Conditioning Market All-Up
    • UAE Advanced Driver Air Conditioning Market All-Up
    • Rest of world (remaining countries of the LAMEA region) Air Conditioning Market All-Up

Global Air Conditioning Leading Market Players (Option 5: As a part of the free 25% Customization – Profiles of 5 Additional Companies of your Choice)

• • Mitsubishi Electric Corporation
  • Daikin Industries Ltd.
  • Denso Corporation
  • Voltas Ltd.
  • Gree Electric Appliances, Inc.
  • LG Electronics
  • Panasonic Corporation
  • Midea Group
  • Toshiba Carrier Corporation
  • Haier lnc.