Air Conditioners Market to Reach $231.3 Billion by 2029 - Market Size, Share, Forecasts, & Trends Analysis Report with COVID-19 Impact by Meticulous Research®

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Jan 11, 2023, 08:41 ET

REDDING, Calif., Jan. 11, 2023 /PRNewswire/ -- According to a new market research report titled, "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 Forecast to 2029", the air conditioner 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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An air conditioner is a system used to cool down a space by removing heat from it and moving it outside. It reduces ambient humidity and helps maintain the desired temperatures in residential, commercial, and industrial settings. The growth of this market is driven by soaring temperatures & humidity levels across the globe, consumers' growing inclination toward convenience & comfort, and the rising demand for energy-efficient air conditioners. However, the high costs of air conditioners restrain the growth of the global air conditioners market. The rising adoption of air conditioners with inverter & air purification technologies and technological advancements in HVAC systems are creating growth opportunities for the players operating in this market. However, air conditioners' high energy use is a challenge for market growth. Additionally, connected air conditioners and solar photovoltaic (PV) & solar thermal-assisted air conditioning systems are major trends in this market.

Consumers' Growing Inclination Toward Convenience & Comfort is Expected to Drive Market Growth

Air conditioners provide comfort and convenience and reduce fatigue by offering users control over ambient temperature and humidity. Air conditioners also help improve indoor air quality and enable users to sleep better, resulting in overall well-being. They reduce exhaustion in work settings, thereby increasing productivity. Leading market players are focused on developing new and improved products to enhance consumers' experience. For instance, in 2022, Mitsubishi Electric Corporation (Japan) developed airflow-control technology for visualizing & analyzing airflow from air-conditioning systems & temperature distribution to offer products that optimize room-wide comfort. Also, in 2020, Samsung Electronics Co., Ltd. (South Korea) launched a convertible inverter AC with high durability, energy efficiency, and affordability. Air conditioner manufacturers have also developed smart IoT solutions that allow users to remotely manage their air conditioners' on & off schedules, adjust temperatures on a single platform, and save electricity without compromising comfort. In the U.S., heatstroke affects about 20 in 100,000 individuals annually, mostly in urban areas during hot weather. It causes between 240 and 833 deaths in the U.S. every year. Air conditioner allow users to maintain comfortable temperatures and thus help prevent heat stroke. Such benefits of air conditioners are driving the growth of this market.

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To provide efficient analysis, Meticulous Research^® has segmented this market based on 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 (Asia-Pacific, Europe, North America, Latin America, and the Middle East and Africa).

Based on tonnage, the air conditioner 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 accounted for the largest share of the global air conditioners market. However, the 2 ton to 5 ton segment is projected to register the highest CAGR of 6.1% during the forecast period. Large rooms and the increasing demand for ductable air conditioners contribute to the growing demand for the 2- to 5 ton segment.

Based on technology, the air conditioners market is broadly segmented into inverter ACs and non-inverter ACs. In 2022, the inverter ACs segment accounted for the largest share of the global air conditioners market. This segment is also projected to register the highest CAGR during the forecasted period. This segment's large market share and growth are mainly attributed to the need for lower power consumption, growing awareness of the energy-efficiency properties of inverter technology air conditioners, and increasing temperature and humidity levels.

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Based on rating, the air conditioner market is broadly segmented into 1 Star ACs, 2 Star ACs, 3 Star ACs, 4 Star ACs, and 5 Star ACs. In 2022, the 3 Star ACs segment accounted for the largest share of the global air conditioners market and is projected to register the highest CAGR during the forecasted period. The growth of this segment is mainly attributed to the affordable prices of 3 Star ACs, and high adoption in residential areas. Moreover, these are more energy-efficient compared to 1 & 2 Star ACs. However, the 5 Star ACs segment is projected to register the highest CAGR during the forecast period.

Based on end user, the air conditioners market is broadly segmented into residential end users, commercial end users, and industrial end users. In 2022, the residential end users segment accounted for the largest share of the global air conditioners market. This segment is also expected to grow with the highest CAGR during the forecasted period. The growth of this segment is mainly attributed to the growing acceptance of smart home technology, the trend of air-conditioned apartments, the adoption of advanced residential air conditioners, and the rising need to improve indoor air quality.

Based on geography, the air conditioner market is segmented into North America, Asia-Pacific, Europe, Latin America, and the Middle East & Africa. In 2022, Asia-Pacific accounted for the largest share of the air conditioners market. The region is also expected to witness rapid growth during the forecast period. The growth in this region is mainly driven by the factors such as the presence of rapidly developing economies, growing investments and initiatives by leading AC providers, and rising environmental regulations for energy-efficient cooling systems. Moreover, the factors such as increasing installations of AC products in emerging economies, growing demand for residential construction, affordable prices of ACs, and growing construction activities across the region's residential and commercial infrastructure are also contributing to the growth of the air conditioners market in the Asia Pacific region.

Some of 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.) among others.

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Scope of the report:

Air Conditioners Market, by Type

Window ACs Split ACs
VRF (Variable Refrigerant Flow) Systems
Centralized/Ducted ACs Other Conditioner Types

Air Conditioners Market, by Tonnage

Up to 2Ton
2 Ton to 5 Ton
5 Ton to 10 Ton
More Than 10 Ton

Air Conditioners Market, by Technology

Inverter ACs
Non-Inverter ACs

Air Conditioners Market, by Rating

1 Star ACs
2 Star ACs
3 Star ACs
4 Star ACs
5 Star ACs

Air Conditioners Market, by End User

Residential End Users
Commercial End Users
Industrial End Users

Air Conditioners Market, by Geography

North America

U.S.
Canada

Europe

U.K.
Germany
France
Italy
Spain
Switzerland
Sweden
Belgium
Rest of Europe

Asia-Pacific

China
India
Japan
Indonesia
South Korea
Singapore
Rest of Asia-Pacific

Latin America

Brazil
Mexico
Rest of Latin America

Middle East & Africa

UAE
Saudi Arabia
South Africa
Rest of the Middle East & Africa

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