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View Report SummaryGlobal residential air conditioner market was valued USD55.12 billion in 2021 and is anticipated to grow at CAGR of 4.15% during the forecast period. Rising temperature and humidity level across globe and growing acceptance of air conditioners as a needed product rather than a luxury product is driving the residential air conditioner market.
Changing climatic conditions is the primary driver of growth for the global residential air conditioners market. The temperature all around the world is rising, particularly due to global warming, which is further leading to an increased demand for air conditioners in the residential sector. Moreover, most emerging economies, which are registering high economic growth, are located partly (e.g., China or India or coastal areas in Central and South America) or fully (South-East Asia, Sub-Saharan Africa) in tropical areas. Their demand for air cooling is continuously getting stronger to raise the comfort of consumers. According to the National Oceanic and Atmospheric Administration (NOAA), 2020 was the second-warmest year after 2016. This year-on-year growth in temperature thereby aids the growth of the residential air conditioners market globally.
Global residential air conditioner market is segregated based on product type, distribution channel, region. Regionally, Asia-Pacific region accounted for the highest share in the global residential air conditioners market with a share of over 65% in value terms in 2021 and this trend is anticipated to continue during the forecast period as well on account of growing middle-class population, rising temperature due to climate change, growing residential sector and the increasing purchasing power of the consumers.
Daikin Industries, Ltd., Gree Electric Appliances Inc., Carrier Global Corporation, Midea Group Co., Ltd., Samsung Electronics Co., Ltd., Johnson Controls-Hitachi Air Conditioning Limited, LG Electronics Inc., among others are some of the leading companies operating in global residential air conditioner market.