Vietnam Air Conditioners Market to Grow with a CAGR of 8.27% through 2028
Vietnam Air Conditioners Market is driven by a
combination of factors, such as economic growth, urbanization, and climate
variability.
According to TechSci Research report, “Vietnam Air
Conditioners Market - Industry Size, Share, Trends, Competition Forecast
& Opportunities, 2028”, the Vietnam Air Conditioners Market stood at USD
750 million in 2022 and is anticipated to grow with a CAGR of 8.27% in the
forecast period, 2024-2028. The Vietnam air conditioners market is a rapidly
evolving and dynamic industry that reflects the country's economic growth,
urbanization, and the increasing importance of comfort and climate control in
both residential and commercial spaces. The air conditioners market in Vietnam
is characterized by a growing demand for cooling solutions, driven by factors
such as rising incomes, urbanization, changing climate patterns, and
technological advancements in HVAC (Heating, Ventilation, and Air Conditioning)
systems. This market encompasses a wide range of cooling products, including
window air conditioners, split air conditioners, central air conditioning
systems, and portable air conditioners, catering to diverse consumer needs. Vietnam's
air conditioners market has witnessed significant growth in recent years,
reflecting the country's robust economic expansion and increasing consumer
awareness of the benefits of air conditioning. The market's size is
substantial, with both domestic and international manufacturers competing to
meet the rising demand for cooling solutions. Vietnam's air conditioner market
is projected to continue growing at a steady pace, driven by urbanization and
climate-related factors.
Energy efficiency is a key focus for consumers and
regulatory authorities alike. Energy-efficient air conditioning systems,
labeled with star ratings indicating their efficiency, are becoming
increasingly popular due to their ability to reduce electricity consumption and
operating costs. Additionally, inverter technology, which allows air
conditioners to vary their cooling or heating capacity to maintain a consistent
temperature, is gaining prominence. Inverter air conditioners are known for
their energy efficiency and enhanced comfort. Furthermore, the Vietnamese
government has implemented regulations to promote environmentally friendly
refrigerants, such as R32 and R410A, over older, less eco-friendly alternatives
like R22. This shift aligns with global efforts to reduce greenhouse gas
emissions. The adoption of smart air conditioners with Wi-Fi connectivity and
mobile app control is on the rise. These systems offer greater convenience,
allowing users to adjust settings remotely and monitor energy consumption.
Additionally, in response to growing health concerns, air conditioners equipped
with air purifiers and filters that remove allergens and pollutants are gaining
popularity, particularly in urban areas with air quality challenges.
Furthermore, the importance of regular maintenance and servicing for air
conditioners is becoming more apparent to consumers, leading to the growth of
professional HVAC maintenance services.
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While the middle class is expanding in Vietnam, the
initial cost of purchasing air conditioning systems can still be a barrier for
many consumers, particularly in rural areas. Additionally, rising electricity
costs can deter some consumers from using air conditioners, especially during
hot summers when cooling needs are highest. Furthermore, the increased use of
air conditioners has raised concerns about their environmental impact,
particularly in terms of energy consumption and refrigerant emissions. Stricter
environmental regulations are being introduced to address these issues. In
addition, the market is highly competitive, with numerous manufacturers vying
for market share. This competition can put pressure on profit margins and
pricing. The future of the Vietnam air conditioners market is promising, driven
by factors such as urbanization, economic growth, climate considerations, and
technological advancements. As consumers continue to prioritize comfort and
energy efficiency, the demand for innovative and eco-friendly air conditioning
solutions is expected to rise. Manufacturers and suppliers that focus on
energy-efficient and environmentally responsible products, along with effective
marketing and after-sales services, are likely to thrive in this evolving
market landscape. Vietnam Air Conditioners market is segmented into type, end
use, sales channel, and region.
Based on type, the market is segmented into splits, VRFs,
chillers, windows, and others (portable, floor standing, etc.). Among these, splits
has a significant share of the Vietnam air conditioners market. Split-type air
conditioners are renowned for their exceptional energy efficiency, making them
a favored option in a nation where energy consumption is of utmost importance.
Numerous models are outfitted with inverter technology, which intelligently
regulates compressor speed to precisely match the cooling or heating
requirements, leading to reduced energy consumption and cost savings on
electricity bills. Based on region,
the market is segmented into northern, southern, and central. Among these,
northern has a significant share of the Vietnam air conditioners market. The
Northern Region is home to major urban centers like Hanoi, Hai Phong, and Vinh,
which have experienced rapid urbanization and economic growth. The
proliferation of commercial buildings, residential complexes, and industrial
zones in these cities has significantly boosted the demand for air conditioning
systems in both public and private spaces.
Major companies operating in Vietnam Air Conditioners market
are:
- Daikin Vietnam
- Panasonic Vietnam
- LG Electronics
Vietnam
- Samsung
Electronics Vietnam
- Midea Group
(Vietnam)
- Trane Vietnam
- Gree Electric
Appliances Inc. of Zhuhai (Vietnam)
- Hitachi Vietnam
- Mitsubishi
Electric Vietnam
- Carrier
Vietnam
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“The Vietnam air conditioners market represents a
dynamic and growing sector within the country's broader consumer electronics
industry. As the market continues to adapt to changing consumer preferences and
environmental concerns, it presents both challenges and opportunities for
domestic and international players alike. The drive toward energy efficiency, smart
technology, and improved air quality is expected to shape the future of air
conditioning in Vietnam.” said Mr. Karan Chechi, Research Director with TechSci
Research, a research-based management consulting firm.
“Vietnam Air Conditioners Market By Type (Splits,
VRFs, Chillers, Windows, and Others (Portable, Floor Standing, etc.)), By End
Use (Residential, Commercial/Industrial), By Region, By Competition Forecast
& Opportunities, 2018-2028F, has evaluated the future growth potential of Vietnam
air conditioners market and provides statistics & information on market
size, structure and future market growth. The report intends to provide
cutting-edge market intelligence and help decision-makers make sound investment
decisions. Besides, the report also identifies and analyzes the emerging trends
along with essential drivers, challenges, and opportunities in Vietnam air
conditioners market.
Contact
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Techsci Research LLC
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