China Air Conditioner Market to Cross $ 42 Billion by 2025
Increasing disposable income,
affordable product offering and technological advancements to drive China
air conditioner market
According to TechSci Research report, “China
Air Conditioner Market By Product Type, By End-Use Sector, By Region, Competition,
Forecast & Opportunities, 2025”, China air conditioner market is forecast to surpass $ 42
billion by 2025 due to increasing product variants, latest technological
innovations and rising disposable income. Besides, increasing urban population,
improving living standards and rapid demand for air conditioners for the
commercial space are further driving the country’s air conditioner market. Also,
due to COVID-19 lockdown, many manufactures have increased their focus on selling
air conditioners online. Websites such as alibaba.com, made-in-china, aliexpress.com,
etc., are providing a broad variety of air conditioners, which is expected to further
drive growth in China air conditioner market.
China air conditioner market is
segmented based on the product type, by end-use, and by region. Based on product
type, air conditioner market in China is segmented into categories such as Splits,
VRFs, Chillers, Windows, and Others (Portable, Floor Standing, etc.). Split
type air conditioner category holds the largest share in China air conditioner market
and this trend is expected to continue during the forecast period. In addition,
VRFs and chiller type air conditioner are other product segments that are
expected to witness growth in the coming years due to increasing workspaces and
industrialization across the country.
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In 2019, residential air conditioner end-use
segment held the largest market share in China air conditioner market due to
rapidly increasing population and residential real estate construction. In
addition, due to increasing disposable income and easy availability of financing
option, sales of air conditioners continue to grow among middle-class income consumers.
Furthermore, small offices and shops are also opting for the residential air
conditioner as the installation of a commercial air conditioner involves a huge
investment. However, VRFs and chiller type air conditioners are being
increasingly opted for big commercial spaces such as factories, offices, and
institutions due to their higher cost efficiency.
Some of
the leading manufactures in China air conditioner market include Gree Electric
Appliances Inc, Daikin Air Conditioning Systems (Shanghai) Co., Ltd, Midea Group
Co Ltd, Haier Electronics Group Co., Ltd, Shanghai Hitachi Household Appliances
Co., Ltd., Mitsubishi Corporation China Co., Ltd, Samsung Engineering
Construction (Shanghai) Co., Ltd, Panasonic Corporation of China, LG
Electronics (China) Co. Ltd., Toshiba Carrier Air Conditioning (China) Co., Ltd,
Sharp Electronics Sales China Co Ltd., among others. Leading players are making
R&D investments to develop energy-efficient air conditioners and new
advanced features to attract consumers.
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“China
air conditioner market is already a huge market and is expected to continue
growing during forecast period as well, with new product advancements and latest
technologies attracting consumers. In recent times, consumers in China have
been showing willingness to spend more towards buying air conditioners with
latest technologies and features, and this trend is expected to gain more
traction in the coming years. Also, rising industrialization and construction of
energy-efficient buildings is expected to boost demand for air conditioners in the
commercial air conditioner segment until 2025.” said Mr. Karan Chechi, Research
Director with TechSci Research, a research-based global management consulting
firm.
“China Air Conditioner Market By Product Type, By
End-Use Sector, By Region, Competition, Forecast & Opportunities, 2025” has evaluated the future growth potential of China air
conditioner 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 take sound investment decisions. Besides,
the report also identifies and analyzes the emerging trends along with
essential drivers, challenges, and opportunities in the China air conditioner
market.
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