Residential Air Conditioner Market to Surpass USD70.81 Billion by 2027
Increasing humidity and temperature level to fuel the global
residential air conditioner market through 2027F.
According
to TechSci Research report, “Residential Air
Conditioner Market - Global Industry Size, Share, Trends, Opportunity
and Forecast, 2017-2027”,
the global residential air conditioner market was
valued at USD55.12 billion in 2021 and is forecast to grow at a CAGR of over 4%
until 2027. Growing acceptance of residential air conditioners as a needed
product than luxury products, backed by growing temperature levels and
increasing disposable income, drives the market growth.
Temperature is increasing on
a global scale, contributing to changing climatic conditions, thereby elevating
the demand for air conditioners in the residential setup. Emerging economies
that are located in the tropical regions are observing high economic growth.
High economic growth and high disposable income are driving the growth of the
residential air conditioner market globally.
Manufacturers of air
conditioners are introducing products with new technologies such as corrosion
protection, improved air quality, dual inverter technology with acoustic
jacket, humidity control using auto humid control and dry mode, copper
condenser, and anti-corrosive hydrophilic bluefin, and many more. Companies are
discontinuing old technologies that were not good for the environment and used
to consume more power. For instance, LG has stopped producing non-inverter air
conditioners. Similarly, Daikin has ceased using R22 refrigerant and Hitachi
does not use an aluminium condenser.
Browse over 137 market data
Figures spread through 179 Pages and an in-depth TOC on "Global Residential
Air Conditioner Market"
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Global residential air
conditioner market is segmented based on product type, distribution channel,
company, and regional distribution.
Based on product type, the
market is divided into split, window and others. Split segment led the market
with a share of 82% in 2021, and the segment is anticipated to continue
dominance through 2027. Segmental growth of split air conditioners can be
ascribed to the fact that split air conditioners are easy to install and are
quieter and sleek when compared with others.
Based on the distribution
channel, the market is divided into multi-branded electronic stores,
supermarket/hypermarket, online and others. Multi-branded accounted for the
share of 44.88% in 2021, while the online segment is expected to witness
significant growth on account of increased air conditioner sales due to COVID.
With the rising internet penetration ratio across the globe, manufacturers now
have new ways to reach their customers with the emergence of e-commerce
businesses. The online sales channel has allowed companies to expand their
distribution reach and serve customers in even the most remote areas, thus
supporting the growth of the global residential air conditioners market. Also,
the strict COVID-19 lockdown imposed in different parts of the world in 2020
adversely affected the retail store sales. Major brands were forced to shut
their stores in a number of countries which resulted in a significant sales
decline worldwide. However, the online channel reported higher sales during the
lockdown period cushioning part of the losses that companies incurred in
offline sales.
Major market players
operating in the global residential air conditioner market are:
·
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.
·
Panasonic
Corporation
·
Mitsubishi
Electric Corporation
·
Toshiba
Corporation
Companies operating in the
market are investing in R&D and launching new products with inverter and
air purification technologies to garner a share in the market. Similarly, Gree
launched air conditioners with inverter-based and WiFi-enabled systems for
complete control for single-zone and multi-zone systems.
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“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. Moreover, due to rising urbanization, the Asia-Pacific market is
seeing a surge in multiple real estate projects and public-private partnerships
in various residential development zones. Construction activities across residential
infrastructure are expected to strengthen because of the housing needs of the
growing Asia-Pacific urban population.” said Mr. Karan Chechi, Research
Director with TechSci Research, a research-based global management consulting
firm.
“Residential Air
Conditioner Market - Global Industry Size,
Share, Trends, Opportunity and Forecast, 2017-2027 Segmented By Product Type (Splits,
Windows, Others), By Distribution Channel (Multi Branded
Electronic Stores, Supermarket/Hypermarket, Online and Others), By Region”, has evaluated the future
growth potential of global residential air conditioner market and provides
statistics and 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 global residential air conditioner market.
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