Press Release

Air Conditioners Market to Grow with a CAGR of 4.05% Globally through 2028

The global air conditioner market is experiencing steady growth, driven by rising temperatures, urbanization, and a focus on energy-efficient and eco-friendly solutions. Key players compete to innovate and meet consumer demands.

 

According to TechSci Research report, “Global Air Conditioners Market - Industry Size, Share, Trends, Competition Forecast & Opportunities, 2028”, the Global Air Conditioners Market stood at USD 105.33 Billion in 2022 and is anticipated to grow with a CAGR of 4.05% in the forecast period, 2024-2028. The Global Air Conditioners Market is driven by rising temperatures, urbanization, and energy efficiency demands. Key trends include a focus on sustainability, smart and connected systems, indoor air quality improvements, eco-friendly refrigerants, multi-functionality, and sustainable building designs. Major challenges involve refrigerant transitions, energy efficiency regulations, seasonal demand fluctuations, affordability concerns, technological disruptions, and supply chain issues. Amidst these dynamics, Europe emerges as a growing segment due to diverse climates, stringent regulations, smart technology adoption, construction growth, and IAQ awareness. The market is poised for continued innovation and expansion in response to environmental and consumer demands. 


Browse over 140 market data Figures spread through 239 Pages and an in-depth TOC on "Global Air Conditioners Market


The Global Air Conditioners Market is propelled by a confluence of significant drivers that shape its dynamics and ongoing expansion. These drivers span diverse factors, from climatic conditions and urbanization to technological advancements and environmental concerns.

Climatic conditions play a pivotal role as one of the primary drivers of the air conditioner market. In regions characterized by soaring temperatures and oppressive heat, air conditioners are not merely a luxury but a fundamental necessity. Such areas, often found in parts of Asia, the Middle East, and Southern United States, exhibit a consistent and substantial demand for cooling solutions throughout the year, significantly driving the market's growth. Furthermore, climate change is contributing to more extreme weather patterns even in traditionally cooler regions, increasing the demand for effective cooling systems.

Urbanization and population growth constitute another compelling driver. As rural populations migrate to urban centers, urbanization rates surge, leading to expanding cities and growing urban populations. Urban environments tend to experience higher temperatures due to the "urban heat island" effect, caused by extensive concrete surfaces and diminished green spaces. This urban heat makes air conditioning systems indispensable for maintaining comfort and productivity, fostering a heightened demand for cooling solutions.

Technological advancements represent a pivotal force in propelling the air conditioner market forward. These innovations have led to the development of more energy-efficient, eco-friendly, and smart air conditioning systems. Innovations like inverter technology, variable refrigerant flow (VRF) systems, and the utilization of eco-friendly refrigerants have significantly boosted the energy efficiency of air conditioners, thereby reducing energy consumption and operational costs. Additionally, the integration of smart technologies, such as IoT (Internet of Things), mobile apps, and remote control capabilities, has rendered air conditioning systems more user-friendly and energy-efficient. This enhanced user experience aligns with sustainability efforts by curbing carbon emissions.

Environmental concerns and regulations exert a substantial influence on the air conditioner market. The HVAC (Heating, Ventilation, and Air Conditioning) industry has encountered heightened scrutiny owing to the environmental impact of the refrigerants utilized in air conditioning systems. Many traditional refrigerants, such as hydrochlorofluorocarbons (HCFCs) and hydrofluorocarbons (HFCs), are potent greenhouse gases that contribute to global warming. To combat this issue, international agreements like the Montreal Protocol and the Kigali Amendment have been enacted to phase out the use of these harmful refrigerants. In response, the industry has developed and adopted alternative refrigerants with lower global warming potential, such as hydrofluoroolefins (HFOs) and natural refrigerants like carbon dioxide (CO2) and ammonia. Furthermore, regulatory bodies have established energy efficiency standards and labeling programs to promote the adoption of energy-efficient air conditioning systems, which has compelled manufacturers to innovate and produce more efficient and eco-friendly units.

Consumer preferences and lifestyle changes constitute an influential driver in the air conditioner market. As incomes rise and living standards improve, consumers increasingly invest in air conditioning for their homes, workplaces, and vehicles. Additionally, an elevated focus on health and well-being has led consumers to prioritize comfort and air quality, further fueling the demand for air conditioners. Changing lifestyles, such as longer working hours and increased urbanization, have also resulted in a greater reliance on air conditioning to sustain comfort and productivity. Consumers now seek features like air purification, humidity control, and quiet operation, prompting manufacturers to incorporate these functionalities into their products to meet evolving consumer preferences.

In conclusion, the Global Air Conditioners Market is propelled by an intricate interplay of drivers, including climatic conditions, urbanization, technological advancements, environmental concerns, and shifting consumer preferences. As the world confronts climate change and the need for sustainable solutions, the air conditioner market is poised for continuous innovation and growth in response to these multifaceted demands. Balancing environmental responsibility, energy efficiency, and affordability while delivering effective cooling solutions remains a multifaceted and ongoing challenge for the industry.

Ductable splits, also known as ducted split air conditioning systems, are rapidly emerging as a burgeoning segment within the air conditioner market. Their popularity is driven by their adaptability and efficiency. Ductable splits consist of an indoor unit connected to a network of ducts and an outdoor condenser unit. This design offers even and customizable cooling or heating throughout larger spaces, making them suitable for settings where aesthetics or space constraints are a concern. They are highly energy-efficient, as the centralized system minimizes energy waste. As the demand for versatile, energy-efficient cooling and heating solutions grows, ductable splits are poised for continued expansion.


Major companies operating in Global Air Conditioners Market are:

  • Daikin Industries, Ltd.
  • Gree Electric Appliances Inc.
  • Midea Group Co., Ltd.
  • Carrier Global Corporation
  • Samsung Electronics Co., Ltd.
  • Panasonic Corporation
  • Mitsubishi Electric Corporation
  • Johnson Controls-Hitachi Air Conditioning Limited
  • Toshiba Corporation
  • Trane Technologies plc 


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“The Global Air Conditioners Market is influenced by several key drivers. Climatic conditions, urbanization, and the need for comfortable living spaces in hot regions propel demand. Technological advancements enhance energy efficiency and user convenience. Environmental concerns drive the adoption of eco-friendly refrigerants and energy-efficient designs, spurred on by stringent regulations. Evolving consumer preferences, driven by income growth and health consciousness, promote innovative features like air purification and smart controls. These multifaceted drivers collectively shape the market's growth, fostering innovation and sustainability in the air conditioning industry.” said Mr. Karan Chechi, Research Director with TechSci Research, a research-based management consulting firm.

Air Conditioners Market Global Industry Size, Share, Trends, Opportunity, and Forecast, Segmented By Product Type (Chillers, VRFs, Ductable Splits, RAC/LCAC and Others), By Light Commercial Air Conditioners (High Wall Splits, Window Air Conditioners, Cassettes and Concealed Ductable Splits), By Region, By Competition, 2018-2028”, has evaluated the future growth potential of Global 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 take sound investment decisions. Besides, the report also identifies and analyzes the emerging trends along with essential drivers, challenges, and opportunities in Global Air Conditioners Market.


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Air Conditioners Market – Global Industry Size, Share, Trends, Opportunity, and Forecast, Segmented By Product Type (Chillers, VRFs, Ductable Splits, RAC/LCAC and Others), By Light Commercial Air Conditioners (High Wall Splits, Window Air Conditioners, Cassettes and Concealed Ductable Splits), By Region, By Competition, 2018-2028

Consumer Goods and Retail | Sep, 2023

The global air conditioner market is experiencing steady growth, driven by rising temperatures, urbanization, and a focus on energy-efficient and eco-friendly solutions. Key players compete to innovate and meet consumer demands.

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