The global Air Conditioner Market size is expected to reach USD 187.62 billion in 2028 and register a revenue CAGR of 5.5% over the forecast period, according to a latest report by Reports and Data. Market revenue growth is primarily driven by rising temperature in countries across the globe. In addition, steady economic growth of developing countries is resulting in rising sales of various appliances, including air conditioners. Consumers are purchasing air conditioners as utility products rather than just luxury products.
Market revenue growth is primarily driven by ongoing economic growth of developing countries and rising global temperature. Increasing humidity levels and temperature worldwide is a key factor expected to boost revenue growth of the market during the forecast period. Scorching heat waves are breaking records in many countries such as the U.S., Australia, and Siberia. Based on Future of Cooling 2018 reports by the International Energy Agency (IEA), it was estimated that around two-thirds of the world’s households could have air conditioners by 2025.
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Some major companies in the market report include Daikin Industries, Ltd., Gree Electric Appliances Inc., Emerson Electric Co., Midea Group, Hitachi-Johnson Controls Air Conditioning, Inc., Carrier Global Corporation, LG Electronics Inc., Panasonic Corporation, Toshiba Corporation, and Haier Group Corporation.
Some Key Highlights from the Report:
- In January 2021, Panasonic India, which is a leading diversified technology company, announced the launch of a new range of air conditioners that are equipped with nanoeX technology in order to inhibit adhered novel coronavirus. This technology releases hydroxyl radicals which are capable of inhibiting bacteria viruses, including 99.99% of the adhered novel coronavirus (SARS-coV-2). This technology also removes 99% PM2.5 particles which ensures a better indoor air quality.
- Split and multi spilt segment is expected to account for largest revenue share in the global air conditioner market over the forecast period. Rising temperature & humidity levels across the world, increasing income levels of consumers in developing countries, and extension of work from home policy are some significant factors boosting sales of split and multi spilt air conditioners.
- Online segment is expected to register robust revenue growth over the forecast period. Availability of favourable discounts on e-commerce portals is projected to drive revenue growth of the segment. Besides, rising usage of smartphones is boosting growth of e-commerce portals in developing countries and further driving sales of air conditioners.
- Residential segment is expected to account for a steady revenue share in the global air conditioner market, owing to rising global temperatures, as well as growth of the affluent middle class.
- Air conditioner market in Asia Pacific is expected to account for largest revenue share over the forecast period. Some manufacturers such as Daikin Industries, Ltd., Gree Electric Appliances Inc., Midea Group, Hitachi-Johnson Controls Air Conditioning, Inc., LG Electronics Inc., Panasonic Corporation, Toshiba Corporation, and Haier Group Corporation, are offering innovative products in order to increase market share, which, in turn, is expected to boost market growth in the region.
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Product Type Outlook (Revenue, USD Billion; 2018-2028)
- Split & Multi Split
- Variable Refrigerant Flow (VRF)
- Packaged Air Conditioner (PAC)
- Others (Portables and Chillers)
Distribution Channel Outlook (Revenue, USD Billion; 2018-2028)
- Exclusive Stores
- Multi-brand Stores
- Other Channels
End-use Outlook (Revenue, USD Billion; 2018-2028)
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Regional Outlook (Revenue, USD Billion; 2018-2028)
- North America
- Rest of Europe
- Asia Pacific
- South Korea
- Rest of APAC
- Latin America
- Rest of LATAM
- Saudi Arabia
- South Africa
- Rest of MEA
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- PEST analysis of the market in the five major regions.
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