Air Conditioners (AC) Market Outlook
According to the report by Expert Market Research (EMR), the global air conditioners (AC) market size is projected to grow at a CAGR of 6.8% between 2024 and 2032. Aided by the increasing urban population and rising global temperatures, the market is expected to grow significantly by 2032.
Air conditioners, crucial for maintaining comfortable indoor temperatures, have evolved into indispensable components in residential, commercial, and industrial settings. They not only regulate temperature but also enhance air quality and maintain humidity levels. With the escalation of global temperatures and the increasing preference for sophisticated living standards, the demand for air conditioners has surged, particularly in developing countries.
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The air conditioners (AC) market growth is further propelled by technological advancements in air conditioning systems. Innovations such as inverter technology, smart connectivity, and energy-efficient designs are attracting consumers who seek convenience and sustainability. The integration of Internet of Things (IoT) in air conditioners, allowing remote access and control, has added a new dimension to consumer convenience and energy management.
Several factors are contributing to the air conditioners (AC) market demand. The most significant of these is the rising global temperatures due to climate change, which has led to longer and hotter summers, particularly in tropical regions. This environmental shift has made air conditioning not just a luxury but a necessity in many parts of the world.
Urbanisation plays a pivotal role as well. The increasing urban population and the consequent rise in construction activities – including residential complexes, commercial buildings, and industrial setups – have escalated the demand for air conditioning systems. The market is also benefiting from the growing middle-class population in emerging economies, who are now able to afford air conditioners, a previously considered luxury.
Technological advancements are another key driver of the air conditioners (AC) market growth. Modern air conditioners are not only more energy-efficient but also come with features like air purification, humidity control, and advanced cooling technologies. These innovations are crucial in appealing to environmentally conscious consumers who are seeking to reduce their carbon footprint while enjoying the benefits of air conditioning.
Geographically, the market is segmented into North America, Europe, Asia-Pacific, Latin America, and the Middle East and Africa. The Asia-Pacific region, particularly countries like China and India, is witnessing rapid market growth due to rising temperatures, increasing disposable incomes, and urbanisation.
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Market Segmentation
The market can be divided based on type, size, end use, distribution channel, and region.
Market Breakup by Type
- Window AC
- Central AC
- Mini Split AC
- Others
Market Breakup by Size
- <12K BTU
- 12K-36K BTU
- 36K-60K BTU
- 60K+ BTU
Market Breakup by End Use
- Commercial
- Residential
Market Breakup by Distribution Channel
- Hypermarket
- Electronic Stores
- Online
- Others
Market Breakup by Region
- North America
- Europe
- Asia Pacific
- Latin America
- Middle East and Africa
Competitive Landscape
The EMR report looks into the market shares, plant turnarounds, capacities, investments, and mergers and acquisitions, among other major developments, of the leading companies operating in the global air conditioners (AC) market. Some of the major players explored in the report by Expert Market Research are as follows:
- Nortek
- AB Electrolux
- LG Electronics
- DAIKIN INDUSTRIES, Ltd.
- Fujitsu General Limited
- Johnson Controls
- Others
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