Westford USA, March 14, 2023 (GLOBE NEWSWIRE) -- The air conditioners market is predicted to experience significant growth in the coming years, with Asia Pacific leading the way in capturing the largest revenue share, followed by North America and Europe. The increasing temperature and humidity levels worldwide and the rising acceptance of air conditioners as essential utility products rather than luxury items are driving this growth. Furthermore, the rising trend of smart homes and the integration of air conditioning systems with smart home technology is also expected to drive the market's growth. In addition, the emergence of technologically advanced air conditioners, such as those with inverters and air purification technologies, is expected to impact the market in the near future positively.
According to SkyQuest's research, the smart cities market is expected to experience exponential growth in the coming years, with a projected market size of over USD 4838.4 billion by 2028. With the rising demand for smart infrastructure, the need for efficient and eco-friendly air conditioning systems is likely to increase. In addition, as more cities adopt sustainable practices, the demand for energy-efficient air conditioners will surge, creating new opportunities for manufacturers and suppliers in the market.
Browse in-depth TOC on "Air Conditioners Market"
- Pages - 285
- Tables - 122
- Figures - 69
Air conditioners have become essential in our daily lives, especially during the hot summer months. They are designed to provide cool and comfortable indoor environments by regulating temperature and humidity levels. Apart from regulating temperature and humidity, air conditioners also help filter out dust, pollen, and other allergens.
Prominent Players in Air Conditioners Market
- LG Electronics
- Carrier Corporation
- Emerson Electric Co.
- Midea Group
- Hitachi Ltd.
- Emerson Electric Co.
- Mitsubishi Electric Corporation
- Haier Group
- Whirlpool Corporation
- Samsung
- Toshiba Corporation
- Samsung
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Commercial Segment to Capture Largest Revenue Share as Commercial Establishments Invest Higher Budget for Air Conditioning Systems
The air conditioners market has witnessed significant growth in recent years, and the commercial segment has emerged as a key contributor to this growth. According to industry analysis, the commercial segment registered the strongest growth in the air conditioner market in 2021. It is likely to continue dominating the market in the coming years, from 2022 to 2028. The commercial sector has been rapidly expanding, and air conditioning is becoming a necessity rather than a luxury. This has led to a huge surge in the installation of air conditioning systems in these spaces, thereby driving the market's growth.
The Asia Pacific region emerged as a dominant force in 2021 in the global air conditioners market, and this trend is expected to continue during 2022-2028. According to SkyQuest, a market research firm, China's demand for air conditioners surpassed any other regions, reflecting the country's growing population and economic development. North America and other Asian countries, excluding China and Japan, also exhibited significant demand, with more than 14.3 million units sold in those regions alone. In addition, the increasing rivalry among companies is expected to lead to a further price decline, making air conditioning systems more affordable for consumers. This, in turn, is likely to fuel demand for air conditioners, leading to increased sales in the coming years. In 2021, the global demand for air conditioners increased, with China leading the pack in consumption.
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Retail Shop Segment to Exhibit Swift Growth as Retail Shops Often Offer Competitive Pricing Providing Attractive Option for Cost-Conscious Customers
The air conditioners market witnessed a significant boost in revenue in 2021, with the retail shops segment emerging as the primary contributor. The retail shop segment has several advantages over other distribution channels. For one, consumers can physically see and touch the product before making a purchase, giving them greater confidence in their decision. In addition, retail shops typically offer a wider variety of air conditioning units, making it easier for consumers to find a unit that suits their specific needs.
The air conditioners market is witnessing steady growth across North America and Europe, driven by various factors, including changing climate patterns, increased infrastructure development, and technological advancements. In Europe, demand for air conditioners rebounded after a slight dip the previous year, reaching a new high of 7.2 million units. This uptick in demand is likely due to several factors, including an increase in extreme heat waves and a growing awareness of the health benefits of air conditioning. As these trends continue, the market will likely expand from 2022 to 2028, providing consumers with more options and greater efficiency in cooling their homes and businesses.
The global air conditioners market is a vital segment of the HVAC industry that plays a significant role in regulating the indoor temperature and air quality. SkyQuest has recently published a comprehensive research report that sheds light on the current market scenario, including the market size, share, and key players operating in the industry. In addition, the report presents an in-depth assessment of the global market's growth potential, considering the impact of significant events and market conditions across different regions.
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Key Developments in Air Conditioners Market
- Daikin USA, a leading heating, ventilation, and air conditioning (HVAC) equipment manufacturer, has announced the acquisition of a New Jersey-based distributor. The subsidiary, Daikin Applied Americas (DAA), has acquired the distributor as part of its ongoing efforts to expand its operations in the Northeast region of the United States. Daikin USA has rapidly expanded its operations in recent years through organic growth and strategic acquisitions.
- Wrench Group, a leading provider of home services, has recently announced the acquisition of Superior Service, a reputable plumbing and HVAC company. Wrench Group, which operates in several states across the US, offers a range of home services, including plumbing, electrical, and HVAC services, through its subsidiaries. The acquisition of Superior Service aligns with the company's strategy of expanding its geographic reach and service capabilities to serve its customers better.
- Ayala, a prominent company in the Philippines, has successfully acquired a majority stake in AIR21. The acquisition, which represents 60% ownership of the logistics company, is part of Ayala's ongoing efforts to expand its portfolio and strengthen its presence in the market. AIR21 is a leading logistics provider in the Philippines, offering a wide range of services, including domestic and international shipping, warehousing, and customs brokerage.
Key Questions Answered in Air Conditioners Market Report
- What are the key strategies employed by the leading players in the target market to distinguish themselves from their competitors, and how effective are these strategies in terms of their success or challenges in the market?
- How do the demand and supply dynamics of the target market vary across different regions, and what are the implications of these variations for revenue growth in each region?
- What steps are being taken to overcome the obstacles to the growth of the target market, and what impact are these measures likely to have on the market's future growth prospects?
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