Dublin, May 18, 2022 (GLOBE NEWSWIRE) -- The "Global Residential Air Conditioner Market Forecast and Opportunities to 2027" report has been added to ResearchAndMarkets.com's offering.
The Global Residential Air Conditioner Market is valued at USD55.12 billion in 2021 and is anticipated to grow at a CAGR of 4.15% in the forecast period, to reach USD70.81 billion by 2027.
The rise in the expenditure capacity of consumers, adoption of online sales channels by the market players, and ongoing advancements in technology are the key factors driving the demand of the Global Residential Air Conditioner Market for the next five years.
Due to global warming, the temperature is growing at an alarming rate across the globe. Consumers are investing in personal care and luxury items to live a quality and comfortable life. The residential air conditioner has become a necessity in households to fight the scorching heat levels during the summer season. The introduction of advanced residential air conditioners in the market with attractive features like corrosion resistance, auto humid control facility, and copper condenser is expected to create substantial growth opportunities for the Global Residential Air Conditioner Market.
Also, the adoption of alternate sales channels by the market players to expand the consumer base and boost the brand's visibility is accelerating the demand for residential air conditioners worldwide. High internet penetration and rise in use of smart devices for online shopping due to enhanced flexibility and comfort experienced by consumers while shopping is expected to influence the Global Residential Air Conditioner Market growth. However, the imposition of strict energy efficiency regulations may hinder the market growth in the forecast period.
The Global Residential Air Conditioner Market is segmented into product type, distribution channel, region, and company. Based on product type, the market is divided into split air conditioners, window air conditioners, and others. Split air led the market by holding the largest market share of 81.77% in 2020. The split air conditioner is in high demand among consumers. It offers several advantages over its counterparts, such as lower noise production, can be installed anywhere, is aesthetic appealing, and is highly energy efficient.
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, and Toshiba Corporation are the major market players operating in the Global Residential Air Conditioner Market.
Years considered for this report:
- Historical Years: 2017-2020
- Base Year: 2021
- Estimated Year: 2022
- Forecast Period: 2023-2027
Report Scope:
In the report, the Global Residential Air Conditioner Market has been segmented into the following categories, in addition to the industry trends which have also been detailed below:
Global Residential Air Conditioner Market, By Product Type:
- Splits
- Windows
- Others
Global Residential Air Conditioner Market, By Distribution Channel:
- Multi Branded Electronic Stores
- Supermarkets/Hypermarkets
- Online
- Others
Global Residential Air Conditioner Market, By Region:
- Asia-Pacific
- North America
- Middle East & Africa
- Europe
- South America
For more information about this report visit https://www.researchandmarkets.com/r/nqr2ic
About ResearchAndMarkets.com
ResearchAndMarkets.com is the world's leading source for international market research reports and market data. We provide you with the latest data on international and regional markets, key industries, the top companies, new products and the latest trends.
Attachment
