Dublin, Aug. 30, 2024 (GLOBE NEWSWIRE) -- The "Hungary Air Conditioner Market 2024-2030 Size, Trends, Industry, Forecast, Share, Growth, Value, Revenue, Analysis, Outlook & COVID-19 IMPACT: Market Forecast by Type, by Application, and Competitive Landscape" report has been added to ResearchAndMarkets.com's offering.
Hungary Air Conditioner Market size is projected to grow at a CAGR of 7.4% during 2024-2030.
Hungary air conditioner market has registered significant growth owing to increasing residential dwelling with increasing air conditioner installations which witnessed an increase from 14% to 27% in 2020-2022. However, during the COVID-19 pandemic in 2020, the air conditioner market in Hungary experienced a shortfall downfall in demand due to lockdown restrictions, which led to a temporary halt in public movement for shopping and construction activities, and delayed project completions, resulting in 18% decrease in housing sales in 2022.
Nevertheless, Central Hungary saw a strong rise in housing completions in the first half of 2021 which boosted the demand for air conditioners, due to which the market recovered. the booming hospitality sector with approximately 700 new hotel room completions in the first half of 2023 in Budapest, had further contributed to a growth trajectory.
Hungary air conditioner industry is poised for significant growth in the future, owing to anticipated office completion of approximately 140,200 square meters in 2024 and 64,400 square meters in 2025 and 200,000 square meters by 2026. Furthermore, the ongoing trend of urbanization, with the urban population expected to reach 75.4% by 2030 (up from 72.5% in 2022), would drive demand for air conditioners valued for their energy efficiency, ability to enhance indoor air quality, convenience, and comfort. Furthermore, by 2022, Hungary's urban population had reached 72.5%, with projections indicating a rise to 75.4% by 2030.
This shift towards urban living is expected to result in higher population density, leading to increased heat generation from various sources such as buildings and vehicles, which would further boost the demand for air conditioners in residential and commercial infrastructure.
Market Segmentation by Type
Room air conditioners have captured the largest share of revenues, driven by the growing installation of air conditioners in residential dwellings, which increased from 14% in 2020 to 27% by 2022. Their popularity in the residential sector is attributed to their high utility and ease of installation, as they do not require complex ductwork or centralized infrastructure.
Market Segmentation by Application
The commercial segment is expected to witness significant growth in the coming years driven by anticipated office completion of approximately 140,200 square meters in 2024 and 64,400 square meters in 2025 and 200,000 square meters by 2026.
Key Attractiveness of the Report
- 10 Years of Market Numbers.
- Historical Data Starting from 2020 to 2023.
- Base Year: 2023
- Forecast Data until 2030.
- Key Performance Indicators Impacting the Market.
- Major Upcoming Developments and Projects.
Key Highlights of the Report
- Hungary Air Conditioner Market Overview
- Hungary Air Conditioner Market Outlook
- Hungary Air Conditioner Market Forecast
- Historical Data and Forecast of Hungary Air Conditioner Market Revenues for the Period 2020-2030F
- Historical Data and Forecast of Hungary Air Conditioner Market Revenues, By Types for the Period 2020-2030F
- Historical Data and Forecast of Hungary Air Conditioner Market Revenues, By Applications for the Period 2020-2030F
- Market Drivers and Restraints
- Market Trends
- Industry Life Cycle
- Hungary Air Conditioner Market - Porter's Five Forces
- Market Opportunity Assessment
- Company Shares
- Market Competitive Benchmarking
- Key Strategic Recommendations
Company Profiles
- Daikin Industries, Ltd.
- Panasonic Connect Europe GmbH
- Johnson Controls-Hitachi Air Conditioning
- Mitsubishi Electric Corporation
- Whirlpool Corporation
- Gree Electric Appliances, Inc.
- Electrolux
- Cool Airconditional Kft
- LG Electronics
- Samsung Electronics Air Conditioner Europe
- Bosch Comfort Group
- Hi-Trade-Sense Magyarorszag Kft.
- Carrier Global Corporation
Market Scope and Segmentation
By Type
- Room Air Conditioner
- Ducted Air Conditioner
- Ductless Air Conditioner
- Centralized Air Conditioner
By Application
- Residential
- Healthcare
- Commercial & Retail
- Transportation and Infrastructure
- Hospitality
- Others (Education, BFSI, Industrial)
For more information about this report visit https://www.researchandmarkets.com/r/jjzic5
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