Residential Air Conditioner Market - Global Industry Size, Share, Trends, Opportunity and Forecast, 2017-2027 Segmented By Product Type (Splits, Windows, Others), By Distribution Channel (Multi Branded Electronic Stores, Supermarket/Hypermarket, Online and Others), By Region
Published Date: October - 2024 | Publisher: MIR | No of Pages: 320 | Industry: Consumer Goods and Retail | Format: Report available in PDF / Excel Format
View Details Buy Now 2890 Download Sample Ask for Discount Request CustomizationWe're expecting the global market for home air conditioners to really take off between 2022 and 2027, growing by about 4.15% each year. Why? Well, it's getting hotter and more humid everywhere, and people, especially in Asia, are starting to see AC as something they need, not just a fancy extra. Air conditioning isn't just about cooling things down though – it's about heating, ventilation, and making the air cleaner too. Think of it as creating a comfy bubble that helps us be more productive while keeping out dust and smoke. That's why you see these systems in so many homes.
Plus, a big reason why the home air conditioner market is booming is because everyone's going for energy-efficient and renewable options. People increasingly want things that are good for the planet. That's why companies in the global residential air conditioner market are going green – they know it'll bring in more customers! Right now, about a third of homes worldwide have AC. In places like the United States and Japan, it's more like 90%! What's even better is that air conditioning is getting cheaper as tech gets better and things become more efficient. Since there's so much competition, especially in Asia-Pacific and the Middle East & Africa, businesses are often selling their systems at lower prices to get more sales.
Also, regulatory bodies and governments have clearly stated that all air conditioner manufacturing enterprises must incorporate higher Energy Efficient Ratio (EER) in their equipment. Semi-government and private project owners have become wary of this approach, and as a result, they are increasingly relying on cutting-edge energy-saving technologies such as eco-friendly inverter technology-based units, and solar energy-based air conditioners.
Increasing Technological Advancements
Technologies such as corrosion protection, indoor air quality, voltage fluctuation protection, dual inverter technology with acoustic jacket, humidity control using auto humid control and dry mode, copper condenser, and anti-corrosive hydrophilic bluefin, among others, are transforming air conditioners. As a result, in order to match consumer demand, industry participants are constantly introducing new technological breakthroughs in their product portfolio. Hitachi, Daikin, and LG are at the forefront of air conditioning technology, having phased out obsolete and environmentally unfavorable systems. Such factors are expected to positively impact the residential air conditioner market around the world.
Change in Climatic Conditions
Okay, so here's the dealit's getting hotter out there, and that's the main reason the residential air conditioner market is booming. Global warming is making temperatures rise, plain and simple, which means more and more people want AC at home. Plus, think about all those growing economies like China, India, and places in Central and South America that are at least partly in hot, tropical zones, not to mention places like South-East Asia and Sub-Saharan Africa which are totally tropical. People there want to stay cool and comfortable, and that need for air conditioning is only going to keep pushing the market upwards in the years to come.
Rising Growing GDP Per Capita Income Fueling the Market Growth
One of the primary drivers of growth in the global residential air conditioners market is rising GDP per capita income. It denotes an increase in consumer spending power as well as their quality of living. Consumers are willing to spend more on comfort and convenience. They are willing to pay more and do not want to compromise on product quality. With rising GDP per capita income around the world, demand for air conditioners will surge. This factor is anticipated to contribute immensely to the residential air conditioner market.
Market Segmentation
The global residential air conditioner market is segmented based on product type, distribution channel, region, and competitional landscape. On the basis of product type, the market is further fragmented into split air conditioners, window air conditioners, and others. Based on distribution channel, the market is segmented into multi branded electronic retailers, supermarket/hypermarket, online, and others. The market analysis also studies the regional segmentation to devise regional market segmentation, divided among North America, Europe, Asia-Pacific, South America, and Middle East & Africa.
Company Profiles
Daikin Industries, Ltd.
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| Attribute | Details |
| Market Size Value in 2021 | USD55.12 Billion |
| Revenue Forecast in 2027 | USD70.81 Billion |
| Growth Rate | 4.15% |
| Base Year | 2021 |
| Historical Years | 2017 – 2021 |
| Estimated Year | 2022 |
| Forecast Period | 2023 – 2027 |
| Quantitative Units | Revenue in USD Billion and CAGR for 2017-2021 and 2022-2027 |
| Report Coverage | Revenue forecast, company share, competitive landscape, growth factors, and trends |
| Segments Covered | · Product Type· Distribution Channel· Region· Company |
| Regional Scope | Asia-Pacific, North America, Middle East & Africa, Europe, and South America |
| Key Companies Profiled | 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, Toshiba Corporation, etc. |
| Customization Scope | 10% free report customization with purchase. Addition or alteration to country, regional & segment scope. |
| Pricing and Purchase Options | Avail customized purchase options to meet your exact research needs. Explore purchase options |
| Delivery Format | PDF and Excel through Email (We can also provide the editable version of the report in PPT/pdf format on special request) |
Report Scope
In this report, 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
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