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 CustomizationResidential 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
The global residential air conditioner market is anticipated to project robust growth in the forecast period, 2022-2027, with a CAGR of 4.15% on account of factors such as rising worldwide temperatures and humidity levels, as well as a growing acceptance of air conditioners as a necessity rather than a luxury item, particularly in the Asia-Pacific region. Air conditioning is a feature that enables the inside environment to be cooled, heated, and ventilated. Although the phrase "air conditioning" is most commonly associated with cooling, the process of air conditioning systems also includes humidity control and air cleaning as vital functions. The air conditioning system generates a comfortable environment that increases human efficiency while also circulating filtered air inside a limited space and preventing dust particles or smoke from entering. As a result, these systems are commonly used in residential areas.
Moreover, another major factor contributing to the growth of residential air conditioner market is the increasing use of energy-efficient and renewable energy products. Also, the consumer preferences are inclining towards sustainability; therefore, global residential air conditioner market players are opting for sustainable methods, which are anticipated to enhance their consumer base further. Currently, around one-third of global households have an air conditioner. More than 90% of houses in countries such as the United States and Japan have air conditioning. Additionally, the cost of air conditioning equipment is steadily falling as technology advances and efficiency improves. Due to the high competition in the air conditioning systems market (particularly in Asia-Pacific and the Middle East & Africa regions), businesses are frequently offering equipment at cheaper prices in order to increase 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
The key driver of growth in the global residential air conditioners market is changing climatic conditions. Temperatures are rising all around the world, owing primarily to global warming, which is increasing demand for air conditioners in the residential sector. Furthermore, the majority of rising economies with strong economic growth are located partly (e.g., China or India, or coastal areas in Central and South America) or entirely (South-East Asia, Sub-Saharan Africa) in tropical climates. Their demand for air cooling is constantly increasing in order to improve consumer comfort. This is expected to propel the growth of residential air conditioners across the globe during the forecast period.
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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