Air Conditioners Market Size, Share, Growth Analysis, By Type(Room AC-Windows, split; Ducted AC- Ceiling Concealed), By Application(Residential, Commercial Offices and Retail), By Technology(Manual, Automatic), By Distribution Channel(Online Retail, Retail Shops) - Industry Forecast 2024-2031

Air Conditioners Market Driver

• Growing Demand for Air Conditioners Globally

According to NOAA, the United States (US) National Oceanic and Atmospheric Administration, the planet's average temperature in July 2019 was roughly 1°C higher than the 20th-century average. As a result, this month is the warmest on record. The five warmest years have been the last five. China, the world's largest producer of room air conditioners (RAC) and the country with the highest AC demand, had the largest market with 44.63 million units. Asia, excluding China and Japan, was the second-largest market, with a market demand of 17.82 million units. Japan was the third-largest market, with a demand of 10.52 million units. 15.59 million units were required by the market in North America, 6.91 million in Europe, and 6.83 million in Latin America.

Air Conditioners Market Restraint

• Higher Maintenance Cost Limits the Market Growth

One of the factors that hinders the air conditioning industry is the greater maintenance cost, which causes individuals to spend more on air conditioning. The adoption of modern technology in air conditioner design is constrained by the establishment of numerous laws pertaining to air conditioner design. For instance, it is against the law to service and maintain air conditioners using R22R refrigerants, according to U.K. law. This makes it difficult for manufacturers to switch over to the new refrigerants from the present R22R refrigerant in their developed goods.