Global Air Conditioning Market

Air Conditioning Market Size, Share, Growth Analysis, By Type(Room AC, Ducted AC), By Application(Residential, Commercial offices and Retail), By Technology(Semi-automatic or Manual, Automatic), By Distribution channels(Online retail, Retail shops) - Industry Forecast 2024-2031

Report ID: SQMIG25A2191 | Region: Global | Published Date: April, 2024
Pages: 223 | Tables: 121 | Figures: 73

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Air Conditioning Market size was valued at USD 138.91 Billion in 2022 and is poised to grow from USD 148.49 Billion in 2023 to USD 253.24 Billion by 2031, growing at a CAGR of 6.9% in the forecast period (2024-2031).

The competitive environment of the Air Conditioning Market is dynamic and characterized by the presence of a mix of well-established brands, emerging players, and niche producers. Innovation is a key competitive factor. Leading brands invest in research and development to introduce new flavors, packaging formats, and health-focused variations to cater to changing consumer preferences. They often set the trends in the industry. 'Daikin Industries Ltd.', 'Gree Electrical Appliances, Inc. of Zhuhai', 'United Technologies Corporation', 'Midea Group Co. Ltd.', 'Hitachi-Johnson Controls Air Conditioning, Inc.', 'Ingersoll-Rand plc.', 'LG Electronics Inc.', 'Qingdao Haier Co. Ltd.', 'Panasonic Corporation', 'Toshiba Corporation', 'Eberspaecher', 'Hanon Systems', 'Keihin Corporation', 'Sanden Holdings Corporation', 'Mitsubishi Heavy Industries Ltd.', 'Subros Limited'

As temperatures surge due to the effects of climate change, air conditioners (ACs) are rapidly evolving from being perceived as a luxury item to becoming an indispensable necessity. This fundamental shift in perspective is poised to wield a substantial and positive influence on the overall value of the air conditioner market. The intensifying heatwaves and escalating temperatures worldwide are compelling individuals and communities to view air conditioning as an essential element for maintaining comfortable indoor environments.

Product Innovation: In response to the escalating need for energy-efficient solutions, manufacturers in the air conditioning industry are prioritizing product innovation. Notably, companies such as LG have spearheaded advancements by introducing window inverter air conditioners integrated with Dual Inverter technology. These innovative units significantly reduce energy consumption compared to conventional air conditioning systems, aligning with the growing demand for environmentally friendly and cost-effective cooling options. Moreover, within the fiercely competitive market landscape, manufacturers are intensifying efforts to offer value-added features.

Asia Pacific stands as a powerhouse in the air conditioning market, primarily due to its extensive manufacturing base featuring industry giants such as LG, Samsung, Voltas, Daikin, and other major players. This robust presence of renowned manufacturers has established Asia Pacific as a dominant force in the production and supply of air conditioning systems.

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