The Global Air Conditioners Market is expected to reach USD 138.03 billion by 2026 growing at an CAGR of 4.42% during the forecast period. The Global Air Conditioners Market is mainly driven by booming construction sector, increasing replacement market, energy efficiency regulations and increasing technological advancements. Air conditioners are electrical appliances used to control humidity, ventilation, and temperature of a particular area. Based on product type, air conditioners can be segregated into chillers, VRFs, ductable splits, light commercial air conditioners and others. With the emergence of the e-commerce business and rising internet penetration rates around the world, manufacturers now have new ways to reach their customers. The online sales channel has enabled businesses to expand their distribution reach and serve customers in even the most remote areas, thereby supporting the Global Air Conditioners Market's growth. One of the major drivers of the Global Air Conditioners Market is rising GDP per capita income. It denotes an increase in consumer purchasing power as well as a higher standard of living. With rising GDP per capita income around the world, the demand for air conditioners is expected to rise during the forecast period.
Due to the spread of novel coronavirus, health of every individual got affected and this pandemic has brought the debate on indoor air quality across the globe. Downfall in the hospitality sector along with low construction activities of hotels, restaurants, and guest houses has led to a sales decline of air conditioners across the globe, however, the market is projected to bounce back and register sales in 2021.
The Global Air Conditioners Market is segmented into product type, light commercial air conditioners market, region and company. In terms of product type, the Global Air Conditioners Market is segmented into Chillers, VRFs, Ductable Splits, Light Commercial Air Conditioners and Others. Out of these, light commercial air conditioners market has dominated the market with more than 75% market share in the Global Air Conditioners Market in 2020 owing to their various advantages such as energy efficiency, lower running cost, easy availability and integration of latest technologies. Inverter-based split air conditioner is an emerging technology and is expected to gain popularity in the coming years on account of high level of energy efficiency and lower running cost.
Regionally, Asia-Pacific dominated the Global Air Conditioners Market in 2020 and is the leading market, followed by North America on account of growing middle class population base, rising temperatures due to climate change, growing commercial sector and increasing purchasing power of consumers. Moreover, increasing commercial, and residential construction activities in various APAC countries, especially India and China along with inclination of consumers towards lifestyle products is forecast to drive the APAC air conditioners market during 2016-2026F.
Some of the leading players in the Global Air Conditioners Market are Daikin Industries, Ltd., Gree Electric Appliances Inc., Carrier Global Corporation, Midea Group Co., Ltd., Samsung Electronics Co., Ltd. and others.
Objective of the Study:
To analyze the historical growth in the market size of the Global Air Conditioners Market from 2016 to 2020.
To estimate and forecast the market size of the Global Air Conditioners Market from 2021E to 2026F and growth rate until 2026F.
To define, classify and forecast the Global Air Conditioners Market based on product type, light commercial air conditioners, region and company.
To identify the dominant region or segment in the Global Air Conditioners Market.
To identify drivers and challenges for the Global Air Conditioners Market.
To examine competitive developments such as expansions, new product launches, mergers & acquisitions, etc. in the Global Air Conditioners Market.
To identify and analyze the profile of leading players operating in the Global Air Conditioners Market.
Key Topics Covered:
1. Product Overview
2. Research Methodology
3. Executive Summary
4. Voice of Customer 4.1. Brand Awareness 4.2. Factors Affecting Purchasing Decision 4.3. Brand Satisfaction 4.4. Challenges Faced Post Purchasing
5. Global Air Conditioners Market Outlook 5.1. Market Size & Forecast 5.1.1. By Value & Volume 5.2. Market Share & Forecast 5.2.1. By Product Type (Chillers, VRFs, Ductable Splits, Light Commercial Air Conditioners and Others) 22.214.171.124. By Light Commercial Air Conditioners - By Product Type (High Wall Splits, Window Air Conditioners, Cassettes and Concealed Ductable Splits) 5.2.2. By Region 5.2.3. By Company (2020) 5.2.4. Market Map (By Product Type, By Region)
6. Asia-Pacific Air Conditioners Market Outlook
7. North America Air Conditioners Market Outlook
8. Europe Air Conditioners Market Outlook
9. Middle East & Africa Air Conditioners Market Outlook