The Global Air Conditioner Market to Generate Revenues of over $145 Billion by 2024 - Market Research by Arizton

CHICAGO, Nov. 5, 2019 /PRNewswire/ -- According to Arizton's recent research report, Air Conditioner Market - Global Outlook and Forecast 2019-2024 is expected to grow at a CAGR of more than 5% during the forecast period.

Key Highlights Offered in the Report:  

1. AC replacements mostly within residential construction segment is driving the demand for air conditioners market. The deployment of window air conditioners in the Middle East is offering ample opportunities for vendors in this segment.
2. APAC is the major hub for manufacturing of compressor units. GMCC, Rechi, and Gree are the major compressor manufacturers, accounting for over 60% share of the global production capacity. Globally, GMCC alone accounts for over 20% manufacturing capacity share.
3. The industry transition to newer low-GWP refrigerants, lower-GWP HFCs, HFOs, and non-fluorinated solutions such as hydrocarbons is expected to boost the efficiency of AC units and boost sales in the market.
4. More than 40 countries have implemented standards and labeling policies for the air conditioners. The regulations and sustainable policies are expected to have significant impact on the production processes in the market over the next few years.
5. The current efficiency rates of the compressors are over 65%.  However, vendors are exploring ways to further improve motor efficiency and employ use of alternative refrigerants in AC compressors which is expected to help the market to grow during forecast period.

Key Offerings:

• Market Size & Forecast by Revenue | 2018−2024
• Market Dynamics – Leading trends, growth drivers, restraints, and investment opportunities
• Market Segmentation – A detailed analysis by type, applications, and geography.
• Competitive Landscape – Profile of 10 key vendors and 20 other vendors.

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Air Conditioner Market – Segmentation

• Within residential sector, single split ACs are replacing window ACs as the efficiency rate offered by single split ACs is 30% higher.
• The advent of flexible/co-working spaces is providing more opportunity for the manufacturers in the commercial sector, as they account for up to 6% of the total office space in 20 of the principal global markets (cities of US, Western Europe, Middle East, China, Australia, Japan, South Korea, and India).

Market Segmentation by Type 

• RAC
• Single Split ACs
• Window ACs
• Multi Split ACs
• CAC
• PAC
• VRF

Market Segmentation by Application

• Residential Sector
• Commercial Sector
• Office Space
• Airports and Public Utilities
• Hospitality
• Hospitals
• Industrial and Others

Air Conditioner Market – Dynamics

The VRF air conditioners are one of the fastest growing multi-split air conditioners. VRF system installations are increasing their footing in the US, Europe, China, and Japan. Within commercial sector, there is a major demand for VRF generators especially in the urban areas. Some of the advantage of VRF systems include energy efficiency, zoned heating & cooling, precision in temperature regulation and space advantage. In China, the demand is driven by the high-income regions of eastern coastal region and the southern region.

Key Drivers and Trends fueling Market Growth:

• Energy Efficiency and GHG Emission Cut Down
• Degrowth of Window AC
• Multitude of Barriers to High Energy Efficient ACs
• Growth in Construction Sector

Air Conditioner Market – Geography

The growth in APAC is largely driven by metropolitan and tier 2 cities with high disposable income. China, India, and Southeast Asian countries provide great revenue growth opportunities for vendors. The North American market has been boosted by high capital investments and the rise in the consumer income, aided by tax cuts. The trend is expected to impact the market positively. The demand is on the rise in Latin America, as the temperatures soar in summers to very high degrees, and also, the disposable income of the population has grown significantly.

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Market Segmentation by Geography

• Europe
• Germany
• France
• Italy
• UK
• Spain
• Russia
• Switzerland
• APAC
• China
• Japan
• India
• Australia
• Indonesia
• South Korea
• North America
• US
• Canada
• Latin America
• Mexico
• Brazil
• Argentina
• Colombia
• MEA
• Saudi Arabia
• Turkey
• South Africa
• UAE
• Egypt

Major Vendors

• Bluestar
• Carrier
• Daikin
• Johnson Controls
• LG
• Midea
• Mitsubishi Electric
• Panasonic
• Samsung
• Voltas

Other vendors include - Bosch, Chigo, Cruise, Dunham-Bush, Fedders, Fujitsu, Galanz, Godrej, Gree, Haier, Hitachi, IFB, Lloyd Electric, Micromax, Onida, Sanyo, TCL, Toshiba, Trane, and Whirlpool.

Explore our consumer goods and retail technology profiles to know more about the industry.

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SOURCE Arizton Advisory & Intelligence