‘Air Conditioners Market by Type (Window, Split, Variable Refrigerant Flow, Centralized/Ducted), Tonnage, Technology (Inverter & Non-Inverter), Rating, End User (Residential, Commercial, Industrial), and Geography - Global Forecasts to 2029,’ the air conditioners market is projected to reach $231.3 billion by 2029, at a CAGR of 5.4% from 2022 to 2029. Based on volume, the global air conditioners market is projected to reach 882.1 million units by 2029, at a CAGR of 6.1% during the forecast period.

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An air conditioner is a system used to cool down a space by removing heat from it and moving it outside. The benefits of conditioners are reduced humidity, asthma, and allergies, better air quality, improved concentration and mental well-being, enhanced security measures, fewer insects and parasites, and protection of furniture and personal belongings across residential spaces. The growth of this market is mainly driven by the growing demand for energy-efficient air conditioners, increasing use of commercial air conditioners in the industrial sector, and growing consumers' inclination toward convenience and comfort. In addition, the increasing adoption of air conditioners with inverter and air purification technologies is expected to offer significant opportunities for the growth of this market. However, the high costs of air conditioners may restrain the market growth. Connected air conditioners and solar photovoltaic (PV) & solar thermal-assisted air conditioning systems are major trends in this market.

The air conditioners market is segmented by type (window ACs, split ACs, VRF (Variable Refrigerant Flow) systems, centralized/ducted ACs, and other conditioner types), tonnage (up to 2 ton, 2 ton to 5 ton, 5 ton to 10 ton, and more than 10 Ton), technology (inverter ACs and non-inverter ACs), rating (1 star ACs, 2 star ACs, 3 star ACs, 4 star ACs, and 5 star ACs), end user (residential end users, commercial end users, and industrial end users), and geography. The study also evaluates industry competitors and analyses the market at the regional and country levels.

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Based on type, the air conditioners market is broadly segmented into window ACs, split ACs, VRF systems, centralized/ducted ACs, and other conditioner types. In 2022, the split ACs segment is expected to account for the largest share of the global air conditioners market. The large market share of this segment is mainly attributed to the growing demand for energy-saving air conditioners and lower noise levels.

However, the centralized/ducted ACs segment is projected to register the highest CAGR during the forecasted period due to the rising demand for energy-efficient and sustainable ducted air conditioning systems in developing countries are responsible for the growing demand for centralized/ducted ACs segment.
Based on tonnage, the air conditioners market is broadly segmented into up to 2 ton, 2 ton to 5 ton, 5 ton to 10 ton, and more than 10 ton. In 2022, the up to 2 ton segment is expected to account for the largest share of the global air conditioners market. The large market share of this segment is mainly attributed to the increasing demand for custom features for small homes or office spaces and increasing demand for up to 2 ton air conditioners across emerging economies.

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Based on technology, the air conditioners market is broadly segmented into inverter ACs and non-inverter ACs. In 2022, the inverter ACs segment is expected to account for the largest share of the global air conditioners market. This segment is projected to register the highest CAGR during the forecasted period. This segment's large market share and fast growth rate are mainly attributed to the growing awareness of the energy-efficiency properties of inverter technology air conditioners, lower power consumption, and rising temperature and humidity levels.

Based on geography, the air conditioners market is segmented into North America, Asia-Pacific, Europe, Latin America, and the Middle East & Africa. In 2022, Asia-Pacific is expected to account for the largest share. The region is also projected to register the highest CAGR of the air conditioners market. The growth of this market is mainly attributed to factors such as increasing emphasis on agreements to provide air conditioning systems for urban transportation systems, growing construction activities across residential and commercial infrastructure, efforts by leading AC providers to launch AC products in Japan and India, different real estate projects & public-private investments in various residential, industrial and commercial development areas across the region, and the advent of environmental regulations for energy-efficient cooling systems.

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The report also includes an extensive assessment of the key growth strategies adopted by the leading market participants between 2020 and 2022. The key players operating in the air conditioners market are Daikin Industries, Ltd. (Japan), Mitsubishi Electric Corporation (Japan), Hitachi-Johnson Controls Air Conditioning (Japan), Carrier Global Corporation (U.S.), Whirlpool Corporation (U.S.), Haier Smart Home Co. Ltd. (China), LG Electronics (South Korea), Voltas Limited (India), Panasonic Corporation (Japan), Robert Bosch GmbH (Germany), Samsung Electronics Co., Ltd. (South Korea), Fujitsu Limited (Japan), Blue Star Ltd (India), Toshiba Corporation (Japan), Electrolux (Sweden), Gree Electric Appliances Inc. (China), Midea Group Co. Ltd (China), and American Standard Companies Inc. (U.S.).

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