"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 Forecast to 2029", the air conditioner 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.
According to a recent report, the global air conditioners market is expected to grow at a significant rate in the coming years. The report reveals that the market is projected to reach $231.3 billion by 2029, at a CAGR of 5.4% during the forecast period of 2022–2029. In terms of volume, the market is expected to reach 882.1 million units by 2029, at a CAGR of 6.1% during the same period.
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One of the major factors driving the growth of this market is the increasing demand for energy-efficient air conditioners. Consumers are becoming more conscious of their energy consumption and are opting for products that offer greater energy efficiency. Additionally, the rising inclination towards convenience and comfort is also contributing to the growth of this market.
The report also highlights the increasing adoption of air conditioners with inverter and air purification technologies, which is expected to offer significant opportunities for market growth. However, the high energy consumption of air conditioners is a major challenge for the market.
The air conditioners market is segmented by type, tonnage, technology, rating, and end-user. The study also evaluates industry competitors and analyzes the market at the regional and country levels. Connected air conditioners and solar PV & solar thermal-assisted air conditioning systems are major trends in this market, but their high costs can restrain market growth.
In conclusion, the air conditioners market is expected to witness significant growth in the coming years due to the increasing demand for energy-efficient and comfortable air conditioning solutions.
Based on tonnage, the air conditioner 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 accounted for the largest share of the global air conditioners market. However, the 2 ton to 5 ton segment is projected to register the highest CAGR of 6.1% during the forecast period. Large rooms and the increasing demand for ductable air conditioners contribute to the growing demand for the 2- to 5 ton segment.
Based on technology, the air conditioners market is broadly segmented into inverter ACs and non-inverter ACs. In 2022, the inverter ACs segment accounted for the largest share of the global air conditioners market. This segment is also projected to register the highest CAGR during the forecasted period. This segment's large market share and growth are mainly attributed to the need for lower power consumption, growing awareness of the energy-efficiency properties of inverter technology air conditioners, and increasing temperature and humidity levels.
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Based on rating, the air conditioner market is broadly segmented into 1 Star ACs, 2 Star ACs, 3 Star ACs, 4 Star ACs, and 5 Star ACs. In 2022, the 3 Star ACs segment accounted for the largest share of the global air conditioners market and is projected to register the highest CAGR during the forecasted period. The growth of this segment is mainly attributed to the affordable prices of 3 Star ACs, and high adoption in residential areas. Moreover, these are more energy-efficient compared to 1 & 2 Star ACs. However, the 5 Star ACs segment is projected to register the highest CAGR during the forecast period.
Based on end user, the air conditioners market is broadly segmented into residential end users, commercial end users, and industrial end users. In 2022, the residential end users segment accounted for the largest share of the global air conditioners market. This segment is also expected to grow with the highest CAGR during the forecasted period.
Based on geography, the air conditioner market is segmented into North America, Asia-Pacific, Europe, Latin America, and the Middle East & Africa. In 2022, Asia-Pacific accounted for the largest share of the air conditioners market. The region is also expected to witness rapid growth during the forecast period. The growth in this region is mainly driven by the factors such as the presence of rapidly developing economies, growing investments and initiatives by leading AC providers, and rising environmental regulations for energy-efficient cooling systems.
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Scope of the report:
Air Conditioners Market, by Type
• Window ACs Split ACs
• VRF (Variable Refrigerant Flow) Systems
• Centralized/Ducted ACs Other Conditioner Types
Air Conditioners Market, by Tonnage
• Up to 2Ton
• 2 Ton to 5 Ton
• 5 Ton to 10 Ton
• More Than 10 Ton
Air Conditioners Market, by Technology
• Inverter ACs
• Non-Inverter ACs
Air Conditioners Market, by Rating
• 1 Star ACs
• 2 Star ACs
• 3 Star ACs
• 4 Star ACs
• 5 Star ACs
Air Conditioners Market, by End User
• Residential End Users
• Commercial End Users
• Industrial End Users
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.) among others.
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