Air Conditioner Market Will Reach Nearly USD 187.62 Billion by 2028 with 5.5% CAGR: Reports and Data

The global air conditioner market size was USD 123.19 billion in 2020 and is expected to register a revenue CAGR of 5.5% during the forecast period.

The global air conditioner market size was USD 123.19 billion in 2020 and is expected to register a revenue CAGR of 5.5% during the forecast period. Market revenue growth is primarily driven by ongoing economic growth of developing countries and rising global temperature. Increasing humidity levels and temperature worldwide is a key factor expected to boost revenue growth of the market during the forecast period. Scorching heat waves are breaking records in many countries such as the U.S., Australia, and Siberia. Based on Future of Cooling 2018 reports by the International Energy Agency (IEA), it was estimated that around two-thirds of the world’s households could have air conditioners by 2025. Countries such as India, China, and Indonesia together are expected to account for half of the total number of units for that particular year. Moreover, extension of working from home practice and onslaught of sweltering summer are expected to have a positive impact on the air conditioner market. Consumers are trying to make their homes more comfortable as the time spent indoors has surged rapidly because of COVID-19 pandemic. Many air conditioner manufacturers such as Voltas are increasingly investing in the development of advanced air conditioners and outlined a 360-degree marketing plan to further increase market shares.

Furthermore, increasing disposable income of consumers, improvements in housing standards, and rising living standards are expected to drive demand for multi-split air conditioners during the forecast period. Multi-split air conditioners are quick and easy to set up or install, as well as extremely energy-efficient.

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There is a growing demand for split and multi-split air conditioners in developing countries due to increasing disposable income of consumers and rising standards of living. Packaged air conditioners are commonly used in places such as restaurants, telephone exchanges, homes, and small halls. Rising number of individual clinics, hospitals, auditoriums, hotels, and other commercial buildings across the world is contributing to growing demand for Variable Refrigerant Flow (VRF). Emergence of technologically advanced air conditioners is also resulting in increasing demand for smart air conditioners.

Moreover, governments of various countries are setting higher efficiency standards for cooling which is driving demand for energy-efficient air conditioners. These higher efficiency standards for cooling are established by governments in order to reduce the need for new power plants, cut emissions, and reduce costs at the same time. The U.S. Department of Energy (DOE) established new energy conservation standards for portable air conditioners.  

Some Key Highlights From the Report

  • In January 2021, Panasonic India, which is a leading diversified technology company, announced the launch of a new range of air conditioners that are equipped with nanoeX technology in order to inhibit adhered novel coronavirus. This technology releases hydroxyl radicals which are capable of inhibiting bacteria viruses, including 99.99% of the adhered novel coronavirus (SARS-coV-2). This technology also removes 99% PM2.5 particles which ensures a better indoor air quality. The new range of five-star inverter, NanoeX air conditioners, will be available in 1 ton and 1.5 ton models across online portals, major retail outlets, and Panasonic brand stores.
  • Split and multi spilt segment is expected to account for largest revenue share in the global air conditioner market over the forecast period. Rising temperature humidity levels across the world, increasing income levels of consumers in developing countries, and extension of work from home policy are some significant factors boosting sales of split and multi spilt air conditioners.
  • Online segment is expected to register robust revenue growth over the forecast period. Availability of favourable discounts on e-commerce portals is projected to drive revenue growth of the segment. Besides, rising usage of smartphones is boosting growth of e-commerce portals in developing countries and further driving sales of air conditioners.
  • Residential segment is expected to account for a steady revenue share in the global air conditioner market, owing to rising global temperatures, as well as growth of the affluent middle class.
  • Air conditioner market in Asia Pacific is expected to account for largest revenue share over the forecast period. Some manufacturers such as Daikin Industries, Ltd., Gree Electric Appliances Inc., Midea Group, Hitachi-Johnson Controls Air Conditioning, Inc., LG Electronics Inc., Panasonic Corporation, Toshiba Corporation, and Haier Group Corporation, are offering innovative products in order to increase market share, which, in turn, is expected to boost market growth in the region.
  • Some major companies in the market report include Daikin Industries, Ltd., Gree Electric Appliances Inc., Emerson Electric Co., Midea Group, Hitachi-Johnson Controls Air Conditioning, Inc., Carrier Global Corporation, LG Electronics Inc., Panasonic Corporation, Toshiba Corporation, and Haier Group Corporation.

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For the purpose of this report, Reports and Data has segmented global air conditioner market based on product type, distribution channel, end-use, and region:

Product Type Outlook (Revenue, USD Billion; 2018-2028)

  • Split Multi Split
  • Window
  • Variable Refrigerant Flow (VRF)
  • Packaged Air Conditioner (PAC)
  • Others (Portables and Chillers)

Distribution Channel Outlook (Revenue, USD Billion; 2018-2028)

  • Online
  • Exclusive Stores
  • Multi-brand Stores
  • Other Channels  

End-use Outlook (Revenue, USD Billion; 2018-2028)

  • Residential
  • Commercial

Regional Outlook (Revenue, USD Billion; 2018-2028)

  • North America
    • U.S.
    • Canada
    • Mexico
  • Europe
    • Germany
    • UK
    • France
    • Italy
    • Spain
    • Sweden
    • BENELUX
    • Rest of Europe
  • Asia Pacific
    • China
    • India
    • Japan
    • South Korea
    • Rest of APAC
  • Latin America
    • Brazil
    • Rest of LATAM
  • MEA
    • Saudi Arabia
    • UAE
    • South Africa
    • Israel
    • Rest of MEA

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