Air Conditioning Market size to grow by USD 19.65 billion from 2022 to 2027, AB Electrolux, Blue Star Ltd., Daikin Industries Ltd., DeLonghi Appliances S.r.l. and more among the key companies in the market- Technavio

NEW YORK, Oct. 25, 2023 /PRNewswire/ — The air conditioning market size is expected to grow by USD 19.65 billion from 2022 to 2027, progressing at a CAGR of 2.87% as per the latest Technavio market research report. The air conditioning market is fragmented and the vendors are deploying organic and inorganic growth strategies to compete in the market. AB Electrolux, Blue Star Ltd., Daikin Industries Ltd., DeLonghi Appliances S.r.l., Emerson Electric Co., Fujitsu Ltd., Haier Smart Home Co. Ltd., Hitachi Ltd., Honeywell International Inc., Johnson Controls International Plc, LG Electronics Inc., MIDEA Group, Mitsubishi Electric Corp., Panasonic Holdings Corp., Samsung Electronics Co. Ltd., Trane Technologies Plc, Transform Holdco LLC, Toshiba Corp., Voltas Ltd., and Whirlpool Corp. For more insights on the market share of various regions- Download sample report in MINUTES

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Air Conditioning Market: Rise in residential construction activity to drive growth

  • The increasing demand for inverter air conditioners significantly drives market growth.
  • The newest technology available for air conditioners is inverter technology. As compared to other conventional air conditioners, the technology is intended to save over 35–45% of electricity and the technology was created in Japan.
  • It is highly sought after by the refrigeration and air conditioning industries. Based on the temperature of the room, the system modifies the refrigerant’s flow rate and when the heat is lower, the technology decreases the flow rate and vice versa.
  • Furthermore, the compressor is also not shut off by this technology.
  • Hence, the increasing demand for inverter air conditioners to save energy will drive the growth of the global air conditioning (AC) market during the forecast period.

Air Conditioning Market: Increase in the use of R32 refrigerant in split ACs 

  • Increased adoption of omnichannel distribution and multichannel marketing is an emerging trend in market growth. 
  • Residential users’ preference for online shopping for home goods, including air conditioning products, has grown significantly over the past few years.
  • The market has been stimulated by the expansion of the online retail sales channel and the use of multichannel business models. Several suppliers, including Midea, sell their goods both offline and online.
  • Moreover, the products also have greater visibility due to the online channel. This, along with the accessibility of a broad product selection, helps to fuel the expansion of the online retail sector.
  • Hence, such trends influence the growth of the air conditioning market during the forecast period.

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Air Conditioning Market: Geographical Analysis

APAC is estimated to account for 44% of the market’s overall growth. The demand for pricey home appliances like refrigerators and air conditioners increases as disposable income rises in nations like Vietnam, China, and India. The demand for comfort also grows along with income, which fuels the demand for air conditioners. The primary factor behind the rise in household air conditioner sales is the migration of air conditioners from bedrooms to living rooms and vendors are expanding their product lines to include more efficient air conditioners in response to the region’s price-conscious consumers.

Air Conditioning Market: Segmentation Analysis

This market research report segments the air conditioning market by Product (Splits, Chillers, Airside, and Others), Distribution Channel (Offline and Online), and Geography (APAC, Europe, North America, Middle East and Africa, and South America).

  • The market share growth by the splits segment will be significant for overall market growth during the forecast period. The segment grows as energy-efficient and stylish split air conditioners are replacing window units. In order to meet the rising demand from customers, suppliers like Samsung have stopped making window air conditioners in favor of split air conditioners. Because of their effectiveness, inverter-based splits are also becoming more popular. Hence, due to the abovementioned factors, the demand for split ACs is increasing, which in turn will drive the growth of the global air conditioning (AC) market during the forecast period.

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Air Conditioning Market Scope

Report Coverage

Details

Base year

2022

Historic period

2017-2021

Forecast period

2023-2027

Growth momentum & CAGR

Accelerate at a CAGR of 2.87%

Market growth 2023-2027

USD 19.65 billion

Market structure

Fragmented

YoY growth 2022-2023 (%)

1.64

Regional analysis

APAC, Europe, North America, Middle East and Africa, and South America

Performing market contribution

APAC at 44%

Key countries

US, China, Japan, South Korea, and Germany

Competitive landscape

Leading Vendors, Market Positioning of Vendors, Competitive Strategies, and Industry Risks

Key companies profiled

AB Electrolux, Blue Star Ltd., Daikin Industries Ltd., DeLonghi Appliances S.r.l., Emerson Electric Co., Fujitsu Ltd., Haier Smart Home Co. Ltd., Hitachi Ltd., Honeywell International Inc., Johnson Controls International Plc, LG Electronics Inc., MIDEA Group, Mitsubishi Electric Corp., Panasonic Holdings Corp., Samsung Electronics Co. Ltd., Trane Technologies Plc, Transform Holdco LLC, Toshiba Corp., Voltas Ltd., and Whirlpool Corp.

Market dynamics

Parent market analysis, Market growth inducers and obstacles, Fast-growing and slow-growing segment analysis, COVID-19 impact and recovery analysis and future consumer dynamics, Market condition analysis for forecast period

Customization purview

If our report has not included the data that you are looking for, you can reach out to our analysts and get segments customized.

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Table of Contents: 

1 Executive Summary

  • 1.1 Market overview 
    • Exhibit 01: Executive Summary – Chart on Market Overview
    • Exhibit 02: Executive Summary – Data Table on Market Overview
    • Exhibit 03: Executive Summary – Chart on Global Market Characteristics
    • Exhibit 04: Executive Summary – Chart on Market by Geography
    • Exhibit 05: Executive Summary – Chart on Market Segmentation by Product
    • Exhibit 06: Executive Summary – Chart on Market Segmentation by Distribution Channel
    • Exhibit 07: Executive Summary – Chart on Incremental Growth
    • Exhibit 08: Executive Summary – Data Table on Incremental Growth
    • Exhibit 09: Executive Summary – Chart on Vendor Market Positioning

2 Market Landscape

  • 2.1 Market ecosystem 
    • Exhibit 10: Parent market
    • Exhibit 11: Market Characteristics

3 Market Sizing

  • 3.1 Market definition 
    • Exhibit 12: Offerings of vendors included in the market definition
  • 3.2 Market segment analysis 
    • Exhibit 13: Market segments
  • 3.3 Market size 2022 
  • 3.4 Market outlook: Forecast for 2022-2027
    • Exhibit 14: Chart on Global – Market size and forecast 2022-2027 (USD billion)
    • Exhibit 15: Data Table on Global – Market size and forecast 2022-2027 (USD billion)
    • Exhibit 16: Chart on Global Market: Year-over-year growth 2022-2027 (%)
    • Exhibit 17: Data Table on Global Market: Year-over-year growth 2022-2027 (%)

4 Historic Market Size

  • 4.1 Global air conditioning market 2017 – 2021
    • Exhibit 18: Historic Market Size – Data Table on Global air conditioning market 2017 – 2021 (USD billion)
  • 4.2 Product Segment Analysis 2017 – 2021
    • Exhibit 19: Historic Market Size – Product Segment 2017 – 2021 (USD billion)
  • 4.3 Distribution Channel Segment Analysis 2017 – 2021
    • Exhibit 20: Historic Market Size – Distribution Channel Segment 2017 – 2021 (USD billion)
  • 4.4 Geography Segment Analysis 2017 – 2021
    • Exhibit 21: Historic Market Size – Geography Segment 2017 – 2021 (USD billion)
  • 4.5 Country Segment Analysis 2017 – 2021
    • Exhibit 22: Historic Market Size – Country Segment 2017 – 2021 (USD billion)

5 Five Forces Analysis

  • 5.1 Five forces summary 
    • Exhibit 23: Five forces analysis – Comparison between 2022 and 2027
  • 5.2 Bargaining power of buyers 
    • Exhibit 24: Chart on Bargaining power of buyers – Impact of key factors 2022 and 2027
  • 5.3 Bargaining power of suppliers 
    • Exhibit 25: Bargaining power of suppliers – Impact of key factors in 2022 and 2027
  • 5.4 Threat of new entrants 
    • Exhibit 26: Threat of new entrants – Impact of key factors in 2022 and 2027
  • 5.5 Threat of substitutes 
    • Exhibit 27: Threat of substitutes – Impact of key factors in 2022 and 2027
  • 5.6 Threat of rivalry 
    • Exhibit 28: Threat of rivalry – Impact of key factors in 2022 and 2027
  • 5.7 Market condition 
    • Exhibit 29: Chart on Market condition – Five forces 2022 and 2027

6 Market Segmentation by Product

  • 6.1 Market segments 
    • Exhibit 30: Chart on Product – Market share 2022-2027 (%)
    • Exhibit 31: Data Table on Product – Market share 2022-2027 (%)
  • 6.2 Comparison by Product 
    • Exhibit 32: Chart on Comparison by Product
    • Exhibit 33: Data Table on Comparison by Product
  • 6.3 Splits – Market size and forecast 2022-2027
    • Exhibit 34: Chart on Splits – Market size and forecast 2022-2027 (USD billion)
    • Exhibit 35: Data Table on Splits – Market size and forecast 2022-2027 (USD billion)
    • Exhibit 36: Chart on Splits – Year-over-year growth 2022-2027 (%)
    • Exhibit 37: Data Table on Splits – Year-over-year growth 2022-2027 (%)
  • 6.4 Chillers – Market size and forecast 2022-2027
    • Exhibit 38: Chart on Chillers – Market size and forecast 2022-2027 (USD billion)
    • Exhibit 39: Data Table on Chillers – Market size and forecast 2022-2027 (USD billion)
    • Exhibit 40: Chart on Chillers – Year-over-year growth 2022-2027 (%)
    • Exhibit 41: Data Table on Chillers – Year-over-year growth 2022-2027 (%)
  • 6.5 Airside – Market size and forecast 2022-2027
    • Exhibit 42: Chart on Airside – Market size and forecast 2022-2027 (USD billion)
    • Exhibit 43: Data Table on Airside – Market size and forecast 2022-2027 (USD billion)
    • Exhibit 44: Chart on Airside – Year-over-year growth 2022-2027 (%)
    • Exhibit 45: Data Table on Airside – Year-over-year growth 2022-2027 (%)
  • 6.6 Others – Market size and forecast 2022-2027
    • Exhibit 46: Chart on Others – Market size and forecast 2022-2027 (USD billion)
    • Exhibit 47: Data Table on Others – Market size and forecast 2022-2027 (USD billion)
    • Exhibit 48: Chart on Others – Year-over-year growth 2022-2027 (%)
    • Exhibit 49: Data Table on Others – Year-over-year growth 2022-2027 (%)
  • 6.7 Market opportunity by Product 
    • Exhibit 50: Market opportunity by Product (USD billion)
    • Exhibit 51: Data Table on Market opportunity by Product (USD billion)

7 Market Segmentation by Distribution Channel

  • 7.1 Market segments 
    • Exhibit 52: Chart on Distribution Channel – Market share 2022-2027 (%)
    • Exhibit 53: Data Table on Distribution Channel – Market share 2022-2027 (%)
  • 7.2 Comparison by Distribution Channel 
    • Exhibit 54: Chart on Comparison by Distribution Channel
    • Exhibit 55: Data Table on Comparison by Distribution Channel
  • 7.3 Offline – Market size and forecast 2022-2027
    • Exhibit 56: Chart on Offline – Market size and forecast 2022-2027 (USD billion)
    • Exhibit 57: Data Table on Offline – Market size and forecast 2022-2027 (USD billion)
    • Exhibit 58: Chart on Offline – Year-over-year growth 2022-2027 (%)
    • Exhibit 59: Data Table on Offline – Year-over-year growth 2022-2027 (%)
  • 7.4 Online – Market size and forecast 2022-2027
    • Exhibit 60: Chart on Online – Market size and forecast 2022-2027 (USD billion)
    • Exhibit 61: Data Table on Online – Market size and forecast 2022-2027 (USD billion)
    • Exhibit 62: Chart on Online – Year-over-year growth 2022-2027 (%)
    • Exhibit 63: Data Table on Online – Year-over-year growth 2022-2027 (%)
  • 7.5 Market opportunity by Distribution Channel
    • Exhibit 64: Market opportunity by Distribution Channel (USD billion)
    • Exhibit 65: Data Table on Market opportunity by Distribution Channel (USD billion)

8 Customer Landscape

  • 8.1 Customer landscape overview 
    • Exhibit 66: Analysis of price sensitivity, lifecycle, customer purchase basket, adoption rates, and purchase criteria

9 Geographic Landscape

  • 9.1 Geographic segmentation 
    • Exhibit 67: Chart on Market share by geography 2022-2027 (%)
    • Exhibit 68: Data Table on Market share by geography 2022-2027 (%)
  • 9.2 Geographic comparison 
    • Exhibit 69: Chart on Geographic comparison
    • Exhibit 70: Data Table on Geographic comparison
  • 9.3 APAC – Market size and forecast 2022-2027
    • Exhibit 71: Chart on APAC – Market size and forecast 2022-2027 (USD billion)
    • Exhibit 72: Data Table on APAC – Market size and forecast 2022-2027 (USD billion)
    • Exhibit 73: Chart on APAC – Year-over-year growth 2022-2027 (%)
    • Exhibit 74: Data Table on APAC – Year-over-year growth 2022-2027 (%)
  • 9.4 Europe – Market size and forecast 2022-2027
    • Exhibit 75: Chart on Europe – Market size and forecast 2022-2027 (USD billion)
    • Exhibit 76: Data Table on Europe – Market size and forecast 2022-2027 (USD billion)
    • Exhibit 77: Chart on Europe – Year-over-year growth 2022-2027 (%)
    • Exhibit 78: Data Table on Europe – Year-over-year growth 2022-2027 (%)
  • 9.5 North America – Market size and forecast 2022-2027
    • Exhibit 79: Chart on North America – Market size and forecast 2022-2027 (USD billion)
    • Exhibit 80: Data Table on North America – Market size and forecast 2022-2027 (USD billion)
    • Exhibit 81: Chart on North America – Year-over-year growth 2022-2027 (%)
    • Exhibit 82: Data Table on North America – Year-over-year growth 2022-2027 (%)
  • 9.6 Middle East and Africa – Market size and forecast 2022-2027 
    • Exhibit 83: Chart on Middle East and Africa – Market size and forecast 2022-2027 (USD billion)
    • Exhibit 84: Data Table on Middle East and Africa – Market size and forecast 2022-2027 (USD billion)
    • Exhibit 85: Chart on Middle East and Africa – Year-over-year growth 2022-2027 (%)
    • Exhibit 86: Data Table on Middle East and Africa – Year-over-year growth 2022-2027 (%)
  • 9.7 South America – Market size and forecast 2022-2027
    • Exhibit 87: Chart on South America – Market size and forecast 2022-2027 (USD billion)
    • Exhibit 88: Data Table on South America – Market size and forecast 2022-2027 (USD billion)
    • Exhibit 89: Chart on South America – Year-over-year growth 2022-2027 (%)
    • Exhibit 90: Data Table on South America – Year-over-year growth 2022-2027 (%)
  • 9.8 China – Market size and forecast 2022-2027
    • Exhibit 91: Chart on China – Market size and forecast 2022-2027 (USD billion)
    • Exhibit 92: Data Table on China – Market size and forecast 2022-2027 (USD billion)
    • Exhibit 93: Chart on China – Year-over-year growth 2022-2027 (%)
    • Exhibit 94: Data Table on China – Year-over-year growth 2022-2027 (%)
  • 9.9 US – Market size and forecast 2022-2027
    • Exhibit 95: Chart on US – Market size and forecast 2022-2027 (USD billion)
    • Exhibit 96: Data Table on US – Market size and forecast 2022-2027 (USD billion)
    • Exhibit 97: Chart on US – Year-over-year growth 2022-2027 (%)
    • Exhibit 98: Data Table on US – Year-over-year growth 2022-2027 (%)
  • 9.10 Japan – Market size and forecast 2022-2027
    • Exhibit 99: Chart on Japan – Market size and forecast 2022-2027 (USD billion)
    • Exhibit 100: Data Table on Japan – Market size and forecast 2022-2027 (USD billion)
    • Exhibit 101: Chart on Japan – Year-over-year growth 2022-2027 (%)
    • Exhibit 102: Data Table on Japan – Year-over-year growth 2022-2027 (%)
  • 9.11 Germany – Market size and forecast 2022-2027
    • Exhibit 103: Chart on Germany – Market size and forecast 2022-2027 (USD billion)
    • Exhibit 104: Data Table on Germany – Market size and forecast 2022-2027 (USD billion)
    • Exhibit 105: Chart on Germany – Year-over-year growth 2022-2027 (%)
    • Exhibit 106: Data Table on Germany – Year-over-year growth 2022-2027 (%)
  • 9.12 South Korea – Market size and forecast 2022-2027
    • Exhibit 107: Chart on South Korea – Market size and forecast 2022-2027 (USD billion)
    • Exhibit 108: Data Table on South Korea – Market size and forecast 2022-2027 (USD billion)
    • Exhibit 109: Chart on South Korea – Year-over-year growth 2022-2027 (%)
    • Exhibit 110: Data Table on South Korea – Year-over-year growth 2022-2027 (%)
  • 9.13 Market opportunity by geography 
    • Exhibit 111: Market opportunity by geography (USD billion)
    • Exhibit 112: Data Tables on Market opportunity by geography (USD billion)

10 Drivers, Challenges, and Trends

  • 10.1 Market drivers 
  • 10.2 Market challenges 
  • 10.3 Impact of drivers and challenges 
    • Exhibit 113: Impact of drivers and challenges in 2022 and 2027
  • 10.4 Market trends 

11 Vendor Landscape

  • 11.1 Overview 
  • 11.2 Vendor landscape 
    • Exhibit 114: Overview on Criticality of inputs and Factors of differentiation
  • 11.3 Landscape disruption 
    • Exhibit 115: Overview on factors of disruption
  • 11.4 Industry risks 
    • Exhibit 116: Impact of key risks on business

12 Vendor Analysis

  • 12.1 Vendors covered 
    • Exhibit 117: Vendors covered
  • 12.2 Market positioning of vendors 
    • Exhibit 118: Matrix on vendor position and classification
  • 12.3 AB Electrolux 
    • Exhibit 119: AB Electrolux – Overview
    • Exhibit 120: AB Electrolux – Business segments
    • Exhibit 121: AB Electrolux – Key news
    • Exhibit 122: AB Electrolux – Key offerings
    • Exhibit 123: AB Electrolux – Segment focus
  • 12.4 Blue Star Ltd. 
    • Exhibit 124: Blue Star Ltd. – Overview
    • Exhibit 125: Blue Star Ltd. – Business segments
    • Exhibit 126: Blue Star Ltd. – Key offerings
    • Exhibit 127: Blue Star Ltd. – Segment focus
  • 12.5 Daikin Industries Ltd. 
    • Exhibit 128: Daikin Industries Ltd. – Overview
    • Exhibit 129: Daikin Industries Ltd. – Business segments
    • Exhibit 130: Daikin Industries Ltd. – Key news
    • Exhibit 131: Daikin Industries Ltd. – Key offerings
    • Exhibit 132: Daikin Industries Ltd. – Segment focus
  • 12.6 DeLonghi Appliances S.r.l. 
    • Exhibit 133: DeLonghi Appliances S.r.l. – Overview
    • Exhibit 134: DeLonghi Appliances S.r.l. – Business segments
    • Exhibit 135: DeLonghi Appliances S.r.l. – Key news
    • Exhibit 136: DeLonghi Appliances S.r.l. – Key offerings
    • Exhibit 137: DeLonghi Appliances S.r.l. – Segment focus
  • 12.7 Fujitsu Ltd. 
    • Exhibit 138: Fujitsu Ltd. – Overview
    • Exhibit 139: Fujitsu Ltd. – Business segments
    • Exhibit 140: Fujitsu Ltd. – Key news
    • Exhibit 141: Fujitsu Ltd. – Key offerings
    • Exhibit 142: Fujitsu Ltd. – Segment focus
  • 12.8 Haier Smart Home Co. Ltd. 
    • Exhibit 143: Haier Smart Home Co. Ltd. – Overview
    • Exhibit 144: Haier Smart Home Co. Ltd. – Business segments
    • Exhibit 145: Haier Smart Home Co. Ltd. – Key offerings
    • Exhibit 146: Haier Smart Home Co. Ltd. – Segment focus
  • 12.9 Honeywell International Inc. 
    • Exhibit 147: Honeywell International Inc. – Overview
    • Exhibit 148: Honeywell International Inc. – Business segments
    • Exhibit 149: Honeywell International Inc. – Key news
    • Exhibit 150: Honeywell International Inc. – Key offerings
    • Exhibit 151: Honeywell International Inc. – Segment focus
  • 12.10 Johnson Controls International Plc
    • Exhibit 152: Johnson Controls International Plc – Overview
    • Exhibit 153: Johnson Controls International Plc – Business segments
    • Exhibit 154: Johnson Controls International Plc – Key news
    • Exhibit 155: Johnson Controls International Plc – Key offerings
    • Exhibit 156: Johnson Controls International Plc – Segment focus
  • 12.11 LG Electronics Inc. 
    • Exhibit 157: LG Electronics Inc. – Overview
    • Exhibit 158: LG Electronics Inc. – Product / Service
    • Exhibit 159: LG Electronics Inc. – Key offerings
  • 12.12 Mitsubishi Electric Corp. 
    • Exhibit 160: Mitsubishi Electric Corp. – Overview
    • Exhibit 161: Mitsubishi Electric Corp. – Business segments
    • Exhibit 162: Mitsubishi Electric Corp. – Key news
    • Exhibit 163: Mitsubishi Electric Corp. – Key offerings
    • Exhibit 164: Mitsubishi Electric Corp. – Segment focus
  • 12.13 Panasonic Holdings Corp. 
    • Exhibit 165: Panasonic Holdings Corp. – Overview
    • Exhibit 166: Panasonic Holdings Corp. – Business segments
    • Exhibit 167: Panasonic Holdings Corp. – Key news
    • Exhibit 168: Panasonic Holdings Corp. – Key offerings
    • Exhibit 169: Panasonic Holdings Corp. – Segment focus
  • 12.14 Samsung Electronics Co. Ltd. 
    • Exhibit 170: Samsung Electronics Co. Ltd. – Overview
    • Exhibit 171: Samsung Electronics Co. Ltd. – Business segments
    • Exhibit 172: Samsung Electronics Co. Ltd. – Key news
    • Exhibit 173: Samsung Electronics Co. Ltd. – Key offerings
    • Exhibit 174: Samsung Electronics Co. Ltd. – Segment focus
  • 12.15 Transform Holdco LLC 
    • Exhibit 175: Transform Holdco LLC – Overview
    • Exhibit 176: Transform Holdco LLC – Product / Service
    • Exhibit 177: Transform Holdco LLC – Key offerings
  • 12.16 Toshiba Corp. 
    • Exhibit 178: Toshiba Corp. – Overview
    • Exhibit 179: Toshiba Corp. – Business segments
    • Exhibit 180: Toshiba Corp. – Key news
    • Exhibit 181: Toshiba Corp. – Key offerings
    • Exhibit 182: Toshiba Corp. – Segment focus
  • 12.17 Whirlpool Corp. 
    • Exhibit 183: Whirlpool Corp. – Overview
    • Exhibit 184: Whirlpool Corp. – Business segments
    • Exhibit 185: Whirlpool Corp. – Key offerings
    • Exhibit 186: Whirlpool Corp. – Segment focus

13 Appendix

  • 13.1 Scope of the report 
  • 13.2 Inclusions and exclusions checklist
    • Exhibit 187: Inclusions checklist
    • Exhibit 188: Exclusions checklist
  • 13.3 Currency conversion rates for USUSD
    • Exhibit 189: Currency conversion rates for USUSD
  • 13.4 Research methodology 
    • Exhibit 190: Research methodology
    • Exhibit 191: Validation techniques employed for market sizing
    • Exhibit 192: Information sources
  • 13.5 List of abbreviations 
    • Exhibit 193: List of abbreviations

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