Air Conditioning Market:
The GMI Research’s latest analysis reveals that the Air Conditioning Market is slated to register a significant CAGR over the forecast period. This is attributed to the rapid technological advancements in the air conditioners like the strong presence of air purification technologies and the growing development of multiplexes, hospitals, which raise the adoption of air conditioning.
Air Conditioning Market’s leading Manufacturers:
- American Traction Systems
- Mitsubishi Electric Corporation
- Daikin Industries Ltd.
- Denso Corporation
- Voltas Ltd.
- Gree Electric Appliances, Inc.
- LG Electronics
- Panasonic Corporation
- Midea Group
- Toshiba Carrier Corporation
- Haier lnc.
Air Conditioning Market Dynamics (including market size, share, trends, growth, forecast, and industry analysis)
Key Drivers
The rapid technological advancements in the air conditioners like the strong presence of air purification technologies and the growing development of multiplexes, hospitals, which are raising the adoption of air conditioning, are the key drivers contributing to the growth of the air conditioning market size. Moreover, the rise in the construction industry is encouraging the development of commercial and residential buildings driven by the increasing population growth and the growing tourism industry.
The rising emphasis on the development of environment-friendly and energy-efficient air conditioners, increasing urbanization, improving economic conditions of the emerging countries, high disposable income, and drastically changing consumer lifestyle are boosting the demand of the market globally. There has been an upsurge in demand for private car rental services, such as Ola, Uber, etc., which is further propelling the demand for products to improve the consumers’ experience and rising middle-class population. On the other hand, maintenance costs and the high initial cost of the system will hinder the growth of the air conditioning market share in terms of revenue over the forecast period. The emergence of the COVID-19 pandemic has negatively influenced the growth of the air conditioning market due to the decrease in the supplies of various components of air conditioners from China, which is hampering the production of AC worldwide. The major distributors are concerned that the consumers may not purchase these products owing to the fear of contracting the virus using air conditioners in their offices and homes.
End-Use Segment Drivers
Based on the end-user, the commercial is projected to rise at a faster CAGR in the coming years due to the growing development of hospitals, office buildings, and hotels which is bolstering the implementation of air conditioners. Additionally, the proliferation of smart and energy-efficient air conditioners is causing less ozone depletion, which is raising the adoption of air conditioning among this end-user, thus accelerating the growth of the market.
Air Conditioning Market Segmentation:
Segmentation by Type:
- Chillers
- VRF Systems
- Room/Unitary Air Conditioners
- Coolers
- Others
Segmentation by End-User:
- Commercial
- Residential
- Industrial
- Automotive
Segmentation by Distribution Channel:
- Supermarkets/Hypermarkets
- Specialty Stores
- Online
- Others
Segmentation by Region:
- North America
- United States of America
- Canada
- Asia Pacific
- China
- Japan
- India
- Rest of APAC
- Europe
- United Kingdom
- Germany
- France
- Spain
- Rest of Europe
- RoW
- Brazil
- South Africa
- Saudi Arabia
- UAE
- Rest of the world (remaining countries of the LAMEA region)
About GMI Research
GMI Research is one of the leading market research and consulting company that offers consulting services, syndicated research reports, and customized market research reports. We help our client to make informed business decisions and provide market intelligence studies related to the various industries such as automotive, energy, healthcare, chemicals, technology, and other sectors. Our research teams include seasoned analysts and researchers have hands-on experience in every regions, including Asia-pacific, Europe, North America, and the Rest of the World. Our market research report provides in-depth analysis, which contains refined forecasts, a bird’s eye view of the competitive landscape, factors impacting the market growth, and several other market insights to aid companies in making strategic decisions. Featured in the ‘Top 20 Most Promising Market Research Consultants’ list of Silicon India Magazine in 2018, we at GMI Research are always looking forward to help our clients to stay ahead of the curve.
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