The global air conditioner market size is expected to reach USD 187.62 billion in 2028 and register a revenue CAGR of 5.5% over the forecast period, according to a latest report by Reports and Data. Market revenue growth is primarily driven by rising temperature in countries across the globe. In addition, steady economic growth of developing countries is resulting in rising sales of various appliances, including air conditioners. Consumers are purchasing air conditioners as utility products rather than just luxury products. The highest concentration of air conditioning units are in the U.S., China, Japan, South Korea, and India respectively. The International Energy Agency (IEA) predict a 244% increase in number of air conditioner units in the world from 2016 to 2050. Moreover, onslaught of sweltering summers and extension of work from home trend because of ongoing COVID-19 pandemic are expected to have a positive impact on the air conditioner market. Consumers are making home more comfortable, owing to increased time spent indoors. These factors are projected to boost revenue growth of market during the forecast period.
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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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.
Some Key Highlights From the Report
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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)
Distribution Channel Outlook (Revenue, USD Billion; 2018-2028)
End-use Outlook (Revenue, USD Billion; 2018-2028)
The research study includes an in-depth analysis of the market using advanced research methodologies such as SWOT analysis and Porter’s Five Forces analysis. The report further explores the key business players along with their in-depth profiling, product portfolio, and strategic business decisions. The report has been formulated through extensive primary and secondary research and further validated by analysts, industry experts, and market professionals. The report also sheds light on the recent mergers and acquisitions, joint ventures, collaborations, partnerships, and product launches, among others.
Regional analysis covers assessment of import/export, production and consumption ratio, supply and demand, cost, price, estimated revenue and gross margins, and presence of key players in the region. The report also offers insights about revenue growth, market size, market share, technological advancements, and presence of key players in each region.
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Regional Bifurcation of the Air Conditioner Market Includes:
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