Residential Air Conditioner Market to Surpass USD70.81 Billion

Increasing humidity and temperature level to fuel the global residential air conditioner market through 2027F.

According to TechSci Research report, “Residential Air Conditioner Market - Global Industry Size, Share, Trends, Opportunity and Forecast, 2017-2027”, the global residential air conditioner market was valued at USD55.12 billion in 2021 and is forecast to grow at a CAGR of over 4% until 2027. Growing acceptance of residential air conditioners as a needed product than luxury products, backed by growing temperature levels and increasing disposable income, drives the market growth.

Temperature is increasing on a global scale, contributing to changing climatic conditions, thereby elevating the demand for air conditioners in the residential setup. Emerging economies that are located in the tropical regions are observing high economic growth. High economic growth and high disposable income are driving the growth of the residential air conditioner market globally.

Manufacturers of air conditioners are introducing products with new technologies such as corrosion protection, improved air quality, dual inverter technology with acoustic jacket, humidity control using auto humid control and dry mode, copper condenser, and anti-corrosive hydrophilic bluefin, and many more. Companies are discontinuing old technologies that were not good for the environment and used to consume more power. For instance, LG has stopped producing non-inverter air conditioners. Similarly, Daikin has ceased using R22 refrigerant and Hitachi does not use an aluminium condenser.

Browse over 137 market data Figures spread through 179 Pages and an in-depth TOC on "Global Residential Air Conditioner Market"

https://www.techsciresearch.com/report/residential-air-conditioner-market/8283.html

Global residential air conditioner market is segmented based on product type, distribution channel, company, and regional distribution.

Based on product type, the market is divided into split, window and others. Split segment led the market with a share of 82% in 2021, and the segment is anticipated to continue dominance through 2027. Segmental growth of split air conditioners can be ascribed to the fact that split air conditioners are easy to install and are quieter and sleek when compared with others.

Based on the distribution channel, the market is divided into multi-branded electronic stores, supermarket/hypermarket, online and others. Multi-branded accounted for the share of 44.88% in 2021, while the online segment is expected to witness significant growth on account of increased air conditioner sales due to COVID. With the rising internet penetration ratio across the globe, manufacturers now have new ways to reach their customers with the emergence of e-commerce businesses. The online sales channel has allowed companies to expand their distribution reach and serve customers in even the most remote areas, thus supporting the growth of the global residential air conditioners market. Also, the strict COVID-19 lockdown imposed in different parts of the world in 2020 adversely affected the retail store sales. Major brands were forced to shut their stores in a number of countries which resulted in a significant sales decline worldwide. However, the online channel reported higher sales during the lockdown period cushioning part of the losses that companies incurred in offline sales. 

Major market players operating in the global residential air conditioner market are:

·         Daikin Industries, Ltd.

·         Gree Electric Appliances Inc.

·         Carrier Global Corporation

·         Midea Group Co., Ltd.

·         Samsung Electronics Co., Ltd.

·         Johnson Controls-Hitachi Air Conditioning Limited

·         LG Electronics Inc.

·         Panasonic Corporation

·         Mitsubishi Electric Corporation

·         Toshiba Corporation

Companies operating in the market are investing in R&D and launching new products with inverter and air purification technologies to garner a share in the market. Similarly, Gree launched air conditioners with inverter-based and WiFi-enabled systems for complete control for single-zone and multi-zone systems.

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“Asia-Pacific region accounted for the highest share in the global residential air conditioners market with a share of over 65% in value terms in 2021 and this trend is anticipated to continue during the forecast period as well on account of growing middle-class population, rising temperature due to climate change, growing residential sector and the increasing purchasing power of the consumers. Moreover, due to rising urbanization, the Asia-Pacific market is seeing a surge in multiple real estate projects and public-private partnerships in various residential development zones. Construction activities across residential infrastructure are expected to strengthen because of the housing needs of the growing Asia-Pacific urban population.” said Mr. Karan Chechi, Research Director with TechSci Research, a research-based global management consulting firm.

“Residential Air Conditioner Market - Global Industry Size, Share, Trends, Opportunity and Forecast, 2017-2027 Segmented By Product Type (Splits, Windows, Others), By Distribution Channel (Multi Branded Electronic Stores, Supermarket/Hypermarket, Online and Others), By Region”, has evaluated the future growth potential of global residential air conditioner market and provides statistics and information on market size, structure and future market growth. The report intends to provide cutting-edge market intelligence and help decision makers take sound investment decisions. Besides, the report also identifies and analyzes the emerging trends along with essential drivers, challenges, and opportunities in the global residential air conditioner market.

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Created on Jul 12th 2022 01:48. Viewed 163 times.

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