North America Air Conditioners Market to Grow with a CAGR of 6.07% through 2028
North America air conditioners market is driven by a
combination of factors such as climate variability, energy efficiency concerns,
and the integration of smart technology.
According to TechSci Research report, “North
America Air Conditioners Market - Industry Size, Share,
Trends, Competition Forecast & Opportunities, 2028”, the North
America Air Conditioners Market stood at USD 24.6 billion in 2022 and is
anticipated to grow with a CAGR of 6.07% in the forecast period, 2024-2028. The
North America Air Conditioners Market is a dynamic and essential sector within
the broader heating, ventilation, and air conditioning (HVAC) industry.
Spanning Canada, the United States, and Mexico, this market plays a pivotal
role in providing thermal comfort and indoor air quality solutions to a diverse
range of residential, commercial, and industrial consumers.
The North America Air Conditioners Market is
characterized by its vast size and multifaceted nature. It encompasses a wide
array of air conditioning products, including central air conditioning systems,
ductless mini-split systems, window units, portable air conditioners, and more.
This diversity of product offerings is driven by the diverse needs of
consumers, influenced by factors such as climate, building types, and personal
preferences.
The market size of the North America Air Conditioners
Market is substantial, reflecting the region's economic prosperity, climatic
diversity, and the importance of air conditioning in daily life. The market has
experienced consistent growth over the years, with the demand for air
conditioning systems driven by several factors.
North America spans a broad range of climates, from
the frigid winters of Canada to the scorching summers in the southern United
States. These climate extremes necessitate the use of air conditioning systems
for both heating and cooling purposes, contributing significantly to the
market's growth. Additionally, the region's growing population, coupled with
urbanization trends, has led to an increase in residential and commercial
construction. New construction projects require air conditioning systems,
boosting demand in the market. Furthermore, governments in North America have
implemented stringent energy efficiency regulations, such as SEER (Seasonal
Energy Efficiency Ratio) standards, encouraging consumers to opt for
energy-efficient air conditioning systems. This has driven the adoption of modern,
eco-friendly, and energy-efficient technologies.
The replacement market is a significant driver of
growth, with consumers upgrading their older, less-efficient air conditioning
units to newer, energy-saving models. This trend is reinforced by the desire to
reduce energy costs and environmental impact. Additionally, consumers
increasingly recognize the importance of indoor air quality and thermal
comfort. Air conditioning systems not only regulate temperature but also filter
and circulate air, contributing to healthier indoor environments, especially in
allergy-prone regions. Furthermore, advancements in HVAC technology have led to
the development of smart and connected air conditioning systems, offering
consumers greater control, convenience, and energy savings. These innovations
have stimulated demand among tech-savvy consumers.
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The use of refrigerants in air conditioning systems,
particularly older models, can contribute to greenhouse gas emissions and ozone
depletion. Stricter regulations require the industry to transition to
eco-friendly refrigerants, posing challenges for manufacturers and consumers.
Additionally, rising energy costs and concerns about carbon footprints have
placed greater pressure on consumers to choose energy-efficient systems.
However, the initial cost of these systems can be higher, deterring some
potential buyers. Furthermore, global supply chain disruptions, including those
caused by the COVID-19 pandemic, have impacted the availability of critical
components and materials, leading to supply shortages and potential delays in
product availability.
The North America Air Conditioners Market is highly
competitive, with numerous manufacturers and brands vying for market share.
This competition can lead to pricing pressures and the need for continuous
innovation. Additionally, regulatory standards and requirements can vary by
state and country within North America, making it challenging for manufacturers
to navigate the complex landscape of compliance and certification.
Smart air conditioning systems that can be controlled
remotely through mobile apps or integrated with home automation systems have
gained popularity. Consumers appreciate the convenience and energy-saving
potential of these technologies. Additionally, energy-efficient air
conditioners with higher SEER ratings are in high demand. Consumers are willing
to invest in these systems to reduce energy consumption and lower their utility
bills. Furthermore, there is a growing emphasis on sustainability in the air conditioning
industry. Manufacturers are exploring eco-friendly refrigerants and improving
system designs to reduce environmental impact.
Ductless mini-split systems are gaining traction as
versatile solutions for both heating and cooling. They are increasingly used in
both residential and commercial settings, providing flexibility and zoned
climate control. Additionally, hybrid heating and cooling systems that combine
traditional HVAC technology with renewable energy sources, such as solar
panels, are becoming more popular, offering cost savings and reduced
environmental impact.
North America air conditioners market is segmented
into product type, end use, and region.
Based on product type, the market is segmented into splits, VRFs,
chillers, windows, and others (portable, floor standing, etc.). Among these, splits
has a significant share in the North America air conditioners market. One of
the key advantages of ductless mini-splits is their ability to provide zoned
heating and cooling. Each indoor unit can be controlled independently, allowing
for precise temperature control in different areas or rooms. This zoned
approach not only enhances comfort but also contributes to energy savings by
avoiding the need to cool or heat the entire space.
Based on country, United States has a significant
share of the North America air conditioners market. The United States
experiences a wide range of climate conditions, from the extreme cold of
northern states to the scorching heat of southern regions. This climatic
diversity necessitates the use of air conditioning systems for both cooling and
heating purposes, contributing significantly to market growth.
Major companies operating in North America air
conditioners market are:
- Daikin
Industries, Ltd.
- Mitsubishi
Electric Corporation
- Hitachi-Johnson
Controls Air Conditioning
- Carrier Global
Corporation
- Whirlpool Corporation
- Haier Smart Home
Co. Ltd.
- LG Electronics
- Panasonic
Corporation
- Robert Bosch GmbH
- Samsung
Electronics Co., Ltd.
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“The future of
the North America Air Conditioners Market is promising, driven by ongoing
urbanization, population growth, energy efficiency initiatives, and consumer
demand for enhanced comfort and indoor air quality. As the industry continues
to evolve, it will likely witness further advancements in energy-efficient
technologies, greater sustainability efforts, and the integration of smart and
connected features. The region's commitment to eco-friendly solutions and
regulatory standards will shape the market's trajectory, with opportunities for
manufacturers and consumers alike to contribute to a more efficient and
sustainable HVAC landscape.” said Mr. Karan Chechi, Research Director with
TechSci Research, a research-based management consulting firm.
“North America Air Conditioners Market By Product
Type (Splits, VRFs, Chillers, Windows, and Others (Portable, Floor Standing,
etc.)), By End Use (Residential, Commercial/Industrial), By Region, By
Competition Forecast & Opportunities, 2018-2028F, has evaluated
the future growth potential of North America air conditioners market and
provides statistics & information on market size, structure and future
market growth. The report intends to provide cutting-edge market intelligence
and help decision-makers make sound investment decisions. Besides, the report
also identifies and analyzes the emerging trends along with essential drivers,
challenges, and opportunities in North America air conditioners market.
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