Air Conditioner Market to Cross $155 Billion by 2022
Rapid economic development
in emerging economies, and increasing demand from residential and commercial
sectors to drive global air conditioners market during the forecast period
According to TechSci Research report, “GlobalAir Conditioners Market By Product Type,
By Region, Competition Forecast & Opportunities, 2012-2022”, global air conditioners market is projected to
reach $155 billion by 2022, on account of booming construction sector, changing lifestyle of
middle class population, increasing disposable income of consumers and changing
climatic conditions. Global construction output stood at USD9.60 trillion in 2015 and this
is projected to grow at a CAGR of around 4.5% through 2020, thereby boosting
growth in global air conditioners market. Additionally, growing
travel & tourism and hospitality sectors across the globe have also
increased deployment of new air conditioners in hotels, airports
and other commercial areas. In 2016, global GDP growth was
estimated to be around 3.40%. Growth in per capita income induces increase in
spending capacities and thus provides huge scope for growth for global air
conditioners market
Light commercial air conditioners, which includes splits air
conditioners, cassettes, window air conditioners and concealed ductable splits, dominate
global air conditioners market due to growing demand from residential as well
as commercial sectors. Additionally,
the global market is also witnessing growing demand for inverter technology
based air conditioners. Further, Asia-Pacific dominated demand for air
conditioners across the globe, due to high demand from China, Japan, and India. Middle East & Africa is emerging as the
fastest growing market for air conditioners across the globe. Few of the
leading players operating in global air conditioners market include Daikin,
Gree, Midea, Carrier and Mitsubishi Electric.
“Rapid economic development across emerging economies,
especially BRICS and Middle East countries is anticipated to boost growth in
global air conditioners market. Moreover, growing demand for energy efficient
air conditioners across the globe is leading to replacement of old air
conditioners with newer ones. With increasing awareness among consumers about
air pollution and its adverse impact on health, global air conditioners market
witnessed significant growth during 2012-2016. Consequently, leading air
conditioner manufacturers such as LG, Samsung, Carrier, Daikin, etc., are
offering air conditioners with built-in air purifiers, which are gaining
popularity among consumers due to their dual features. Moreover, average cost
of purchasing air purifier based air conditioners is comparatively lower than
average price of purchasing air conditioners and air purifiers. This is
anticipated to boost sales in global air conditioners market in the coming
years.” said Mr. Karan Chechi, Research Director with TechSci Research, a
research based global management consulting firm.
“Global Air Conditioners Market By Product
Type, By Region, Competition Forecast & Opportunities, 2012-2022” has evaluated the future growth potential of global air conditioners market
and provides statistics and information on market structure, size, share and
future growth of global air conditioners market. The report is intended to
provide cutting-edge market intelligence and help decision makers take sound
investment evaluation. Besides, the report also identifies and analyzes
emerging trends along with essential drivers, challenges, and opportunities in global
air conditioners market.
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