Report Description

The global residential air conditioner market is anticipated to project robust growth in the forecast period, 2022-2027, with a CAGR of 4.15% on account of factors such as rising worldwide temperatures and humidity levels, as well as a growing acceptance of air conditioners as a necessity rather than a luxury item, particularly in the Asia-Pacific region. Air conditioning is a feature that enables the inside environment to be cooled, heated, and ventilated. Although the phrase "air conditioning" is most commonly associated with cooling, the process of air conditioning systems also includes humidity control and air cleaning as vital functions. The air conditioning system generates a comfortable environment that increases human efficiency while also circulating filtered air inside a limited space and preventing dust particles or smoke from entering. As a result, these systems are commonly used in residential areas.

Moreover, another major factor contributing to the growth of residential air conditioner market is the increasing use of energy-efficient and renewable energy products. Also, the consumer preferences are inclining towards sustainability; therefore, global residential air conditioner market players are opting for sustainable methods, which are anticipated to enhance their consumer base further. Currently, around one-third of global households have an air conditioner. More than 90% of houses in countries such as the United States and Japan have air conditioning. Additionally, the cost of air conditioning equipment is steadily falling as technology advances and efficiency improves. Due to the high competition in the air conditioning systems market (particularly in Asia-Pacific and the Middle East & Africa regions), businesses are frequently offering equipment at cheaper prices in order to increase sales.

Also, regulatory bodies and governments have clearly stated that all air conditioner manufacturing enterprises must incorporate higher Energy Efficient Ratio (EER) in their equipment. Semi-government and private project owners have become wary of this approach, and as a result, they are increasingly relying on cutting-edge energy-saving technologies such as eco-friendly inverter technology-based units, and solar energy-based air conditioners. Furthermore, the emergence of various government initiatives emphasizing the need for eco-friendly product variations has aided market expansion. For example, the Energy Efficiency Services Limited, Government of India, launched the 'Super-Efficient Air Conditioning Program' in 2019 to replace traditional air conditioning systems with modern and eco-friendly alternatives.

Increasing Technological Advancements

Technologies such as corrosion protection, indoor air quality, voltage fluctuation protection, dual inverter technology with acoustic jacket, humidity control using auto humid control and dry mode, copper condenser, and anti-corrosive hydrophilic bluefin, among others, are transforming air conditioners. As a result, in order to match consumer demand, industry participants are constantly introducing new technological breakthroughs in their product portfolio. Hitachi, Daikin, and LG are at the forefront of air conditioning technology, having phased out obsolete and environmentally unfavorable systems. Such factors are expected to positively impact the residential air conditioner market around the world.

Change in Climatic Conditions

The key driver of growth in the global residential air conditioners market is changing climatic conditions. Temperatures are rising all around the world, owing primarily to global warming, which is increasing demand for air conditioners in the residential sector. Furthermore, the majority of rising economies with strong economic growth are located partly (e.g., China or India, or coastal areas in Central and South America) or entirely (South-East Asia, Sub-Saharan Africa) in tropical climates. Their demand for air cooling is constantly increasing in order to improve consumer comfort. This is expected to propel the growth of residential air conditioners across the globe during the forecast period.

Rising Growing GDP Per Capita Income Fueling the Market Growth

One of the primary drivers of growth in the global residential air conditioners market is rising GDP per capita income. It denotes an increase in consumer spending power as well as their quality of living. Consumers are willing to spend more on comfort and convenience. They are willing to pay more and do not want to compromise on product quality. With rising GDP per capita income around the world, demand for air conditioners will surge. This factor is anticipated to contribute immensely to the residential air conditioner market.


Market Segmentation

The global residential air conditioner market is segmented based on product type, distribution channel, region, and competitional landscape. On the basis of product type, the market is further fragmented into split air conditioners, window air conditioners, and others. Based on distribution channel, the market is segmented into multi branded electronic stores, supermarket/hypermarket, online, and others. The market analysis also studies the regional segmentation to devise regional market segmentation, divided among North America, Europe, Asia-Pacific, South America, and Middle East & Africa.

Company Profiles

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, etc. are among the major market players in the global platform that lead the market growth of the global residential air conditioner market.         

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Attribute

Details

Market Size Value in 2021

USD55.12 Billion

Revenue Forecast in 2027

USD70.81 Billion

Growth Rate

4.15%

Base Year

2021

Historical Years

2017 – 2021

Estimated Year

2022

Forecast Period

2023 – 2027

Quantitative Units

Revenue in USD Billion and CAGR for 2017-2021 and 2022-2027

Report Coverage

Revenue forecast, company share, competitive landscape, growth factors, and trends

Segments Covered

·         Product Type

·         Distribution Channel

·         Region

·         Company

Regional Scope

Asia-Pacific, North America, Middle East & Africa, Europe, and South America

Key Companies Profiled

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, etc.

Customization Scope

10% free report customization with purchase. Addition or alteration to country, regional & segment scope.

Pricing and Purchase Options

Avail customized purchase options to meet your exact research needs. Explore purchase options

Delivery Format

PDF and Excel through Email (We can also provide the editable version of the report in PPT/pdf format on special request)

 

Report Scope:

In this report, global residential air conditioner market has been segmented into the following categories, in addition to the industry trends which have also been detailed below:

  • Global Residential Air Conditioner Market, By Product Type:
    • Splits
    • Windows
    • Others
  • Global Residential Air Conditioner Market, By Distribution Channel:
    • Multi Branded Electronic Stores
    • Supermarkets/Hypermarkets
    • Online
    • Others
  • Global Residential Air Conditioner Market, By Region:
    • Asia-Pacific
    • North America
    • Middle East & Africa
    • Europe
    • South America

Competitive Landscape

Company Profiles: Detailed analysis of the major companies present in global residential air conditioner market.

Available Customizations:

With the given market data, TechSci Research offers customizations according to a company’s specific needs. The following customization options are available for the report:

Company Information

  • Detailed analysis and profiling of additional market players (up to five).


Table of content

1.    Product Overview

2.    Research Methodology

3.    Executive Summary

4.