Report Description

Forecast Period

2024-2028

Market Size (2022)

USD 750 Million

CAGR (2023-2028)

8.27 %

Fastest Growing Segment

Chillers

Largest Market

Northern


Market Overview

Vietnam Air Conditioners Market has valued at USD 750 million in 2022 and is anticipated to project robust growth in the forecast period with a CAGR of 8.27% through 2028 The Vietnam air conditioners market has witnessed substantial growth and transformation over the past few decades, reflecting the country's economic development, urbanization, and changing climate patterns.The Vietnam air conditioners market is sizable and has experienced steady growth in recent years. Factors such as rising disposable incomes, rapid urbanization, and the increasing affordability of air conditioning units have contributed to this expansion. Vietnam's tropical climate, characterized by high temperatures and humidity, has made air conditioning a necessity for many households and businesses. The Vietnam air conditioners market features a mix of domestic and international manufacturers. Leading global companies like Daikin, Panasonic, LG Electronics, and Samsung Electronics have a strong presence, offering a wide range of air conditioning solutions. Domestic manufacturers such as Gree Electric Appliances Inc., Midea Group, and Viet Duc have also gained prominence, contributing to the market's competitiveness. Increasing awareness of energy efficiency and environmental concerns has led to a growing demand for energy-efficient air conditioning systems. Manufacturers are developing and promoting units that meet stringent energy efficiency standards. Smart air conditioning systems that can be controlled remotely through mobile apps and integrated with other smart home devices are gaining popularity among consumers seeking convenience and energy savings. Inverter technology, which allows air conditioners to adjust their cooling capacity based on the room's temperature, is becoming standard in many units. This technology enhances efficiency and reduces energy consumption. The demand for professional installation and maintenance services is rising, as consumers seek to ensure the longevity and efficiency of their air conditioning units. In conclusion, the Vietnam air conditioners market is characterized by significant growth opportunities driven by economic development, urbanization, and climate considerations. The market's diversity in terms of product segments and players makes it dynamic and competitive, with ongoing trends emphasizing energy efficiency and smart technology. As Vietnam's economy continues to grow, the demand for air conditioning solutions is expected to remain strong, making it a pivotal sector within the country's consumer and industrial markets.

Key Market Drivers

Economic Growth and Rising Disposable Incomes

Vietnam has experienced robust economic growth over the past few decades, transitioning from an agrarian economy to a dynamic and industrialized one. This economic transformation has led to a substantial increase in disposable incomes among the Vietnamese population. As people's purchasing power has grown, so has their capacity to invest in appliances that enhance their quality of life, including air conditioning.

The rise in disposable incomes has driven demand for air conditioners across all segments of society, from households and small businesses to large commercial and industrial establishments. As more consumers can afford air conditioning systems, the market has witnessed steady growth, with both local and international manufacturers competing to meet this surging demand.

In addition to the increasing affordability of air conditioners, consumers are also inclined to invest in energy-efficient and environmentally friendly models, reflecting a growing awareness of sustainability and the importance of reducing energy consumption. This shift toward more energy-efficient units has further fueled market growth, as manufacturers introduce innovative and eco-conscious cooling solutions to cater to consumer preferences.

Urbanization and Population Growth

Vietnam's rapid urbanization has resulted in the expansion of cities and urban areas, where the demand for air conditioning is particularly high. As people migrate from rural to urban regions in search of better job opportunities and living conditions, the need for comfortable indoor environments has become a priority. Urbanization has led to a significant rise in the construction of residential complexes, commercial buildings, shopping malls, and office spaces—all of which require effective cooling solutions.

The population growth in urban areas, combined with the increased construction of modern buildings, has created a thriving market for air conditioners. Both residential and commercial consumers seek efficient cooling and heating systems to ensure comfort and productivity in urban settings, further propelling the air conditioning market's growth.

Moreover, the hospitality and tourism sectors in Vietnam have expanded significantly due to urbanization and increased international tourism. Hotels, resorts, and restaurants prioritize air conditioning to provide comfortable accommodations and dining experiences to their guests, driving up the demand for advanced and reliable cooling solutions.

Climate Variability and Weather Extremes

Vietnam's climate is characterized by its tropical monsoon pattern, which results in hot and humid summers, particularly in the northern and central regions. Climate change has brought about more extreme weather events, including longer and hotter summers, leading to an increased reliance on air conditioning for temperature control and comfort.

As the country experiences prolonged periods of high temperatures and humidity, the demand for air conditioning systems has surged. Residents and businesses alike are investing in cooling solutions to maintain comfortable indoor environments, protect sensitive equipment, and ensure the well-being of occupants during heatwaves.

The need for air conditioning is not limited to cooling; it extends to providing heating during the cooler months, especially in the northern parts of the country. Many modern air conditioning units offer both cooling and heating capabilities, making them versatile solutions for year-round climate control.

 

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Key Market Challenges

Environmental Concerns and Energy Efficiency

One of the foremost challenges facing the Vietnam air conditioners market is the growing concern for environmental sustainability and the need to enhance energy efficiency. As the country's economy continues to grow, so does the demand for cooling solutions. This increased demand has led to a surge in electricity consumption, primarily driven by air conditioning systems.

Vietnam has set ambitious climate goals and is actively working towards reducing its carbon footprint. However, the energy consumption associated with air conditioners poses a significant obstacle to achieving these targets. Older and less efficient cooling units contribute to higher energy consumption and increased greenhouse gas emissions.

To address this challenge, the Vietnamese government has introduced energy efficiency regulations and standards for air conditioners. Manufacturers are now required to produce and sell energy-efficient models to reduce the environmental impact and alleviate the strain on the country's power grid. This shift towards energy-efficient air conditioning systems is essential for both environmental sustainability and reducing energy costs for consumers.

Infrastructure and Installation Challenges

Another challenge in the Vietnam air conditioners market relates to infrastructure and installation issues. The rapid urbanization and economic growth in Vietnam have resulted in the construction of new buildings, residential complexes, and commercial spaces. While these developments offer opportunities for air conditioner sales, they also present challenges in terms of installation and infrastructure readiness.

Many buildings, especially in older urban areas, may lack the necessary electrical infrastructure to support modern air conditioning systems. Retrofitting these buildings to accommodate air conditioners can be costly and logistically challenging. Additionally, ensuring proper installation and maintenance of air conditioning units is crucial to their long-term performance and energy efficiency.

Furthermore, there is a need for skilled technicians and contractors capable of installing and servicing air conditioning systems. A shortage of trained professionals can lead to subpar installations, inefficient cooling systems, and higher operational costs for consumers.

To overcome these infrastructure and installation challenges, it is essential to invest in upgrading existing buildings and ensuring that new construction projects are equipped with the necessary infrastructure for air conditioning. Moreover, efforts to train and certify technicians in proper installation and maintenance practices are vital for the market's sustainable growth.

Competitive Landscape and Pricing Pressures

The Vietnam air conditioners market is highly competitive, with numerous domestic and international manufacturers vying for market share. This competition can lead to pricing pressures and a race to offer lower-cost options to attract consumers. While affordable options are essential to reach a broad customer base, pricing pressures can have negative consequences.

Firstly, the drive to reduce costs may result in compromises on product quality and energy efficiency, impacting the long-term reliability and environmental sustainability of air conditioning systems. Low-quality units may also require frequent repairs and replacements, increasing the total cost of ownership for consumers.

Secondly, intense competition can make it challenging for manufacturers to invest in research and development to develop innovative and energy-efficient technologies. This, in turn, can hinder progress towards meeting environmental goals and improving overall system efficiency.

To address these challenges, businesses operating in the Vietnam air conditioners market must strike a balance between affordability and quality. Emphasizing the importance of energy-efficient systems and incentivizing consumers to invest in higher-quality units can help combat the pricing pressures while ensuring long-term sustainability.

Key Market Trends

Energy Efficiency and Sustainability

One of the prominent trends in the Vietnam air conditioners market is the growing emphasis on energy efficiency and sustainability. This trend aligns with global efforts to reduce energy consumption and mitigate the environmental impact of air conditioning systems. Several factors contribute to this trend:

Regulatory Initiatives: Vietnamese authorities have introduced energy efficiency standards and regulations to promote the use of energy-efficient air conditioners. These regulations encourage manufacturers to develop products that consume less electricity and reduce carbon emissions.

Consumer Awareness: There is a growing awareness among Vietnamese consumers about the importance of energy efficiency and environmental conservation. Buyers are increasingly seeking air conditioning systems with higher Energy Efficiency Ratio (EER) ratings, which indicates lower energy consumption.

Green Building Practices: The construction industry in Vietnam is adopting green building practices, including the use of energy-efficient HVAC (heating, ventilation, and air conditioning) systems. These practices are driving demand for eco-friendly air conditioners that align with sustainable building designs.

Inverter Technology: Inverter technology, which adjusts the compressor speed to maintain a consistent temperature and save energy, is gaining popularity. Inverter air conditioners are more energy-efficient compared to traditional models and are becoming a preferred choice for both residential and commercial applications.

Smart and Connected Air Conditioners

Vietnam's air conditioners market is witnessing a surge in the adoption of smart and connected air conditioning systems. This trend is driven by the proliferation of smartphones, the availability of high-speed internet, and the desire for greater convenience and control over home appliances:

Wi-Fi Connectivity: Many air conditioner manufacturers now offer Wi-Fi-enabled units that can be controlled remotely via smartphone apps. This allows users to adjust settings, monitor energy consumption, and schedule cooling based on their preferences.

Integration with Smart Home Ecosystems: Air conditioning systems are increasingly integrated into broader smart home ecosystems. Users can control their air conditioners through voice commands or centralized smart home hubs, enhancing the overall home automation experience.

Energy Management: Smart air conditioners often come equipped with energy management features, allowing users to optimize energy usage and reduce utility bills. These systems can adapt to changing weather conditions and occupancy patterns, ensuring efficient operation.

Human-Centric Features: Some smart air conditioners are equipped with sensors that detect human presence and adjust cooling accordingly. This not only enhances comfort but also reduces energy wastage in unoccupied rooms.

Growth of the Residential Segment

The residential sector is a significant driver of growth in the Vietnam air conditioners market. As disposable incomes rise and urbanization continues, more households are investing in air conditioning for comfort and improved quality of life:

Affordable Options: The availability of affordable air conditioning units has made them accessible to a broader segment of the population. Entry-level models with basic features cater to budget-conscious consumers.

Urban Living: Rapid urbanization has led to smaller living spaces in urban areas, where air conditioning is considered essential for comfort. As more people migrate to cities, the demand for residential air conditioners remains robust.

Real Estate Development: The real estate sector is booming in Vietnam, with developers often including air conditioning systems as standard features in new residential projects. This drives the installation of air conditioners in newly constructed homes and apartments.

Multi-Functional Units: Multi-functional air conditioning units that offer heating and cooling capabilities are gaining popularity in the residential sector. These units provide year-round comfort, making them an attractive option for homeowners.

Segmental Insights

Type Insights

Splits, or split-system air conditioners, have established a substantial and dominant presence in the Vietnam air conditioning market. These systems are characterized by their efficiency, versatility, and ability to meet the cooling needs of both residential and commercial spaces. Their widespread adoption can be attributed to several key factors that highlight their significant share in the Vietnamese air conditioning market.

Split-system air conditioners are known for their energy efficiency and superior cooling performance. With the growing emphasis on sustainability and energy conservation in Vietnam, these systems have gained favor among consumers and businesses alike. The energy-efficient features of splits not only reduce electricity bills but also contribute to environmental conservation.

Vietnam experiences a wide range of climatic conditions, from the hot and humid summers to cooler winters in the northern regions. Split-system air conditioners are well-suited to this variability as they can provide both cooling and heating functions. This adaptability makes them a year-round solution for climate control, enhancing their market appeal.

Split-systems comprise two main units – an indoor unit and an outdoor condenser unit – connected by refrigerant lines. Their space-saving design makes them suitable for homes, offices, and businesses with limited space for HVAC equipment. This compactness and flexibility in installation have contributed to their market dominance.

Splits are known for their quiet operation, ensuring minimal disruption in both residential and commercial settings. This feature is particularly important for maintaining a comfortable and productive environment while minimizing noise pollution.

Split-system air conditioners are highly versatile and can be customized to suit various applications. They are available in different capacities to accommodate the cooling needs of small apartments, large homes, office spaces, hotels, and retail establishments. This versatility has made them a preferred choice across different market segments.

Many split-system models are equipped with advanced filtration systems that can remove allergens, dust particles, and pollutants from the indoor air. This feature enhances the air quality, which is especially important for health-conscious consumers in Vietnam.

The Vietnam air conditioning market offers a wide range of brands and manufacturers producing split-system units. Both local and international brands such as Daikin, Panasonic, Samsung, LG, and Gree have a strong presence in the market, offering consumers a diverse selection of options to choose from.

The ongoing urbanization in Vietnam, with the development of residential and commercial properties, has driven the demand for air conditioning systems. Split-systems are often the preferred choice for new construction and retrofit projects, further boosting their market share.

Consumer preferences for modern, efficient, and aesthetically pleasing air conditioning solutions align with the features and benefits of split-system units. Their sleek and modern designs appeal to the tastes of Vietnamese consumers.

End Use Insights

Residential properties play a pivotal role in Vietnam's air conditioner market, holding a substantial and significant share in this rapidly growing industry. The demand for air conditioning units in residential spaces is driven by several factors that make it a dominant segment within the market.

Vietnam experiences a diverse range of climatic conditions, from the tropical heat of the southern regions to the variable weather patterns in the northern areas. This climate necessitates the use of air conditioning systems to maintain indoor comfort, making residential spaces a primary market for air conditioners.

Vietnam has witnessed rapid urbanization in recent years, with an increasing number of people moving from rural to urban areas. Urban dwellings, such as apartments and high-rise buildings, often require efficient air conditioning systems to combat the heat and humidity of city life. This migration trend has bolstered the demand for residential air conditioners.

The country's economic growth has led to an expansion of the middle class, resulting in improved living standards and increased purchasing power. As a result, more households have the means to invest in air conditioning units for their homes, contributing to the growth of the residential air conditioner market.

Vietnam's real estate sector has been on an upswing, with numerous housing projects, condominiums, and residential complexes being developed across the country. These new properties often come equipped with modern amenities, including air conditioning systems, to attract buyers and renters.

Air conditioning is not only seen as a means to combat the heat but also as a lifestyle enhancement. Residents in Vietnam value comfort and are willing to invest in air conditioning to create a pleasant indoor environment for their families. This demand is particularly evident in urban areas and larger homes.

In recent years, there has been a growing emphasis on energy-efficient air conditioning systems in Vietnam. Consumers are increasingly aware of the importance of eco-friendly and cost-effective solutions. Inverter technology, which offers higher energy efficiency, has gained popularity in the residential air conditioner market.

The Vietnamese government has taken steps to promote energy-efficient and environmentally friendly appliances, including air conditioners. Initiatives such as energy labeling and efficiency standards encourage consumers to choose more efficient models for their homes.

Advancements in air conditioning technology have made these systems more accessible and user-friendly for residential use. Features such as remote control, smart thermostats, and air purification have increased the appeal of air conditioners in homes.


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Regional Insights

The Northern Region of Vietnam plays a pivotal role in the country's air conditioners market, holding a substantial share in this thriving industry. This dominance can be attributed to several key factors that make the Northern Region a major player in Vietnam's air conditioning market.

The Northern Region of Vietnam experiences diverse climatic conditions, with distinct seasons ranging from hot and humid summers to cold and damp winters. This climatic variation necessitates the use of air conditioning systems for both cooling and heating, driving the demand for air conditioners year-round.

The Northern Region encompasses major urban centers such as Hanoi, Hai Phong, and Vinh, which have witnessed rapid urbanization and economic growth in recent years. As urban areas continue to expand, the need for air conditioning in residential, commercial, and industrial spaces has grown significantly.

The region's economic development has led to an increase in the middle-class population, resulting in greater purchasing power. As disposable incomes rise, more households and businesses in the Northern Region can afford air conditioning systems, further boosting market demand.

The Northern Region has been a focal point for infrastructure development projects, including new residential complexes, commercial buildings, and industrial zones. These developments often incorporate advanced HVAC (Heating, Ventilation, and Air Conditioning) solutions to provide comfort and climate control, stimulating demand for air conditioners.

The Vietnamese government has implemented energy efficiency regulations and environmental standards to promote the adoption of energy-efficient and eco-friendly air conditioning systems. These regulations have influenced consumers and businesses to opt for more environmentally responsible choices, contributing to market growth.

The Northern Region is home to a vibrant commercial and hospitality sector, encompassing hotels, restaurants, shopping centers, and office buildings. These establishments rely heavily on efficient air conditioning to ensure a comfortable environment for customers and employees, making them significant consumers of air conditioning products and services.

The air conditioning industry continually innovates to develop more energy-efficient and technologically advanced systems. These innovations appeal to consumers and businesses seeking modern, eco-friendly, and cost-effective solutions for their cooling and heating needs.

Well-established distribution networks, including local and international manufacturers, suppliers, and dealers, ensure that a wide range of air conditioning products and services are readily available in the Northern Region, meeting the diverse needs of consumers.

Recent Developments

  • In 2022, Daikin Industries, a Japanese multinational air conditioning manufacturing company, announced its plan to invest approximately USD 711 million in Southeast Asia and India over the next four years. This investment includes mergers and acquisitions (M&A) as well as the production of core components and smaller air conditioners.
  • In 2020, Vietnamese air conditioner manufacturers are increasingly adopting advanced technologies as they compete for market share in a highly competitive industry. Obtaining an air conditioner with competitive pricing and useful features can be challenging. The most sought-after models are 1-1.5 HP machines with inverters, timers, and touch control offered by Toshiba, Daikin, LG, and Panasonic. These models are priced between USD 345-515 million.

Key Market Players

  • Daikin Vietnam
  • Panasonic Vietnam
  • LG Electronics Vietnam
  • Samsung Electronics Vietnam
  • Midea Group (Vietnam)
  • Trane Vietnam
  • Gree Electric Appliances Inc. of Zhuhai (Vietnam)
  • Hitachi Vietnam
  • Mitsubishi Electric Vietnam
  • Carrier Vietnam    

 By Type

 By End Use

By Region

  • Splits
  • VRFs
  • Chillers
  • Windows
  • Others
  • Residential
  • Commercial/Industrial
  • Northern
  • Southern
  • Central

Report Scope:

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

·         Vietnam Air Conditioners Market, By Type:

o   Splits

o   VRFs

o   Chillers

o   Windows

o   Others    

·         Vietnam Air Conditioners Market, By End Use:

o   Residential

o   Commercial/Industrial   

·         Vietnam Air Conditioners Market, By Region:

o   Northern

o   Southern

o   Central    

Competitive Landscape

Company Profiles: Detailed analysis of the major companies present in the Vietnam air conditioners market.

Available Customizations:

Vietnam Air Conditioners Market report with the given market data, Tech Sci 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).

Vietnam Air Conditioners Market is an upcoming report to be released soon. If you wish an early delivery of this report or want to confirm the date of release, please contact us at [email protected]               

Table of content

1.    Introduction

1.1.  Product Overview

1.2.  Key Highlights of the Report

1.3.  Market Coverage

1.4.  Market Segments Covered

1.5.  Research Tenure Considered

2.    Research Methodology

2.1.  Objective of the Study

2.2.  Baseline Methodology

2.3.  Key Industry Partners

2.4.  Major Association and Secondary Sources

2.5.  Forecasting Methodology

2.6.  Data Triangulation & Validation

2.7.  Assumptions and Limitations

3.    Executive Summary         

3.1.  Market Overview

3.2.  Market Forecast

3.3.  Key Regions

3.4.  Key Segments

4.    Voice of Customer

4.1.  Factors Influencing Purchase Decision

4.2.  Challenges Faced Post Purchase

4.3.  Brand Awareness

5.    Vietnam Air Conditioners Market Outlook

5.1.  Market Size & Forecast

5.1.1.     By Value & Volume

5.2.  Market Share & Forecast

5.2.1.     By Type Market Share Analysis (Splits, VRFs, Chillers, Windows, and Others (Portable, Floor Standing, etc.))

5.2.2.     By End Use Market Share Analysis (Residential, Commercial/Industrial)

5.2.3.     By Regional Market Share Analysis

5.2.3.1.         Northern Market Share Analysis

5.2.3.2.         Southern Market Share Analysis

5.2.3.3.         Central Market Share Analysis

5.2.4.     By Top 5 Companies Market Share Analysis, Others (2022)

5.3.  Vietnam Air Conditioners Market Mapping & Opportunity Assessment

5.3.1.     By Type Market Mapping & Opportunity Assessment

5.3.2.     By End Use Market Mapping & Opportunity Assessment

5.3.3.     By Regional Market Mapping & Opportunity Assessment

6.    Vietnam Splits Air Conditioners Market Outlook

6.1.  Market Size & Forecast

6.1.1.     By Value & Volume

6.2.  Market Share & Forecast

6.2.1.     By End Use Market Share Analysis

6.2.2.     By Region Market Share Analysis

7.    Vietnam VRFs Market Outlook

7.1.  Market Size & Forecast

7.1.1.     By Value & Volume

7.2.  Market Share & Forecast

7.2.1.     By End Use Market Share Analysis

7.2.2.     By Region Market Share Analysis

8.    Vietnam Chillers Market Outlook

8.1.  Market Size & Forecast

8.1.1.     By Value & Volume

8.2.  Market Share & Forecast

8.2.1.     By End Use Market Share Analysis

8.2.2.     By Region Market Share Analysis

9.    Vietnam Windows Air Conditioners Market Outlook

9.1.  Market Size & Forecast

9.1.1.     By Value & Volume

9.2.  Market Share & Forecast

9.2.1.     By End Use Market Share Analysis

9.2.2.     By Region Market Share Analysis

10.  Market Dynamics

10.1.              Drivers

10.2.              Challenges

11.  Impact of COVID-19 on Vietnam Air Conditioners Market

11.1.              Impact Assessment Model       

11.1.1.  Key Segments Impacted

11.1.2.  Key Regions Impacted

12.  Market Trends & Developments

13.  Porter’s Five Forces Model

13.1.              Competitive Rivalry

13.2.              Bargaining Power of Buyers

13.3.              Bargaining Power of Suppliers

13.4.              Threat of New Entrants

13.5.              Threat of Substitutes

14.  SWOT Analysis

14.1.              Strengths

14.2.              Weaknesses

14.3.              Opportunities

14.4.              Threats

15.  Policy and Regulatory Landscape

16.  Vietnam Economic Profile

17.  Competitive Landscape

17.1.    Company Profiles

17.1.1.  Daikin Vietnam

17.1.1.1.      Company Details

17.1.1.2.      Product & Services

17.1.1.3.      Financials (As Per Availability)

17.1.1.4.      Key market Focus & Geographical Presence

17.1.1.5.      Recent Developments

17.1.1.6.      Key Management Personnel

17.1.2.  Panasonic Vietnam

17.1.2.1.      Company Details

17.1.2.2.      Product & Services

17.1.2.3.      Financials (As Per Availability)

17.1.2.4.      Key market Focus & Geographical Presence

17.1.2.5.      Recent Developments

17.1.2.6.      Key Management Personnel

17.1.3.  LG Electronics Vietnam

17.1.3.1.      Company Details

17.1.3.2.      Product & Services

17.1.3.3.      Financials (As Per Availability)

17.1.3.4.      Key market Focus & Geographical Presence

17.1.3.5.      Recent Developments

17.1.3.6.      Key Management Personnel

17.1.4.  Samsung Electronics Vietnam

17.1.4.1.      Company Details

17.1.4.2.      Product & Services

17.1.4.3.      Financials (As Per Availability)

17.1.4.4.      Key market Focus & Geographical Presence

17.1.4.5.      Recent Developments

17.1.4.6.      Key Management Personnel

17.1.5.  Midea Group (Vietnam)

17.1.5.1.      Company Details

17.1.5.2.      Product & Services

17.1.5.3.      Financials (As Per Availability)

17.1.5.4.      Key market Focus & Geographical Presence

17.1.5.5.      Recent Developments

17.1.5.6.      Key Management Personnel

17.1.6.  Trane Vietnam

17.1.6.1.      Company Details

17.1.6.2.      Product & Services

17.1.6.3.      Financials (As Per Availability)

17.1.6.4.      Key market Focus & Geographical Presence

17.1.6.5.      Recent Developments

17.1.6.6.      Key Management Personnel

17.1.7.  Gree Electric Appliances Inc. of Zhuhai (Vietnam)

17.1.7.1.      Company Details

17.1.7.2.      Product & Services

17.1.7.3.      Financials (As Per Availability)

17.1.7.4.      Key market Focus & Geographical Presence

17.1.7.5.      Recent Developments

17.1.7.6.      Key Management Personnel

17.1.8.  Hitachi Vietnam

17.1.8.1.      Company Details

17.1.8.2.      Product & Services

17.1.8.3.      Financials (As Per Availability)

17.1.8.4.      Key market Focus & Geographical Presence

17.1.8.5.      Recent Developments

17.1.8.6.      Key Management Personnel

17.1.9.  Mitsubishi Electric Vietnam

17.1.9.1.      Company Details

17.1.9.2.      Product & Services

17.1.9.3.      Financials (As Per Availability)

17.1.9.4.      Key market Focus & Geographical Presence

17.1.9.5.      Recent Developments

17.1.9.6.      Key Management Personnel

17.1.10.                Carrier Vietnam

17.1.10.1.    Company Details

17.1.10.2.    Product & Services

17.1.10.3.    Financials (As Per Availability)

17.1.10.4.    Key market Focus & Geographical Presence

17.1.10.5.    Recent Developments

17.1.10.6.    Key Management Personnel

18.  Strategic Recommendations

18.1.              Key Focus Areas

18.2.              Target Type

18.3.              Target End Use

19.  About Us & Disclaimer

Figures and Tables

Frequently asked questions

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The market size of the Vietnam air conditioners market was estimated to be USD 750 million in 2022.

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The growth of the Vietnam air conditioners market is primarily driven by increasing urbanization, rising temperatures, and the growing demand for climate control solutions in both residential and commercial sectors.

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Two notable trends in the Vietnam air conditioners market are a growing demand for energy-efficient systems as consumers prioritize sustainability, and the adoption of smart and connected air conditioning technologies that offer remote control and automation for enhanced user convenience and efficiency.

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In the Vietnam air conditioners market, challenges include the need for energy-efficient systems to mitigate electricity costs and environmental impact, and addressing accessibility issues in rural areas where air conditioning is becoming increasingly important due to climate change.

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Parvati Sharma

Account Manager BD
Press Release

Vietnam Air Conditioners Market to Grow with a CAGR of 8.27% through 2028

Nov, 2023

Vietnam Air Conditioners Market is driven by a combination of factors, such as economic growth, urbanization, and climate variability.