Rising Urbanization Rates and Growing Energy-efficiency Drive Competitive Intensity
The residential air conditioner market in Southeast Asia (comprising Indonesia, Malaysia, the Philippines, Singapore, Thailand, and Vietnam) is currently in the growth stage and will expand at a strong CAGR of 7.3% between 2023 and 2028. Increased urbanization and rising awareness about energy-efficient air conditioners is increasing the demand. Poor outdoor air quality, and hot, humid climatic conditions further support this demand growth. While new air conditioners contribute a large percentage of the demand, replacement air conditioners are also seeing fast growth owing to concerns over energy efficiency. The market leaders are Japanese manufacturers who are well challenged by Korean, US, and Chinese competitors.
This report analyzes market trends for the 2021 to 2028 period. The base year is 2023. Indonesia and Vietnam are expected to be the fastest-growing markets while Thailand, Philippines, and Malaysia have high market potential. The focus in the next five years will be the development of innovative models that use green and efficient technologies. Market trends will also evolve, ensuring an intensified focus on sustainability in the air conditioning ecosystem.
