Air Conditioning Market Forecast 2024-2031

Air Conditioning Market Overview:
The Air Conditioning Market size is forecast to reach USD 210 Billion by 2030, after growing at a CAGR of 6% during 2024-2030. As per the reports by NASA, 18 of the 19 warmest years recorded have all occurred since 2001, with 2016 recorded as the warmest year. The global temperature has escalated upwards by (1.4° Fahrenheit) since 1880[1]. Natural living conditions are consequently altering towards creating room for artificial settings. Owing to this, the global air conditioning market is all set to capitalize on global warming conditions. The global air conditioning market size was around $123 billion to $125 billion as of 2018. And, the gigantic market value is increasing at a positive CAGR of 4% to 6% during the forecast period of 2019 to 2025.

Air conditioning is the process of eradicating heat and moisture from an indoor occupied space by evaporation and condensation. To provide a comfortable indoor environment, an air conditioner uses components such as dehumidifiers, condenser, chiller, condensing units, transducers, actuators, dampers, and evaporator coils.

Air Conditioning Market Outlook:

An acute analysis of the regional air conditioning market outlook depicts APAC to be dominating the global scenario with 34 % - 37% of the global demands being generated from its territory in 2018. The sheer affluence of this region can be attributed to the rapid industrialization in Indian and Chinese economy constituting nearly 35% of global population and falling under warm and humid tropics.

As per the International Finance Corporation, a member of World Bank Group, the constructed setting is estimated to twofold by 2050. China single-handedly has the caliber to augment 53 billion square meters of construction space, which is equal to the construction stock of Latin America today[2]. Modern era complex commercial, industrial and residential infrastructures necessitates thermal adjustment systems as an imperative component. Hence, according to Japan Refrigeration and Air-Conditioning Industry Association (JRAIA), global demand for RAC (Room Air Conditioners) and PAC (Packaged Air Conditioners) is estimated to reach 96.05 million units and 14.51 million units in 2019[3].

China preserved its dominant position among worldwide passenger car manufacturers, accounting for 29% of all cars produced around the world in 2017. Apart from industrial, commercial and residential infrastructural settings deployment, the air conditioning market is disrupted by its application in the automotive sector. Vehicles with well-appointed air conditioning system impacts the customer’s purchase behavior. Automotive sales in APAC countries increased by India (5.83%), China (3.19%), Japan (5.31%) and Uzbekistan (59.10%) in 2017 compared to the preceding year[4]. Thus the rapidly innovating and robustly growing automotive sector selling more than 80 million passenger cars per year is all set to stroke the market with abundant demand[5].

Air Conditioning Market Growth Drivers and Trends:

Air conditioning systems in the last few decades has transformed itself into a necessity commodity rather than a luxurious one, all credit goes to the deteriorating thermal conditions and undoubtedly increase in disposable income. As per the Organization for Economic Co-operation and Development, progress in real household income per capita picked-up to 0.7% in the OECD area in the first quarter of 2018[6].

Technological innovations in the air conditioning market is a major trend disrupting this arcade. Apart from portability and mobility, environmental hazards is a major concern from consumers. Manufacturers are constantly diverting their operations and products towards ecological resemblance, since carbon footprints is a major constraint, challenging this arcade. Thus, Geothermal Heating and Cooling system, an eco-friendly system, is being majorly deployed. This type of system draws energy from the ground under the infrastructure, aiding reduce your carbon footprint extensively

Air Conditioning Market Players Perspective:

Some of the key companies identified in the report that are currently holding majority shares in the global air-conditioning market are Denso Corporation, Eberspaecher Holding GmbH & Co. KG, MAHLE GmBH, Hanon Systems, Calsonic Kansei Corporation, Keihin Corporation, Sanden Holdings Corporation, Mitsubishi Heavy Industries Ltd., Valeo SA and Subros Limited.

Sanding Holding Corporation, merged Chongqing Huaen Industrial Co., Ltd. into Sanden Chongqing Automotive Air Conditioning Co., Ltd. in January, 2015 tracing the demand for automotive cooling units. In October 2015, it added a new HVAC air-conditioning-system production line at Sanden Manufacturing Poland SP.Z.O.O.

Air Conditioning Market Research Scope:

The base year of the study is 2018, with forecast done up to 2025. The study presents a thorough analysis of the competitive landscape, taking into account the market shares of the leading companies. It also provides information on unit shipments. These provide the key market participants with the necessary business intelligence and help them understand the future of the air conditioning market. The assessment includes the forecast, an overview of the competitive structure, the market shares of the competitors, as well as the market trends, market demands, market drivers, market challenges, and product analysis. The market drivers and restraints have been assessed to fathom their impact over the forecast period. This report further identifies the key opportunities for growth while also detailing the key challenges and possible threats. The key areas of focus include the various equipment in air conditioning market, and their specific applications.

Air Conditioning Market Report: Industry Coverage

By End Use: (Residential, Commercial, and Industrial)

By Mount Type: (Windowed, Standalone, Roof Top, Others)

By Product Type: (Unitary, Split, Others)

The air conditioning market report also analyzes the major geographic regions for the market as well as the major countries for the market in these regions. The regions and countries covered in the study include:

North America: The U.S., Canada, Mexico

South America Brazil, Venezuela, Argentina, Ecuador, Peru, Colombia, Costa Rica

Europe The U.K., Germany, Italy, France, The Netherlands, Belgium, Spain, Denmark

APAC China, Japan, Australia, South Korea, India, Taiwan, Malaysia, Hong Kong

Middle East and Africa Israel, South Africa, Saudi Arabia

Key Questions Addressed in the Air Conditioning Market Report

1. Is the market for the air conditioning growing? How long will it continue to grow and at what rate?
2. Which type of systems presents the major growth opportunities?
3. Is there a possibility for change in the market structure over time?
4. Are additional developments needed for the existing product or services offerings or do the existing products meet the customer demands?
5. Do the key vendors look for partnerships to expand their businesses with respect to geography or product?
6. What are the short-term, long-term, and medium-term growth drivers for the market?
7. What are the short-term, medium-term, and long-term challenges for the market?
8. What are the short-term, medium-term, and long-term opportunities for the market
9. Who are the top players/companies of the market?
10. What are the recent innovations in the market?
11. How many patents have been filed by the leading players?
12. What are the types of patents filed by the leading players?
13. What is our Vision 2030 for Air Conditioning Market?

A few focus points of this Research are given below:

• Give a deep-dive analysis of the key operational strategies with focus on the corporate structure, R&D strategies, localization strategies, production capabilities, and sales performance of various companies
• Provide an overview of the product portfolio, including product planning, development, and positioning
• Discuss the role of technology companies in partnerships
• Explore the regional sales activities
• Analyze the market size and giving the forecast for current and future air conditioning during the forecast 2018-2023
• Analyze the competitive factors, competitors’ market shares, product capabilities, and supply chain structures

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