Global Air Conditioners Market (2023-2028) Competitive Analysis, Impact of Covid-19, Ansoff Analysis

Rising Popularity of Smart Gadgets due to Imorovement in Housing Standards

The Global Air Conditioners Market is estimated to be USD 191.5 Bn in 2023 and is expected to reach USD 257.72 Bn by 2028 growing at a CAGR of 6.12%.

An air conditioner is an electrical appliance that cools the air in a building. It consists of a compressor, a condenser, an evaporator, and a refrigerant. The system has a refrigerant, commonly known as refrigerant, that circulates between the evaporator and the condenser, absorbing heat from the air and transferring it outside. The evaporator, located inside the building, absorbs the heat from the air inside the building and transfers it to the refrigerant, which then transfers the heat to the outside and cools down the air.

The increasing temperatures and changing global climate patterns drive the demand for the Global Air Conditioners Market. The need for cooling solutions is growing as individuals and businesses seek to maintain comfortable indoor environments, especially in regions experiencing hotter climates or heatwaves.

However, the initial costs of purchasing and installing air conditioning systems can be significant, especially for larger or more complex setups. Additionally, regular maintenance and servicing of air conditioners are necessary to ensure optimal performance and prolong their lifespan, which further adds to the overall expenses for consumers and businesses.

The increasing popularity of smart home technology presents opportunities for air conditioner manufacturers. The smart air conditioning systems, equipped with Wi-Fi connectivity and advanced controls, allow users to remotely manage their cooling settings through smartphone apps or voice commands. Smart and connected air conditioners are driven by their convenience, energy efficiency, and enhanced user experience.

• The air conditioning industry faces increasing scrutiny due to its environmental impact, particularly in energy consumption and greenhouse gas emissions. Environmental concerns and stringent regulations regarding the use of certain refrigerants, such as hydrofluorocarbons (HFCs), pose challenges to the market. Manufacturers must comply with evolving environmental regulations, which can lead to additional costs and technological adaptations.

Market Segmentations

• The Global Air Conditioners Market is segmented based on Product Type, Technology, End-Users, and Geography.
• By Product Type, the market is classified into Window, Split & Multi Split, Packaged Air Conditioner (PAC), Variable Refrigerant Flow (VRF), and Others (Chillers and portables). The largest market share segment for the Global Air Conditioners Market is 'Split & Multi Split'systems. Split air conditioners consist of two main components: an indoor unit that blows cool air into the room, an outdoor unit that houses the compressor, and other components. Multi-split systems have multiple indoor units connected to one outdoor unit, allowing for cooling in multiple rooms or zones. These systems are popular because they provide efficient cooling for residential, commercial, and small-scale industrial applications.
• By Technology, the market is classified into Inverter and Non-Inverter. The largest market share segment for the Global Air Conditioners Market is 'Inverter'technology. Inverter air conditioners use variable-speed compressors that adjust their power consumption based on the cooling demand. This technology allows the compressor to operate at different speeds rather than cycling on and off like traditional non-inverter systems. Inverter air conditioners offer higher energy efficiency, better temperature control, and quieter operation, making them increasingly preferred by consumers and businesses.
• By End-Users, the market is classified into Residential, Commercial, and Industrial. The largest market share segment for the Global Air Conditioners Market is the 'Asia-Pacific'region. Countries in the Asia-Pacific region, including China, India, Japan, and South Korea, have experienced rapid urbanization, population growth, and rising disposable incomes. These factors have led to a significant increase in the demand for air conditioners, particularly in residential and commercial sectors. The hot and humid climate prevalent in many parts of the region further drives the need for air conditioning systems, making it the largest market for air conditioners globally.
• By Geography, the market is classified into the Americas, Europe, Middle East & Africa, and Asia-Pacific. The largest market share segment for the Global Air Conditioners Market is the 'Asia-Pacific'region. Countries in the Asia-Pacific region, including China, India, Japan, and South Korea, have experienced rapid urbanization, population growth, and rising disposable incomes. These factors have led to a significant increase in the demand for air conditioners, particularly in residential and commercial sectors. The hot and humid climate prevalent in many parts of the region further drives the need for air conditioning systems, making it the largest market for air conditioners globally.

Recent Development

• LG Electronics Inc. showcased its new robust 2023 residential, light commercial, and commercial HVAC solutions lineup at the 2023 AHR Expo in Las Vegas. - January 2023
• Panasonic Corp. aimed to double its AC business in the next three years to invest in domestic manufacturing in India. - January 2021

Company Profiles

The report provides a detailed analysis of the competitors in the market. It covers the financial performance analysis for publicly listed companies in the market. The report also offers detailed information on the companies' recent development and competitive scenario. Some of the companies covered in this report are Alfred Kärcher SE & Co. KG, Blue Star Ltd., Daikin Industries Ltd., De’Longhi Appliances S.r.l., Electrolux AB, Fujitsu General, etc.

Countries Studied

• America (Argentina, Brazil, Canada, Chile, Colombia, Mexico, Peru, United States, Rest of Americas)
• Europe (Austria, Belgium, Denmark, Finland, France, Germany, Italy, Netherlands, Norway, Poland, Russia, Spain, Sweden, Switzerland, United Kingdom, Rest of Europe)
• Middle East and Africa (Egypt, Israel, Qatar, Saudi Arabia, South Africa, United Arab Emirates, Rest of MEA)
• Asia-Pacific (Australia, Bangladesh, China, India, Indonesia, Japan, Malaysia, Philippines, Singapore, South Korea, Sri Lanka, Thailand, Taiwan, Rest of Asia-Pacific)

Competitive Quadrant

The report includes Competitive Quadrant, a proprietary tool to analyze and evaluate the position of companies based on their Industry Position score and Market Performance score. The tool uses various factors for categorizing the players into four categories. Some of these factors considered for analysis are financial performance over the last 3 years, growth strategies, innovation score, new product launches, investments, growth in market share, etc.

Ansoff Analysis

• The report presents a detailed Ansoff matrix analysis for the Global Air Conditioners Market. Ansoff Matrix, also known as Product/Market Expansion Grid, is a strategic tool used to design strategies for the growth of the company. The matrix can be used to evaluate approaches in four strategies viz. Market Development, Market Penetration, Product Development and Diversification. The matrix is also used for risk analysis to understand the risk involved with each approach.
• The publisher analyses the Global Air Conditioners Market using the Ansoff Matrix to provide the best approaches a company can take to improve its market position.
• Based on the SWOT analysis conducted on the industry and industry players, the publisher has devised suitable strategies for market growth.

Why buy this report?

• The report offers a comprehensive evaluation of the Global Air Conditioners Market. The report includes in-depth qualitative analysis, verifiable data from authentic sources, and projections about market size. The projections are calculated using proven research methodologies.
• The research report also provides a detailed market size analysis and projections in volume and value terms. The projections are calculated using verified research methodologies.
• Excel data sheet for the market size will also be provided with the report.
• The report has been compiled through extensive primary and secondary research. The primary research is done through interviews, surveys, and observation of renowned personnel in the industry.
• The report includes an in-depth market analysis using Porter’s 5 forces model, PESTLE Analysis, and the Ansoff Matrix. In addition, the impact of COVID-19 on the market is also featured in the report.
• The report includes the regulatory scenario in the industry, which will help you make a well-informed decision. The report discusses major regulatory bodies and major rules and regulations imposed on this sector across various geographies.
• The report includes Self-Assessment Form, which helps customers evaluate their position in the market compared to their competitors.
• The report offers customized research - tailored uniquely to our customers with a quick turnaround time. We offer a 15% customization option at no extra charge to all our clients for any of our syndicated reports.

Report Highlights:

• A complete analysis of the market, including the parent industry
• Important market dynamics and trends
• Impact Analysis - a comprehensive assessment to confront risk and make strategic & operational decisions to counter the changes in the market environment.
• Market segmentation
• Competitive Analysis: Comparative analysis of competitor
• Historical, current, and projected size of the market based on value and volume
• Market size of the US states
• Market shares and strategies of key players
• Recommendations to companies for strengthening their foothold in the market