Air Conditioning Market Flourish with an Impressive CAGR during 2030

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Theglobal air conditioning market is estimated to grow from USD 110.3 billion in 2021 to USD 188.1 billion by 2030, at a CAGR of 6.9from 2022 to 2030Air conditioning (often called AC, A/C, or air con) is a system used to cool down the temperature in an inside space by removing the heat and moisture from the room. Essentially, they work by taking warm air into a system and dispersing cold air, but there is much more to this process. Air conditioning systems are ubiquitous, with applications ranging from shopping centers, homes, commercial spaces to entertainment centersAC is still a soughtafter product, though environmentally optimized products’ affordability is still a huge challengeThe economic growth in emerging markets continues to surge the demand for AC is anticipated to witness high growth over the next few years.

The COVID19 pandemic has a negative impact on demand for air conditioners globally in 2020, owing to decreased consumer spendingThe market is estimated to grow more in 2022 and record a stable growth aided by the changing climate atmosphere and rising demand from commercial constructionsFurthermore, consumers’ growing inclination toward convenience and comfort is expected to upkeep the demand for air conditioners over the forecast period.

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Growing customer expectations for better cooling from the air conditioning is one of the factors that will grow the marketThe demand for air conditioning in offhighway applications has gone up due to comfort in harsh operating conditionsThis will act as a catalyst in increasing operator efficiencyHowever, one major constraint affects the application of automotive air conditioning in offhighway vehicles, i.e., the space available for installing the systemVarious OEMs are developing lighter, efficient, and smaller automotive air conditioning systems that easily fit offhighway vehicles.

Scope of the Air Conditioning

The study categorizes the air conditioning market based on technology, distribution channel, component, vehicle type, and endusers at the regional and global levels.

By Technology Outlook (Sales, USD Million, 20172030)

  • Manual Air conditioning
  • Semiautomatic Air Conditioning
  • Automatic Air Conditioning

By Distribution Channel Outlook (Sales, USD Million, 20172030)

  • Multibrand Stores
  • Exclusive Stores
  • Online
  • Other Channels

By Component Outlook (Sales, USD Million, 20172030)

  • Compressor
  • Evaporator
  • Drier/Receiver
  • Condenser

By Vehicle Type Outlook (Sales, USD Million, 20172030)

  • Passenger cars
  • LCVs
  • HCVs

By EndUse Outlook (Sales, USD Million, 20172030)

  • Residential
  • Commercial
  • Industrial

By Region Outlook (Sales, USD Million, 20172030)

  • North America (US, Canada, Mexico)
  • South America (Brazil, Argentina, Colombia, Peru, Rest of Latin America)
  • Europe (Germany, Italy, France, UK, Spain, Poland, Russia, Slovenia, Slovakia, Hungary, Czech Republic, Belgium, the Netherlands, Norway, Sweden, Denmark, Rest of Europe)
  • Asia Pacific (China, Japan, India, South Korea, Indonesia, Malaysia, Thailand, Vietnam, Myanmar, Cambodia, the Philippines, Singapore, Australia & New Zealand, Rest of Asia Pacific)
  • The Middle East & Africa (Saudi Arabia, UAE, South Africa, Northern Africa, Rest of MEA)

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The automatic air conditioning segment is projected to account for the largest market share by technology

Based on type, the global air conditioning market is divided into manual air conditioning, semiautomatic air conditioning, and automatic air conditioningTechnological advancement has made it possible to use a fully automatic air conditioning system at a lesser costToday, almost all manufactured vehicles are equipped with an air conditioning systemTherefore there is tough competition between automakers to provide enhanced comfortThis competition has increased the OEMs’ pressure to deliver technologically advanced automotive air conditioning systemsThe automotive air conditioning market comprises a limited number of players who have a strong position at the global levelTo grow the market, players have adopted several strategies such as new product development and launches, regional expansions, acquisitions, mergers, partnerships, and collaborations.

Asia Pacific accounts for the highest CAGR during the forecast period

Based on the regions, the global air conditioning market has been segmented across North America, AsiaPacific, Europe, South America, and the Middle East & AfricaIn 2021, North America was accounted for the largest market share. The North American market, along with other developed markets worldwide, is expected to witness growth primarily powered by replacement sales. Moreover, rising promotional activities from the government to increase the adoption of energy-efficient air conditioning systems to reduce energy consumption are also expected to fuel the regional market’s growth. Even though the overall market slumped due to the spread of the COVID-19 pandemic, Europe and North America recorded growth in 2020 and were not impacted as negatively as the rest of the world was affeceted. This is attributed to the strong demand in the last quarter of 2020 in both regions.

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Globally, Asia Pacific is projected to hold the highest CAGR in the global air conditioning market during the forecast periodThe region includes China, India, Japan, Australia, South Korea, Southeast Asia, and the Rest of AsiaPacificThe region’s growth is primarily due to economic growth in the domestic emerging countries such as China and India. The automotive air conditioning market will be driven by rising automobile production and consumer demands for comfortIncreased vehicle demand and rising per capita income and technological advancements are key drivers for automotive air conditioning systems.

Key Market Players

The air conditioning market is mildly concentrated, with few global players operating in the market, such as Daikin Industries Ltd., Gree Electrical Appliances Inc., Emerson Electric Company, Midea Group CoLtd, HitachiJohnson Controls Air Conditioning Inc., LG Electronics Inc., Panasonic Corporation, Toshiba Corporation, Haier Group Corporation, Electrolux, Whirlpool, Voltas Limited, Bluestar, Mitsubishi Electric, and Robert Bosch

Every company follows its business strategy to gain the maximum market shareCurrently, Daikin Industries Ltd., HitachiJohnson Controls Air Conditioning Inc., LG Electronics Inc., Panasonic Corporation, and Toshiba Corporation are major companies in the global air conditioning market.

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