NEW YORK, June 28, 2022 /PRNewswire/ -- The Air Conditioning Market is segmented by product (splits, chillers, airside, and others). The air conditioning market share growth by the splits segment will be significant during the forecast period. The growth in the market comes from the replacement of window units with energy-efficient and sleek split air conditioners. There is also an increasing trend toward inverter-based splits, owing to their efficiency. Moreover, the Air Conditioning Market value is set to grow by USD 19.6 billion, progressing at a CAGR of 3.04% from 2020 to 2025, as per the latest report by Technavio
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Air Conditioning Market: Rise in Residential Construction Activity to Drive the Market Growth
Direct investment in real estate has almost grown to pre-recession levels at $710 billion in 2014 to increase to $9.6 trillion in 2019. This will drive construction activities and infrastructure development. The global residential real estate market is witnessing growing momentum. Direct real estate investment and increasing wealth and prosperity in regions such as the APAC, Latin America, and the Middle East are driven by economic growth and increasing migration to existent and newly emerging cities in these regions, which is accelerating the demand for new homes. Job growth, expanding retail and business operations, and recovery of the housing market in developing countries are also supporting the progress in the market. Furthermore, the construction of the total number of new privately-owned housing units started in the US by purpose and design increased from 1.11 million in 2015 to 1.29 million in 2019. Such growth in residential construction is anticipated to drive demand for air conditioning solutions during the forecast period.
Air Conditioning Market Scope
Growth momentum & CAGR
Accelerate at a CAGR of 3.04%
Market growth 2021-2025
$ 19.6 billion
YoY growth (%)
APAC, Europe, North America, MEA, and South America
Performing market contribution
APAC at 72%
Key consumer countries
China, US, Japan, Germany, South Korea (Republic of Korea), and India
Leading companies, competitive strategies, consumer engagement scope
AB Electrolux, Daikin Industries Ltd., Haier Smart Home Co. Ltd., Johnson Controls International Plc, LG Electronics Inc., Mitsubishi Electric Corp., Panasonic Corp., Samsung Electronics Co. Ltd., Toshiba Corp., and Whirlpool Corp.
Parent market analysis, Market growth inducers and obstacles, Fast-growing and slow-growing segment analysis, COVID 19 impact and future consumer dynamics, market condition analysis for forecast period,
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Air Conditioning Market Geography Outlook (Revenue, USD bn, 2020-2025)
APAC - size and forecast 2020-2025
Europe - size and forecast 2020-2025
North America - size and forecast 2020-2025
MEA - size and forecast 2020-2025
South America - size and forecast 2020-2025
Air Conditioning Market: Safety Issues to Challenge the Market Growth
There are various government and non-government regulatory bodies across the world that effectively ensure the safety of electronic appliances that are sold to consumers. For instance, the Consumer Product and Safety Commission (CPSC) establishes and standardizes safety measures for appliances sold in the US. These standards ensure consumer safety from potential safety hazards. In the past few years, there have been a few incidences regarding the safety issues of portable ACs, which have eventually led to product recalls. For instance, in June 2019, three portable AC models of LG Electronics USA, namely LP0711WNR, LP0813WNR, and LP0814WNR, were recalled due to non-compliance with the Consumer Product Safety Commission. These safety concerns and issues not only ruin the company s image but also discourage the adoption of such products by consumers due to the fear of safety hazards. This can pose a challenge to the growth of the global air conditioning market during the forecast period.
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Some of the Major Air Conditioning Companies:
The report analyzes the market's competitive landscape and offers information on several market vendors, including:
Daikin Industries Ltd.
Haier Smart Home Co. Ltd.
Johnson Controls International Plc
LG Electronics Inc.
Mitsubishi Electric Corp.
Samsung Electronics Co. Ltd.
The air conditioning market is fragmented and the vendors are deploying growth strategies such as organic and inorganic growth strategies to compete in the market.
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Table of Contents
1 Executive Summary
2 Market Landscape
2.1 Market ecosystem
2.2 Market characteristics
2.3 Value chain analysis
3 Market Sizing
3.1 Market definition
3.2 Market segment analysis
3.3 Market size 2020
3.4 Market outlook: Forecast for 2020 - 2025
4 Five Forces Analysis
4.1 Five Forces Summary
4.2 Bargaining power of buyers
4.3 Bargaining power of suppliers
4.4 Threat of new entrants
4.5 Threat of substitutes
4.6 Threat of rivalry
4.7 Market condition
5 Market Segmentation by Product
5.1 Market segments
5.2 Comparison by Product
5.3 Splits - Market size and forecast 2020-2025
5.4 Chillers - Market size and forecast 2020-2025
5.5 Airside - Market size and forecast 2020-2025
5.6 Others - Market size and forecast 2020-2025
5.7 Market opportunity by Product
6 Customer Landscape
7 Geographic Landscape
7.1 Geographic segmentation
7.2 Geographic comparison
7.3 APAC - Market size and forecast 2020-2025
7.4 Europe - Market size and forecast 2020-2025
7.5 North America - Market size and forecast 2020-2025
7.6 MEA - Market size and forecast 2020-2025
7.7 South America - Market size and forecast 2020-2025
7.8 Key leading countries
7.9 Market opportunity by geography
8 Drivers, Challenges, and Trends
8.1 Market drivers
8.2 Market challenges
8.3 Market trends
9 Vendor Landscape
9.2 Vendor landscape
9.3 Landscape disruption
10 Vendor Analysis
10.1 Vendors covered
10.2 Market positioning of vendors
10.3 AB Electrolux
10.4 Daikin Industries Ltd.
10.5 Haier Smart Home Co. Ltd.
10.6 Johnson Controls International Plc
10.7 LG Electronics Inc.
10.8 Mitsubishi Electric Corp.
10.9 Panasonic Corp.
10.10 Samsung Electronics Co. Ltd.
10.11 Toshiba Corp.
10.12 Whirlpool Corp.
11.1 Scope of the report
11.2 Currency conversion rates for US$
11.3 Research methodology
11.4 List of abbreviations
Technavio is a leading global technology research and advisory company. Their research and analysis focuses on emerging market trends and provides actionable insights to help businesses identify market opportunities and develop effective strategies to optimize their market positions.
With over 500 specialized analysts, Technavio's report library consists of more than 17,000 reports and counting, covering 800 technologies, spanning across 50 countries. Their client base consists of enterprises of all sizes, including more than 100 Fortune 500 companies. This growing client base relies on Technavio's comprehensive coverage, extensive research, and actionable market insights to identify opportunities in existing and potential markets and assess their competitive positions within changing market scenarios.
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