The increasing number of hospitals and multiplexes and the expansion in the residential and commercial sector, are the two factors that are contributing to the growth of the market in the coming years.
— The key drivers that are propelling the growth of the air conditioning market include continuous technological advancements in the air conditioners such as the presence of air purification technologies and the rising number of construction of hospitals and multiplexes, which is leading to a rise in the adoption of air conditioning. Additionally, the expansion in the construction sector is increasing the development of residential and commercial buildings as a result of the rapid rise in population growth and the increasing tourism sector.
The rising emphasis on the development of energy-efficient and environment-friendly air conditioners, improving economic conditions of the developing nations, along with rapid urbanization, increasing disposable income, and changing consumer lifestyle are some other reasons that are responsible for the expansion of the air conditioning market share in terms of revenue. The significant factors that are restraining the growth of the global Air Conditioner market include the high initial cost of system and maintenance cost.
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The global air conditioner market is adversely impacted by the COVID-19 pandemic and lockdown, especially in 2020. The sharp fall in the supplies of numerous components of air conditioners from China is affecting the production of AC around the world. The leading distributors are worried that the customers may not buy these products in the near future due to the fear of contracting the virus by the usage of air conditioners in their homes and offices. The combination of these factors is hampering the market growth; however, the market is expected to bounce back in 2021 while growing at a significant rate.
On the basis of type, the Room/Unitary Air Conditioners segment exhibits substantial growth potential and is projected to gain traction over the forecast period. This is due to the growing adoption of these air conditioners driven by the increasing residential areas across all over the globe.
Based on the end-user, the commercial segment is predicted to witness considerable growth in the next six years. The increasing development of office buildings, hospitals, and hotels is leading to a rise in the implementation of air conditioners. Furthermore, the proliferation of smart and energy-efficient air conditioners is causing less ozone depletion, which is another factor that is leading to an increase in the adoption of air conditioning among the end-users.
On the basis of the region, the Asia-pacific region is anticipated to dominate the air conditioning market in the next six years. This is due to the increasing rising development of infrastructure driven by the growing population and enhancing consumer’s lifestyles across the region. Additionally, the accelerating demand for automobiles and rapid urbanization will further energize the market growth in this region.
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The key players of the air conditioning market include Denso Corporation, Toshiba Carrier Corporation, Voltas Ltd., Gree Electric Appliances, Inc., LG Electronics, Mitsubishi Electric Corporation, Daikin Industries Ltd., Panasonic Corporation, Midea Group, and Haier lnc., among others.
The research report on the air conditioning market provides an in-depth analysis of the market revenue based on type, end-user, distribution channel, and region for the forecast period from 2020 to 2027. The report highlights the major market drivers propelling the growth as well as challenges faced by the market participants. The research report also provides market size and forecast for the market. The report also analyses the competitive landscape, major players, and their strategies in 2019. The competitive landscape section of the report captures and highlights the recent developments in the market.
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