Press release
Southeast Asia Air Conditioners Market
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Key Growth Drivers:
The ascent of the Southeast Asia air conditioners market is fueled by factors such as soaring temperatures, increasing humidity levels, a growing consumer preference for convenience and comfort, and a rising demand for energy-efficient air conditioners. Despite these growth drivers, the market faces challenges due to the high costs associated with air conditioners. The report highlights the rising adoption of air conditioners with inverter and air purification technologies, along with technological advancements in HVAC systems, as key growth opportunities. However, the high energy consumption of air conditioners poses a challenge for market growth. Noteworthy trends in the market include the emergence of connected air conditioners and solar photovoltaic (PV) & solar thermal-assisted air conditioning systems.
Segmentation Insights:
Type: In 2023, the split ACs segment is poised to dominate the market, driven by its energy efficiency, low noise levels, and increasing demand for energy-saving air conditioners. Notable developments, such as Blue Star Ltd's launch of affordable split ACs in March 2022, contribute to the segment's substantial market share. However, the centralized/ducted ACs segment is projected to register the highest CAGR during the forecast period.
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Tonnage: The up to 2 tons segment is expected to hold the largest market share in 2023, owing to the increasing demand for custom features in small homes or office spaces across emerging economies. Key features such as swing functionality, washable filters, voice-controlled features, and Google Assistant integration drive the popularity of up-to-2-ton ACs. Conversely, the 2 tons to 5 tons segment is anticipated to register the highest CAGR.
Technology: In 2023, the inverter ACs segment is set to account for the larger market share, attributed to advancements in inverter technology and the focus of AC manufacturers on product development. Examples include Voltas Limited's launch of PureAir Inverter ACs and LG Electronics India Pvt. Ltd.'s AI dual inverter air conditioners in 2022. The inverter ACs segment is projected to register a higher CAGR during the forecast period.
Rating: The 3 Star ACs segment is expected to dominate the market in 2023, benefitting from high efficiency and durable copper condenser coils. The rising focus of AC manufacturers on energy-efficient ACs contributes to the segment's substantial market share. On the other hand, the 5 Star ACs segment is projected to register the highest CAGR.
End User: The residential end users segment is projected to hold the largest market share in 2023, driven by the growing acceptance of smart home technologies and construction companies' focus on offering air-conditioned apartments. The residential end users segment is also expected to register the highest CAGR during the forecast period.
Geography: Indonesia is anticipated to account for the largest share of the Southeast Asia air conditioners market in 2023. Factors contributing to Indonesia's dominance include the growing demand for air conditioners among the middle-income group, independent households, and the public and hospitality sectors. Indonesia is also projected to register the highest CAGR during the forecast period.
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Key Players: Key players operating in the Southeast Asia air conditioners market include Daikin Industries, Ltd., Mitsubishi Electric Corporation, Hitachi-Johnson Controls Air Conditioning, Carrier Global Corporation, Whirlpool Corporation, Haier Smart Home Co. Ltd., LG Electronics, Voltas Limited, Panasonic Corporation, Robert Bosch GmbH, Samsung Electronics Co., Ltd., Fujitsu Limited, Blue Star Ltd, Toshiba Corporation, Gree Electric Appliances Inc., and Midea Group Co. Ltd.
Mr. Khushal Bombe
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