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Europe Air Conditioners Market to Achieve a Valuation of $46.8 Billion by 2030
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The latest research from Meticulous Research® predicts a robust growth trajectory for the Europe air conditioners market, with a projected valuation of $46.8 billion by 2030, showcasing a noteworthy Compound Annual Growth Rate (CAGR) of 6.0% during the forecast period spanning from 2023 to 2030. The surge in market expansion is attributed to escalating temperatures and humidity levels, coupled with a discernible shift in consumer preferences towards enhanced convenience and comfort. Furthermore, there is a burgeoning demand for energy-efficient air conditioning systems, although market growth is somewhat restrained by the elevated costs associated with air conditioners.
The market landscape is witnessing a surge in the adoption of air conditioners featuring inverter and air purification technologies. Simultaneously, advancements in HVAC systems are creating lucrative growth avenues for industry players. Nevertheless, the high energy consumption of air conditioners stands as a substantial challenge for market stakeholders. Noteworthy trends include the proliferation of connected air conditioners and the advent of solar photovoltaic (PV) and solar thermal-assisted air conditioning systems.
In terms of segmentation, the Europe air conditioners market encompasses various types, including window ACs, split ACs, VRF (Variable Refrigerant Flow) systems, centralized/ducted ACs, and other air conditioner types. The split ACs segment is poised to dominate the market in 2023, driven by a surging demand for energy-saving and low-noise air conditioners. However, the centralized/ducted ACs segment is anticipated to exhibit the highest CAGR during the forecast period.
Tonnage-wise, the market is categorized into up to 2 tons, 2 tons to 5 tons, 5 tons to 10 tons, and more than 10 tons. The up to 2 tons segment is expected to hold the largest market share in 2023, fueled by the increasing adoption of ACs with custom features among small homes and office spaces.
The report delves into technology segmentation, differentiating between inverter ACs and non-inverter ACs. The inverter ACs segment is set to command a larger market share in 2023, owing to technological advancements and manufacturers' unwavering focus on product enhancement. Similarly, the inverter ACs segment is expected to register a higher CAGR during the forecast period.
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Rating-wise, the Europe air conditioners market encompasses 1 Star ACs, 2 Star ACs, 3 Star ACs, 4 Star ACs, and 5 Star ACs. The 3 Star ACs segment is poised to dominate the market in 2023, attributed to the high energy efficiency and durable copper condenser coils. However, the 5 Star ACs segment is projected to exhibit the highest CAGR during the forecast period.
Segmented by end-user, the market includes residential, commercial, and industrial segments. The residential segment is anticipated to hold the largest market share in 2023, driven by the growing acceptance of smart home technologies and the rising need for improved indoor air quality. Additionally, the residential segment is projected to register the highest CAGR during the forecast period.
Geographically, the Europe air conditioners market spans the U.K., Germany, France, Italy, Spain, the Netherlands, Switzerland, Poland, Norway, Sweden, Denmark, Ireland, Russia, and the Rest of Europe (RoE). Italy is predicted to lead the market in 2023, propelled by a surge in demand for residential air conditioners. Meanwhile, France is projected to register the highest CAGR, supported by increased availability, strategic focus of AC manufacturers, changing climatic conditions, and accessible finance options for consumers.
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Key Players driving the market include Daikin Industries, Ltd. (Japan), Mitsubishi Electric Corporation (Japan), Hitachi-Johnson Controls Air Conditioning (Japan), Carrier Global Corporation (U.S.), Whirlpool Corporation (U.S.), Haier Smart Home Co. Ltd. (China), LG Electronics (South Korea), Panasonic Corporation (Japan), Robert Bosch GmbH (Germany), Samsung Electronics Co., Ltd. (South Korea), Fujitsu Limited (Japan), Blue Star Ltd (India), Toshiba Corporation (Japan), Gree Electric Appliances Inc. (China), and Midea Group Co. Ltd (China).
Mr. Khushal Bombe
Meticulous Market Research Inc.
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