Press release
Rising demand for energy-efficient air conditioners is expected to drive market growth
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Driving Forces and Market Overview
Air conditioners play a pivotal role in cooling spaces by expelling heat and maintaining desirable temperatures. This report highlights the global demand for air conditioners across residential, commercial, and industrial sectors. The market's growth is attributed to escalating global temperatures, increasing consumer preference for comfort, and a surge in demand for energy-efficient air conditioners. Despite these drivers, the high cost of air conditioners poses a challenge. However, opportunities arise from the adoption of inverter and air purification technologies, along with advancements in HVAC systems. Notably, the market faces the challenge of high energy consumption, but trends in connected air conditioners and solar-assisted systems are emerging.
Impact of COVID-19 on the Air Conditioners Market
The COVID-19 pandemic disrupted economies and industries worldwide, including HVAC. Lockdowns and restrictions affected businesses, leading to fluctuations in demand and sales of air conditioners. The Heating Air-conditioning & Refrigeration Distributors International reported a 19% decline in sales between April 2019 and April 2020. Supply chain disruptions impacted contracting, distribution, warehousing, and manufacturing. However, recovery began in 2021 as economies rebounded.
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Strategic Responses and Opportunities
Amid the challenges, market players seized opportunities for restructuring and strategy development. For example, Mitsubishi Electric Corporation acquired AQS Produkter AB in 2020 to fortify its presence in the Swedish market. Voltas Limited partnered with Tata Power Delhi Distribution Limited in 2020 to promote energy-efficient ACs. Such strategic moves reflect resilience and adaptability in response to market dynamics.
Consumer Trends and Market Segmentation
Consumers' growing preference for comfort and convenience is a key driver. Air conditioners not only offer control over temperature and humidity but also contribute to overall well-being by improving indoor air quality. Manufacturers are innovating to enhance user experiences, such as Mitsubishi Electric Corporation's airflow-control technology and Samsung Electronics Co., Ltd.'s launch of a convertible inverter AC.
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Segmentation Overview
Meticulous Research® has segmented the air conditioners market based on type, tonnage, technology, rating, end user, and geography. Notable insights include:
• The 3 Star ACs segment is expected to dominate the market in 2022, driven by affordability and high adoption in residential areas.
• The 5 Star ACs segment is projected to witness the highest CAGR, fueled by the growing demand for energy-efficient ACs and higher cooling capacity.
• Asia-Pacific is poised to account for the largest market share in 2022, experiencing rapid growth due to developing economies, increased investments, and rising environmental regulations.
Key Players
Leading players in the 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, Electrolux, Gree Electric Appliances Inc., Midea Group Co. Ltd, and American Standard Companies Inc.
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Geographical Scope
The air conditioners market is segmented into North America, Asia-Pacific, Europe, Latin America, and the Middle East & Africa. Asia-Pacific is expected to lead in 2022, with rapid growth fueled by developing economies, increased investments, and rising environmental regulations.
Mr. Khushal Bombe
Meticulous Market Research Inc.
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