Press release
Asia-Pacific Air Conditioners Market Valued at $122.06 Billion by 2030
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Market Dynamics:
An air conditioner, designed to cool indoor spaces by extracting and expelling heat, is a pivotal system for enhanced indoor living. With benefits like reduced humidity, asthma and allergy trigger mitigation, and improved indoor air quality, air conditioners have become indispensable. Factors driving the Asia-Pacific air conditioners market growth include the escalating installation of air conditioning units, manufacturers' focus on advanced portable technologies, and the rising industrial usage of air conditioners. Additionally, the region's increasing temperatures and humidity levels, coupled with consumer preferences for convenience and comfort, contribute to market growth. However, the high cost of air conditioners poses a challenge to widespread adoption.
Growth Opportunities and Challenges:
Despite challenges, growth opportunities arise from the rising adoption of air conditioners featuring inverter and air purification technologies. Technological advancements in HVAC systems are creating avenues for market players, while the challenge remains in addressing the high energy consumption associated with air conditioners. Noteworthy trends include the emergence of connected air conditioners and the integration of solar photovoltaic (PV) and solar thermal-assisted air conditioning systems.
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Market Segmentation and Growth Drivers:
Based on Type:
Split ACs: Expected to account for the largest market share in 2023.
Centralized/Ducted ACs: Projected to record the highest CAGR, driven by the growing demand for energy-efficient and sustainable ducted air conditioning systems.
Based on Tonnage:
Up to 2 Tons: Expected to account for the largest share in 2023.
2 Tons to 5 Tons: Projected to register the highest CAGR, fueled by the increasing demand for AC units suitable for cooling large rooms.
Based on Technology:
Inverter ACs: Expected to account for the larger share in 2023.
Non-inverter ACs: Inverter ACs projected to register the higher CAGR, driven by growing awareness about energy-saving benefits.
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Based on Rating:
3 Star ACs: Expected to account for the largest share in 2023.
5 Star ACs: Projected to register the highest CAGR, attributed to reduced electricity consumption and manufacturers' emphasis on energy-efficient units.
Based on End User:
Residential End Users: Expected to account for the largest share in 2023.
Commercial End Users: Projected to register the highest CAGR, driven by the rising adoption of smart home technologies.
Geographical Insights:
China: Expected to account for the largest share in 2023.
India: Projected to register the highest CAGR, driven by government initiatives and increasing construction.
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Key Players:
Leading players in the Asia-Pacific 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
Meticulous Market Research Inc.
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California, 96001, U.S.
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