Press release
The Evolution of Asia pacific Air Conditioning : Market Insights and Projections
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Opportunities for market players are emerging due to the rising adoption of air conditioners equipped with inverter and air purification technologies, as well as advancements in HVAC systems. Yet, the high energy consumption associated with air conditioners poses a challenge to market growth. Additionally, the market is witnessing significant trends, including the growing popularity of connected air conditioners and the integration of solar photovoltaic (PV) and solar thermal-assisted air conditioning systems.
The Asia-Pacific air conditioners market is categorized by type into window ACs, split ACs, VRF (Variable Refrigerant Flow) systems, centralized/ducted ACs, and other air conditioning types. In 2024, the split ACs segment is expected to dominate the market, primarily due to the increasing demand for energy-saving and low-noise air conditioners and the widespread use of split systems in larger spaces. These systems are known for their energy efficiency, reduced energy consumption, and ability to maintain clean indoor environments.
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Several companies are actively focused on launching high-quality, affordable split air conditioners. For example, in March 2022, Blue Star Ltd (India) introduced a new range of affordable split ACs, known for their reliability and durability, contributing to the growth in sales of these units.
On the other hand, the centralized/ducted ACs segment is expected to witness the highest CAGR during the forecast period, driven by the growing demand for energy-efficient and sustainable ducted air conditioning systems in developing Asia-Pacific countries. Centralized air conditioners, which distribute air through ducts to multiple rooms or zones, are particularly favored for their efficiency and ability to control temperatures in larger spaces.
The market is also segmented based on tonnage into up to 2 tons, 2 to 5 tons, 5 to 10 tons, and over 10 tons. The up-to-2-ton segment is projected to hold the largest market share in 2024, driven by the rising demand for compact, custom-featured ACs for small homes or offices, especially in emerging economies like China and India. Manufacturers have been introducing ACs in this category with features such as air distribution swing functions, washable filters, and voice control capabilities integrated with Google Assistant.
However, the 2 to 5 tons segment is expected to register the highest CAGR during the forecast period, fueled by the increasing demand for units that can efficiently cool larger rooms, along with features like anti-bacterial filters, anti-dust technology, and energy-efficient cooling systems.
From a technological perspective, the market is divided into inverter and non-inverter ACs. In 2024, the inverter ACs segment is expected to hold the largest market share, due to advancements in inverter technology, growing awareness of energy efficiency, and the increasingly extreme temperature and humidity conditions in the Asia-Pacific region. Furthermore, the inverter ACs segment is predicted to experience the highest CAGR, supported by the benefits these systems offer, such as cost-effectiveness, no temperature fluctuations, faster cooling, lower power consumption, and environmental friendliness. Manufacturers are heavily investing in the development of inverter-powered ACs, with new product launches incorporating advanced air purification systems.
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The market is further segmented by rating into 1 Star, 2 Star, 3 Star, 4 Star, and 5 Star ACs. In 2024, the 3 Star ACs segment is anticipated to lead the market, thanks to its high efficiency and durable copper condenser coils. However, the 5 Star ACs segment is expected to grow at the highest CAGR, driven by the benefits of reduced electricity consumption, automated power management features, and the increasing focus of manufacturers on developing energy-efficient air conditioning units. For instance, in February 2024, Haier Inc. (China) launched the Kinouchi 5 Star Heavy-Duty Pro Air Conditioner series in India, featuring powerful cooling, comfort control, and integration with the Haier Smart App.
When categorized by end-user, the market includes residential, commercial, and industrial segments. The residential segment is expected to hold the largest share of the Asia-Pacific air conditioners market in 2024, largely due to the growing adoption of smart home technologies, the emphasis on air-conditioned apartments by construction companies, and the rising need to improve indoor air quality.
Moreover, the residential segment is forecasted to experience the highest CAGR, supported by the increasing installation of air conditioners in residential buildings and the introduction of advanced residential ACs with features like corrosion resistance, automated humidity control, and copper condensers. For example, in July 2021, Samsung Electronics Co., Ltd. (South Korea) introduced the DVM S2 Variable Refrigerant Flow (VRF) outdoor air conditioning unit, which offers wind-free cooling and is ideal for residential complexes.
Geographically, the market is segmented into China, Japan, India, South Korea, Australia & New Zealand, Indonesia, Thailand, Malaysia, Singapore, Vietnam, the Philippines, and the Rest of Asia-Pacific. China is projected to dominate the market in 2024, driven by the country's strong focus on agreements for air conditioning systems in urban transportation, as well as efforts by leading AC manufacturers to establish production facilities in China. The country's strong capabilities in air conditioner production and the presence of leading manufacturers contribute to its leading market position. For instance, in March 2021, Liebherr-Transportation Systems (China) signed an agreement with Chengdu Xinzhu Road & Bridge Machinery Co., Ltd. (China) to supply air conditioning systems for its newly developed maglev urban transportation system.
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Key Players:
Key players in the Asia-Pacific air conditioners 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), Voltas Limited (India), 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).
*Related Research:
1. Air Conditioners Market : https://www.meticulousresearch.com/download-sample-report/cp_id=5384
2. South East Asia Air Conditioners Market: https://www.meticulousresearch.com/download-sample-report/cp_id=5611
3. Europe Air Conditioners Market: https://www.meticulousresearch.com/download-sample-report/cp_id=5693
4.North America Air Conditioners Market: https://www.meticulousresearch.com/download-sample-report/cp_id=5632
*Related Articles
1. Air Conditioners Market: https://www.linkedin.com/pulse/rapid-growth-european-air-conditioner-market-rmiwc/
2. Asia pacific Air Conditioners Market: https://www.linkedin.com/pulse/%25EC%2595%2584%25EC%258B%259C%25EC%2595%2584-%25ED%2583%259C%25ED%258F%2589%25EC%2596%2591-%25EC%2597%2590%25EC%2596%25B4%25EC%25BB%25A8-%25EC%258B%259C%25EC%259E%25A5%25EC%259D%2598-%25ED%2599%2595%25EC%259E%25A5-%25EC%259D%25B4%25EB%2585%25B8%25EB%25B2%25A0%25EC%259D%25B4%25ED%258A%25B81x-r68ve
3. North America Air Conditioners Market: https://www.linkedin.com/pulse/%25EB%25AF%25B8%25EB%259E%2598%25EB%25A5%25BC-%25EC%258B%259C%25EC%259B%2590%25ED%2595%2598%25EA%25B2%258C-%25EB%25B6%2581%25EB%25AF%25B8-%25EC%2597%2590%25EC%2596%25B4%25EC%25BB%25A8-%25EC%258B%259C%25EC%259E%25A5%25EC%259D%2598-%25ED%258A%25B8%25EB%25A0%258C%25EB%2593%259C%25EC%2599%2580-%25EA%25B8%25B0%25ED%259A%258C-%25EC%259D%25B4%25EB%2585%25B8%25EB%25B2%25A0%25EC%259D%25B4%25ED%258A%25B8x-kko3e
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