Asia-Pacific Air Conditioners Market to be Worth $122.06 Billion by 2030

According to the latest publication by Meticulous Research®, the Asia-Pacific air conditioners market is projected to reach $122.06 billion by 2030, growing at a compound annual growth rate (CAGR) of 6.4% from 2024 to 2030. This growth is primarily driven by rising temperatures and humidity levels across the region, increasing consumer preference for comfort and convenience, and a growing demand for energy-efficient air conditioners. However, the high cost of air conditioners remains a major constraint to market
expansion.

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Opportunities for growth in this market are being fueled by the increasing adoption of air conditioners with inverter and air purification technologies, along with technological advancements in HVAC systems. At the same time, challenges such as high energy consumption associated with air conditioners pose barriers to market growth. Key trends include the emergence of connected air conditioners and solar photovoltaic (PV) & solar thermal-assisted air conditioning systems.

Market Segmentation
The Asia-Pacific air conditioners market is segmented by type, tonnage, technology, rating, end user, and geography.

By Type
The market is categorized into window ACs, split ACs, VRF (Variable Refrigerant Flow) systems, centralized/ducted ACs, and other air conditioner types. In 2024, the split ACs segment is expected to hold the largest share of the market, driven by the rising demand for energy-saving, low-noise air conditioners and the growing use of split ACs in larger spaces. Split systems are more energy-efficient, use less energy, and help maintain cleaner indoor environments. The centralized/ducted ACs segment is projected to experience the highest CAGR due to the increasing demand for energy-efficient and sustainable air conditioning systems in developing countries across Asia-Pacific.

By Tonnage
The market is segmented into up to 2 tons, 2 to 5 tons, 5 to 10 tons, and more than 10 tons. The up to 2 tons segment is expected to dominate the market in 2024, supported by the increasing demand for air conditioners tailored to small homes or office spaces, particularly in emerging economies like China and India. Recent product launches, such as air conditioners with voice control, air purification features, and washable filters, contribute to the growth of this segment. However, the 2 to 5 tons segment is projected to register the highest CAGR, driven by demand for cooling larger rooms, anti-bacterial and anti-dust filters, and energy-efficient ductable ACs.

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By Technology
The market is divided into inverter ACs and non-inverter ACs. In 2024, the inverter ACs segment is expected to account for the largest share due to technological advancements, increased awareness of energy-efficiency benefits, and the region's rising temperature and humidity levels. This segment is also anticipated to experience the highest CAGR, supported by the advantages of inverter air conditioners, such as cost-effectiveness, durability, faster cooling, and lower power consumption. Recent product innovations, like the launch of convertible inverter ACs with built-in air purification systems by Voltas Limited (India) in April 2024, are also contributing to the growth of this segment.

By Rating
The market is categorized into 1 Star, 2 Star, 3 Star, 4 Star, and 5 Star ACs. The 3 Star ACs segment is expected to hold the largest market share in 2024 due to their high efficiency and durable copper condenser coils. However, the 5 Star ACs segment is projected to register the highest CAGR during the forecast period, driven by features such as reduced electricity consumption, automated power management, and the increasing focus of manufacturers on developing energy-efficient air conditioning units. For instance, Haier Inc. (China) launched its Kinouchi 5 Star Heavy-Duty Pro Air Conditioner series in India in February 2024, emphasizing advanced features like supercooling and smart controls.

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By End User
The market is segmented into residential, commercial, and industrial end users. The residential segment is expected to hold the largest share in 2024, driven by the growing adoption of smart home technologies, the focus of construction companies on air-conditioned apartments, and the rising need to improve indoor air quality. This segment is also projected to experience the highest CAGR, supported by the increasing installation of air conditioners in residential complexes and the introduction of advanced features like corrosion resistance and automated humidity control. For example, Samsung Electronics Co., Ltd. (South Korea) introduced the DVM S2 VRF outdoor air conditioning unit in July 2021, providing efficient cooling for apartments and residential complexes.

By Geography
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 expected to hold the largest share in 2024, driven by agreements to supply air conditioning systems for urban transportation and initiatives by major players to establish manufacturing facilities in the country. However, India is projected to register the highest CAGR during the forecast period, supported by government initiatives to boost air conditioner sales, a growing construction sector, and new product launches by key players like Voltas Limited (India).

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Key Players
Key companies operating 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).

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