Air Conditioning Market by Product (splits, chillers, airside, and others) and Geography, Competition, Forecast & Opportunities, 2021 - 2025
NEW YORK, June 28, 2022 /PRNewswire/ -- The Air Conditioning Market is segmented by product (splits, chillers, airside, and others). The air conditioning market share growth by the splits segment will be significant during the forecast period. The growth in the market comes from the replacement of window units with energy-efficient and sleek split air conditioners. There is also an increasing trend toward inverter-based splits, owing to their efficiency. Moreover, the Air Conditioning Market value is set to grow by USD 19.6 billion, progressing at a CAGR of 3.04% from 2020 to 2025, as per the latest report by Technavio
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Air Conditioning Market: Rise in Residential Construction Activity to Drive the Market Growth
Direct investment in real estate has almost grown to pre-recession levels at $710 billion in 2014 to increase to $9.6 trillion in 2019. This will drive construction activities and infrastructure development. The global residential real estate market is witnessing growing momentum. Direct real estate investment and increasing wealth and prosperity in regions such as the APAC, Latin America, and the Middle East are driven by economic growth and increasing migration to existent and newly emerging cities in these regions, which is accelerating the demand for new homes. Job growth, expanding retail and business operations, and recovery of the housing market in developing countries are also supporting the progress in the market. Furthermore, the construction of the total number of new privately-owned housing units started in the US by purpose and design increased from 1.11 million in 2015 to 1.29 million in 2019. Such growth in residential construction is anticipated to drive demand for air conditioning solutions during the forecast period.
Air Conditioning Market Geography Outlook (Revenue, USD bn, 2020-2025)
Air Conditioning Market: Safety Issues to Challenge the Market Growth
There are various government and non-government regulatory bodies across the world that effectively ensure the safety of electronic appliances that are sold to consumers. For instance, the Consumer Product and Safety Commission (CPSC) establishes and standardizes safety measures for appliances sold in the US. These standards ensure consumer safety from potential safety hazards. In the past few years, there have been a few incidences regarding the safety issues of portable ACs, which have eventually led to product recalls. For instance, in June 2019, three portable AC models of LG Electronics USA, namely LP0711WNR, LP0813WNR, and LP0814WNR, were recalled due to non-compliance with the Consumer Product Safety Commission. These safety concerns and issues not only ruin the company s image but also discourage the adoption of such products by consumers due to the fear of safety hazards. This can pose a challenge to the growth of the global air conditioning market during the forecast period.
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Some of the Major Air Conditioning Companies:
The report analyzes the market's competitive landscape and offers information on several market vendors, including:
The air conditioning market is fragmented and the vendors are deploying growth strategies such as organic and inorganic growth strategies to compete in the market.
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Table of Contents
1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Five Forces Analysis
5 Market Segmentation by Product
6 Customer Landscape
7 Geographic Landscape
8 Drivers, Challenges, and Trends
9 Vendor Landscape
10 Vendor Analysis
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