the global air conditioning market is estimated to grow by $110.3 billion in 2021 for $188.1 billion by 2030at a CAGR of 6.9% from 2022 to 2030. Air conditioning (often referred to as AC, A/C, or air conditioning) is a system used to cool the temperature in an indoor space by removing heat and humidity from the room. Essentially, they work by drawing warm air into a system and dispersing cold air, but this process is far more complex. Air conditioning systems are ubiquitous, with applications ranging from malls, homes, commercial spaces to entertainment centers. it remains a sought after product–after the product, although the affordability of environmentally optimized products remains a huge challenge. Economic growth in emerging markets continues to increase, demand for air conditioning is expected to see strong growth over the next few years.
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COVID–19th Pandemic Negatively Impacts Global Air Conditioner Demand in 2020, Due to Lower Consumer Spending. The market is estimated to grow further in 2022 and record steady growth aided by climate change and rising demand from commercial constructions. Moreover, consumers‘ the growing inclination towards convenience and comfort is expected to sustain the demand for air conditioners during the forecast period.
Growing customer expectations for better air conditioning cooling is one of the factors that will drive the market. The request for air conditioning off–road applications increased due to comfort in harsh operating conditions. This will act as a catalyst to increase operator efficiency. However, a major constraint affects the application of automotive air conditioning in off–road vehicles, i.and.the space available for installing the system. Various OEMs are developing lighter, more efficient and smaller automotive air conditioning systems that easily fit–road vehicles.
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Range of air conditioning
The study categorizes the air conditioning market based on technology, distribution channel, component, vehicle type and purpose.–regional and global users.
By Technology Insights (Sales, million USD, 2017–2030)
- Manual air conditioning
- Semi–Automatic air conditioning
- Automatic air conditioning
By distribution channel Perspectives (Sales, million USD, 2017–2030)
- Multi–brand stores
- Exclusive shops
- In line
- Other Channels
By Outlook component (Sales, million USD, 2017–2030)
By type of vehicle (Sales, million USD, 2017–2030)
By End–Utilize Outlook (Sales, million USD, 2017–2030)
Outlook by region (Sales, million USD, 2017–2030)
- North America (United States, Canada, Mexico)
- South America (Brazil, Argentina, Colombia, Peru, Rest of Latin America)
- Europe (Germany, Italy, France, United Kingdom, Spain, Poland, Russia, Slovenia, Slovakia, Hungary, Czech Republic, Belgium, Netherlands, Norway, Sweden, Denmark, Rest of Europe)
- Asia Pacific (China, Japan, India, South Korea, Indonesia, Malaysia, Thailand, Vietnam, Myanmar, Cambodia, Philippines, Singapore, Australia and New Zealand, Rest of Asia Pacific)
- The Middle East and Africa (Saudi Arabia, United Arab Emirates, South Africa, North Africa, Rest of MEA)
The automatic air conditioning segment expected to account for the largest market share by technology
Based on type, the global air conditioning market is divided into manual air conditioning, semi–automatic climate control and automatic climate control. Technological evolution has made it possible to use a fully automatic air conditioning system at a lower cost. Today, almost all vehicles manufactured are equipped with an air conditioning system. There is therefore stiff competition between car manufacturers to offer increased comfort.. This competition has increased OEM pressure to provide technologically advanced automotive air conditioning systems.. The automotive air conditioning market includes a limited number of players that have a strong position globally. To expand the market, the players have adopted several strategies such as new product development and launch, regional expansions, acquisitions, mergers, partnerships, and collaborations..
Asia Pacific represents the highest CAGR over the forecast period
On the basis of regions, the global air conditioning market has been segmented into North America, Asia–Pacific, Europe, South America, Middle East and Africa. In 2021, North America held the largest market share. The North American market, along with other developed markets around the world, is expected to experience growth primarily driven by replacement sales. Additionally, increasing government promotional activities aimed at increasing the adoption of energy efficient air conditioning systems to reduce energy consumption is also expected to fuel the growth of the regional market. Even though the overall market collapsed due to the spread of the COVID-19 pandemic, Europe and North America saw growth in 2020 and were not impacted as negatively as the rest of the world. world. This is attributed to strong demand in the last quarter of 2020 in both regions.
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Globally, Asia-Pacific is expected to have the highest CAGR of the global air conditioning market during the forecast period. Region includes China, India, Japan, Australia, South Korea, Southeast Asia and Rest of Asia–Peaceful. The growth of the region is mainly due to the economic growth of domestic emerging countries such as China and India. Automotive Air Conditioning Market to Be Driven by Rising Automotive Production and Consumer Comfort Demands. Rising demand for vehicles, rising per capita income and technological advancements are major drivers for automotive air conditioning systems.
Main market players
The air conditioning market is slightly concentrated with few global players operating in the market such as Daikin Industries Ltd..Gree Electrical Appliances Inc..Emerson Electric Company, Midea Group Co. Ltd, Hitachi–Johnson Controls Air Conditioning Inc.LG Electronics Inc..Panasonic Corporation, Toshiba Corporation, Haier Group Corporation, Electrolux, Whirlpool, Voltas Limited, Bluestar, Mitsubishi Electric and Robert Bosch
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Each company follows its business strategy to gain maximum market share. Currently, Daikin Industries Ltd..Hitachi–Johnson Controls Air Conditioning Inc.LG Electronics Inc..Panasonic Corporation and Toshiba Corporation are major companies in the global air conditioning market.