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Redding, California - September 23, 2024

Air Conditioners (ACs) Market to be Worth $256.2 Billion by 2031

Air Conditioners Market Size, Share, Forecast, & Trends by Type (Window ACs, Split ACs, VRF, Centralized/Ducted ACs, Portable ACs), Tonnage, Technology (Inverter & Non-Inverter), Rating, End User (Residential, Commercial, Industrial), and Geography - Global Forecasts to 2031

Meticulous Research^®—a leading global market research company, published a research report titled, ‘Air Conditioners Market—Global Opportunity Analysis and Industry Forecast (2024-2031)’. According to this latest publication from Meticulous Research^®, the air conditioners market is expected to reach $256.2 billion by 2031, at a CAGR of 5.8% from 2024 to 2031.

Based on volume, the air conditioners market is projected to reach 992.1 million units by 2031, at a CAGR of 6.2% during the forecast period.

The growth of this market is attributed to factors such as rising temperatures & humidity levels across the world, growing consumers’ inclination toward convenience & comfort, and the rising demand for energy-efficient air conditioners. However, the high costs of air conditioners can restrain market growth. The rising adoption of air conditioners with inverter & air purification technologies and technological advancements in HVAC systems are creating market growth opportunities. However, air conditioners’ high energy use is a challenge for market growth. Additionally, connected ACs and solar photovoltaic (PV) & solar thermal-assisted air conditioning systems are a growing trend in this market.

The air conditioners market is segmented by type, tonnage, technology, rating, and end user. This study also evaluates industry competitors and analyzes the regional and country-level markets.

By type, in 2024, the split ACs segment is expected to account for the largest share of over 56.0% of this market. The large share of the segment is attributed to the growing demand for energy-efficient air conditioners and the rising focus of key market players on providing quality and innovative split ACs in the market. However, the centralized/ducted AC segment is anticipated to register the highest CAGR during the forecast period.

By tonnage, in 2024, up to 2 ton segment is expected to account for the largest share of over 67.0% of this market. Air conditioners with a capacity of up to 2 tons are well-suited for small homes and office spaces during the summer months. Their extensive use in the residential sector drives substantial demand in emerging economies, including Japan, China, and India. The significant market share of this segment is due to the variety of features these units offer and the high demand for air conditioning solutions in small residential and office environments. However, the 2 ton to 5 segment is expected to grow at the highest CAGR during the forecast period.

By technology, in 2024, the inverter ACs segment is expected to account for a larger share of over 57.0% of this market. It is also poised to register the highest CAGR during the forecast period. This segment’s substantial market share is driven by increasing awareness of energy-efficient air conditioners and the advantages provided by inverter models. These benefits include cost-effectiveness, consistent temperature control, durability, rapid cooling, lower power consumption, environmental friendliness, and the ability to address rising temperature and humidity levels.

By end user, in 2024, the residential end users segment is expected to account for the largest share of over 80.0% of this market. It is also estimated to record the highest CAGR during the forecast period. In the residential sector, air conditioners are essential for enhancing indoor air quality and fostering a healthier environment. By circulating filtered air and blocking dust particles and smoke, they create a comfortable living space. This segment’s large market share is driven by increased investment in smart homes, a growing focus on improving indoor air quality, and the introduction of advanced residential air conditioners.

By geography, in 2024, Asia-Pacific is expected to account for the largest share of over 47.0% of the air conditioners market. It is also expected to register the highest CAGR during the forecast period. This region’s large market share is attributed to factors such as efforts by leading AC providers to introduce new products, numerous real estate projects, and public-private investments in residential, industrial, and commercial developments. Moreover, the implementation of environmental regulations for energy-efficient cooling systems, rising installations of air conditioning units in emerging economies, and increased demand for residential construction in countries such as China, Japan, and India further contribute to the region's significant market presence.

Key Players:

The key players operating in the air conditioners market are 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), Electrolux (Sweden), Gree Electric Appliances Inc. (China), Midea Group Co. Ltd (China), American Standard Companies Inc. (U.S.) and among others.

Download Sample Report Here @ https://www.meticulousresearch.com/download-sample-report/cp_id=5384

Key questions answered in the report-

Which are the high-growth market segments based on type, tonnage, technology, rating, end user?
What was the historical market for air conditioners?
What are the market forecasts and estimates for the period 2024–2031?
What are the major drivers, restraints, and opportunities in the air conditioners market?
Who are the major players, and what shares do they hold in the air conditioners market?
How is the competitive landscape in the air conditioners market?
What are the recent developments in the air conditioners market?
What are the different strategies adopted by the major players in the air conditioners market?
What are the key geographic trends, and which are the high-growth countries?
Who are the local emerging players in the global air conditioners market, and how do they compete with the other players?

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Redding, California - September 23, 2024

Air Conditioners (ACs) Market to be Worth $256.2 Billion by 2031

Air Conditioners Market Size, Share, Forecast, & Trends by Type (Window ACs, Split ACs, VRF, Centralized/Ducted ACs, Portable ACs), Tonnage, Technology (Inverter & Non-Inverter), Rating, End User (Residential, Commercial, Industrial), and Geography - Global Forecasts to 2031

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