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Redding, California - July 8, 2024

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

Asia-Pacific Air Conditioners Market by Type (Split, Centralized/Ducted, Others), Tonnage (Up to 2 Tons, 2 Tons to 5 Tons, Others), Technology (Inverter, Non-inverter), Rating (5 Star, 4 Star, Others), End User (Residential, Others), and Geography - Forecast 2030

Meticulous Research^®—a leading global market research company, published a research report titled, ‘Asia-Pacific Air Conditioners Market by Type (Split, Centralized/Ducted, Others), Tonnage (Up to 2 Tons, 2 Tons to 5 Tons, Others), Technology (Inverter, Non-inverter), Rating (5 Star, 4 Star, Others), End User (Residential, Others), and Geography - Forecast 2030.’

According to this latest publication from Meticulous Research^®, the Asia-Pacific air conditioners market is projected to reach $122.06 billion by 2030, at a CAGR of 6.4% during the forecast period of 2024–2030. The growth of the Asia-Pacific air conditioners market is attributed to the rising temperatures & humidity levels in the region, consumers’ growing inclination toward convenience & comfort, and the rising demand for energy-efficient air conditioners. However, the high costs of air conditioners restrain the growth of this market.

The rising adoption of air conditioners with inverter & air purification technologies and technological advancements in HVAC systems are creating growth opportunities for the players operating in this market. However, the high energy consumption associated with air conditioners is a challenge for market growth. Additionally, connected air conditioners and solar photovoltaic (PV) & solar thermal-assisted air conditioning systems are major trends in this market.

Based on type, the Asia-Pacific air conditioners market is segmented 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 account for the largest share of the Asia-Pacific air conditioners market. The large market share of this segment is attributed to the increasing demand for energy-saving and low-noise air conditioners and the growing use of split air conditioners for large spaces. A split system is more energy efficient, uses less energy, and helps keep indoor environments clean.

Several companies are focused on providing quality products and launching a wide range of ACs in the market. For instance, in March 2022, Blue Star Ltd (India) launched its range of affordable split ACs with high quality, reliability, and durability. Such developments drive the sales of split air conditioners.

However, the centralized/ducted ACs segment is projected to record the highest CAGR during the forecast period. The growing demand for energy-efficient and sustainable ducted air conditioning systems in developing countries in Asia-Pacific is contributing to the growth of the centralized/ducted ACs segment. Centralized air conditioners heat or cool air at a central location and distribute it across numerous rooms or zones through ducts. This factor also supports the segment’s high growth.

Based on tonnage, the Asia-Pacific air conditioners market is segmented into up to 2 tons, 2 tons to 5 tons, 5 tons to 10 tons, and more than 10 tons. In 2024, the up to 2 tons segment is expected to account for the largest share of the Asia-Pacific air conditioners market. The large market share of this segment is attributed to the increasing demand for ACs with custom features for small homes or office spaces and the increasing demand for air conditioners with a tonnage of up to 2 tons across emerging economies such as China and India. Moreover, in recent years, prominent AC manufacturers have launched up-to-2-ton ACs with features such as:

Swing feature for the even distribution of air throughout the space covered
Washable filters that can easily be removed and put back into the AC
Voice-controlled features and Google Assistant for hands-free operation

However, the 2 tons to 5 tons segment is projected to register the highest CAGR during the forecast period. The increasing demand for 2 to 5 tons AC units for cooling large rooms, the rising demand for ACs with anti-bacterial & anti-dust filters and anti-freeze thermostats, the high demand for ductable air conditioners, and the growing need for energy-efficient cooling systems contribute to the growth of the 2 tons to 5 tons segment.

Based on technology, the Asia-Pacific air conditioners market is segmented into inverter ACs and non-inverter ACs. In 2024, the inverter ACs segment is expected to account for the larger share of the Asia-Pacific air conditioners market. The large market share of this segment is attributed to advancements in inverter technology and growing awareness of the energy-efficiency benefits of inverter technology air conditioners and rising temperature & humidity conditions in Asia-Pacific.

Moreover, the inverter ACs segment is projected to register the higher CAGR during the forecast period. The benefits of inverter air conditioners, such as cost-effectiveness, no temperature fluctuations, durability, faster cooling, lower power consumption, and being environmentally friendly, drive the growth of the inverter ACs segment. In addition, AC manufacturers’ strong focus on product development and enhancement of inverter-powered ACs are also contributing to the segment’s growth. For instance, in April 2024, Voltas Limited (India) launched a new range of convertible inverter ACs with a built-in air purification system. The new ACs from the company are equipped with a HEPA filter, a PM 1.0 sensor, and an AQI indicator, which are designed to not only cool the room but also purify the air simultaneously.

Based on rating, the Asia-Pacific air conditioners market is segmented into 1 Star ACs, 2 Star ACs, 3 Star ACs, 4 Star ACs, and 5 Star ACs. In 2024, the 3 Star ACs segment is expected to account for the largest share of the Asia-Pacific air conditioners market. The segment’s large market share is attributed to the benefits of 3 Star ACs, such as high efficiency and durable copper condenser coils that work on variable-speed compressors.

However, the 5 Star ACs segment is projected to register the highest CAGR during the forecast period. This segment's growth can be attributed to several factors, including the advantages offered by 5 Star-rated air conditioners, such as reduced electricity consumption, automated power management features, and the increasing emphasis of AC manufacturers on the development and improvement of energy-efficient air conditioning units. For instance, in February 2024, Haier Inc. (China), a global leader in home appliances and consumer electronics, launched the Kinouchi 5 Star Heavy-Duty Pro Air Conditioner series in India. The Kinouchi AC series is equipped to deliver powerful performance with the supercooling feature and comfort control with Intelli Smart features and the Haier Smart App.

Based on end user, the Asia-Pacific air conditioners market is segmented into residential end users, commercial end users, and industrial end users. In 2024, the residential end users segment is expected to account for the largest share of the Asia-Pacific air conditioners market. The large market share of this segment is mainly attributed to the rising adoption of smart home technologies, the increasing emphasis of construction companies on providing air-conditioned apartments, and the growing need to enhance indoor air quality.

Moreover, the residential end users segment is projected to register the highest CAGR during the forecast period. The rising adoption of smart home technologies and the increasing installation of air conditioners in apartments drive this segment’s growth. The introduction of advanced residential air conditioners with features such as corrosion resistance, automated humidity control, and copper condensers is expected to create market growth opportunities. For instance, in July 2021, Samsung Electronics Co., Ltd. (South Korea) introduced its new DVM S2 Variable Refrigerant Flow (VRF) outdoor air conditioning unit that works with indoor AC units to provide wind-free cooling that cools ambient room temperature. This new model is ideal for apartments and residential complexes.

Based on geography, the Asia-Pacific air conditioners 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. In 2024, China is expected to account for the largest share of the Asia-Pacific air conditioners market. China’s significant market share can be attributed to the growing focus on agreements aimed at supplying air conditioning systems for urban transportation systems and initiatives by leading AC market players to establish manufacturing facilities in China to boost the production of energy recovery ventilator systems. Additionally, China's immense potential for air conditioner production, the presence of well-established air conditioner manufacturers, and the country's expertise in crafting efficient air conditioning systems contribute to its dominant position in the market. For instance, in March 2021, Liebherr-Transportation Systems (China) signed an agreement with Chengdu Xinzhu Road & Bridge Machinery Co., Ltd. (China) to provide air-conditioning systems for its newly developed maglev urban transportation system.

However, India is projected to register the highest CAGR during the forecast period. The growth of this market is driven by factors such as initiatives by the Indian government to improve the sales of air conditioners in the country, the proliferation of commercial and residential construction encouraging the adoption of air conditioners, and the increasing need for air conditioners in the country. In addition, efforts by prominent players to launch AC products contribute to the market’s growth. For instance, in 2022, Voltas Limited (India) launched its 2022 range of PureAir Inverter AC with assured purity, strengthening its portfolio of cooling products and home appliances. The company launched new SKUs across its range of air conditioners, air coolers, commercial refrigeration, and Voltas Beko home appliances.

Key Players:

Some of the key players operating in the Asia-Pacific 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), Gree Electric Appliances Inc. (China), and Midea Group Co. Ltd (China).

Download Sample Report Here @ https://www.meticulousresearch.com/download-sample-report/cp_id=5681

Key Questions Answered in the Report:

Which are the high-growth market segments based on type, tonnage, technology, rating, and end user?
What was the historical market size for air conditioners in Asia-Pacific?
What are the market forecasts and estimates for the period 2024–2030?
What are the major drivers, restraints, and opportunities in the Asia-Pacific air conditioners market?
Who are the major players, and what shares do they hold in the Asia-Pacific air conditioners market?
What is the competitive landscape like in the Asia-Pacific air conditioners market?
What are the recent developments in the Asia-Pacific air conditioners market?
What are the strategies adopted by major players in the Asia-Pacific air conditioners market?
What are the key geographic trends, and which are the high-growth countries?
Who are the local emerging players in the Asia-Pacific air conditioners market, and how do they compete with the other players?

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Redding, California - July 8, 2024

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

Asia-Pacific Air Conditioners Market by Type (Split, Centralized/Ducted, Others), Tonnage (Up to 2 Tons, 2 Tons to 5 Tons, Others), Technology (Inverter, Non-inverter), Rating (5 Star, 4 Star, Others), End User (Residential, Others), and Geography - Forecast 2030

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