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Europe Air Conditioners Market by Type (Split, Window, Centralized/Ducted, Others), Tonnage (Up to 2 Tons, 2 Tons to 5 Tons, Others), Technology (Inverter, Non-inverter), End User (Residential, Commercial, Industrial), and Geography - Forecast to 2030
Report ID: MRSE - 1041010 Pages: 250 Jul-2024 Formats*: PDF Category: Semiconductor and Electronics Delivery: 24 to 72 Hours Download Free Sample ReportThe Europe Air Conditioners Market is projected to reach $46.8 billion by 2030, at a CAGR of 6% during the forecast period 2024–2030. The growth of the Europe air conditioners market is driven by increasing temperatures and humidity levels, consumers’ growing preference for convenience and comfort, and the rising demand for energy-efficient air conditioning systems. However, the high costs of air conditioners restrain the market’s growth.
The rising adoption of air conditioners with inverter and air purification technologies and technological advances in HVAC systems are creating growth opportunities for the players operating in this market. However, the high energy consumption of air conditioners limits their adoption, which is a challenge for market stakeholders. Moreover, connected air conditioners and the emergence of solar photovoltaic (PV) and solar thermal-assisted air conditioning systems are notable trends in this market.
Europe's move toward air conditioners with inverter and air purification technologies can be attributed to several factors, including growing environmental concerns, energy efficiency goals, and a greater emphasis on improving indoor air quality. The European Union (EU) has been actively working to reduce energy consumption and greenhouse gas emissions. Market players are developing energy-efficient air conditioners to comply with regulations and standards such as the EU Energy Label and Ecodesign Directive. Air conditioners with inverter technology are more energy-efficient than traditional air conditioning systems with fixed-speed compressors, as they can adjust their cooling capacities as and when required. This advantage aligns with the EU's energy efficiency objectives.
European countries are increasingly concerned about climate change and its impacts. Cooling systems, including air conditioners, contribute to electricity consumption and greenhouse gas emissions. Inverter technology can help reduce energy consumption, resulting in lower carbon emissions, which is in line with Europe's commitment to combating climate change. Inverter technology allows for precise temperature control and helps maintain more consistent indoor temperatures, providing greater comfort to users, especially during extreme temperatures. Europeans value comfort and are willing to invest in technologies that offer better climate control.
European consumers are becoming increasingly conscious of the products they purchase and their impacts on human health and the environment. Many consumers are willing to pay a premium for appliances that are energy-efficient and offer improved indoor air quality. Some European governments are providing incentives and subsidies for the purchase of energy-efficient appliances, including air conditioners with inverter technology. These incentives are encouraging consumers and businesses to adopt more efficient cooling solutions.
Thus, the rising adoption of air conditioners with inverter and air purification technologies is generating growth opportunities for the players operating in this market as the demand for energy-efficient appliances, including air conditioners, is expected to increase significantly in Europe during the coming years.
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Based on type, the Europe 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 Europe air conditioners market. Split AC systems are energy efficient and keep indoor environments clean. The segment’s large market share is attributed to the increasing demand for energy-saving and low-noise air conditioners and key market players’ increasing emphasis on providing quality air conditioners and launching a wide range of split ACs in the market.
Based on technology, the Europe 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 Europe air conditioners market. The segment’s large market share is attributed to advancements in inverter technology and AC manufacturers’ strong focus on product enhancement and the development of inverter-powered ACs.
Based on end user, the Europe air conditioners market is segmented into residential end users, commercial end users, and industrial end users. In 2024, the residential segment is expected to account for the largest share of the Europe air conditioners market. The segment’s large market share is mainly attributed to the growing acceptance of smart home technologies, construction companies’ increased focus on offering air-conditioned apartments, and the rising need to improve indoor air quality. Moreover, the residential segment is also projected to register the highest CAGR during the forecast period.
Based on geography, the Europe air conditioners market is segmented into the U.K., Germany, France, Italy, Spain, the Netherlands, Switzerland, Poland, Norway, Sweden, Denmark, Ireland, Russia, and the Rest of Europe (RoE). In 2024, Italy is expected to account for the largest share of the Europe air conditioners market. Italy’s dominant position in the Europe air conditioners market is attributed to the growing demand for residential air conditioners due to rising temperatures, the increasing need for space cooling, the rising demand for comfort, and growing income levels in the country. Furthermore, the rising demand for comfortable residential spaces and the increasing ownership of residential apartments are encouraging consumers to install AC units. This trend is expected to drive the growth of the air conditioners market in Italy during the coming years. However, France is projected to register the highest CAGR during the forecast period.
Key Players:
The key players operating in the Europe 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), 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).
Scope of the Report:
Key Questions Answered in the Report:
The Europe air conditioners market is projected to reach $46.8 billion by 2030, at a CAGR of 6% during the forecast period.
The growth of the Europe air conditioners market is driven by soaring temperatures & humidity levels, consumers’ growing inclination toward convenience & comfort, and the rising demand for energy-efficient air conditioners.
Some of the key players operating in the Europe 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), 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).
The split ACs segment is expected to account for the largest share of the Europe air conditioners market.
The 2 tons to 5 tons segment is expected to record the highest CAGR during the forecast period.
The inverter ACs segment is expected to register the higher CAGR during the forecast period.
The 5 Star ACs segment is expected to record the highest growth rate during the forecast period.
Based on end user, which segment is expected to grow at the highest CAGR during the forecast period?
The residential segment is expected to record the highest CAGR during the forecast period.
Published Date: Sep-2024
Published Date: Jul-2024
Published Date: Jul-2024
Published Date: Jul-2024
Published Date: Jun-2024
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