Air Conditioning Market Flourish with an Impressive CAGR during 2030

Theglobal air conditioning market is estimated to grow from USD 110.3 billion in 2021 to USD 188.1 billion by 2030, at a CAGR of 6.9% from 2022 to 2030. Air conditioning (often called AC, A/C, or air con) is a system used to cool down the temperature in an inside space by removing the heat and moisture from the room. Essentially, they work by taking warm air into a system and dispersing cold air, but there is much more to this process. Air conditioning systems are ubiquitous, with applications ranging from shopping centers, homes, commercial spaces to entertainment centers. AC is still a sought-after product, though environmentally optimized products' affordability is still a huge challenge. The economic growth in emerging markets continues to surge the demand for AC is anticipated to witness high growth over the next few years.

The COVID-19 pandemic has a negative impact on demand for air conditioners globally in 2020, owing to decreased consumer spending. The market is estimated to grow more in 2022 and record a stable growth aided by the changing climate atmosphere and rising demand from commercial constructions. Furthermore, consumers’ growing inclination toward convenience and comfort is expected to upkeep the demand for air conditioners over the forecast period.

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Growing customer expectations for better cooling from the air conditioning is one of the factors that will grow the market. The demand for air conditioning in off-highway applications has gone up due to comfort in harsh operating conditions. This will act as a catalyst in increasing operator efficiency. However, one major constraint affects the application of automotive air conditioning in off-highway vehicles, i.e., the space available for installing the system. Various OEMs are developing lighter, efficient, and smaller automotive air conditioning systems that easily fit off-highway vehicles.

Scope of the Air Conditioning

The study categorizes the air conditioning market based on technology, distribution channel, component, vehicle type, and end-users at the regional and global levels.

By Technology Outlook (Sales, USD Million, 2017-2030)

• Manual Air conditioning
• Semi-automatic Air Conditioning
• Automatic Air Conditioning

By Distribution Channel Outlook (Sales, USD Million, 2017-2030)

• Multi-brand Stores
• Exclusive Stores
• Online
• Other Channels

By Component Outlook (Sales, USD Million, 2017-2030)

• Compressor
• Evaporator
• Drier/Receiver
• Condenser

By Vehicle Type Outlook (Sales, USD Million, 2017-2030)

• Passenger cars
• LCVs
• HCVs

By End-Use Outlook (Sales, USD Million, 2017-2030)

• Residential
• Commercial
• Industrial

By Region Outlook (Sales, USD Million, 2017-2030)

• North America (US, Canada, Mexico)
• South America (Brazil, Argentina, Colombia, Peru, Rest of Latin America)
• Europe (Germany, Italy, France, UK, Spain, Poland, Russia, Slovenia, Slovakia, Hungary, Czech Republic, Belgium, the Netherlands, Norway, Sweden, Denmark, Rest of Europe)
• Asia Pacific (China, Japan, India, South Korea, Indonesia, Malaysia, Thailand, Vietnam, Myanmar, Cambodia, the Philippines, Singapore, Australia & New Zealand, Rest of Asia Pacific)
• The Middle East & Africa (Saudi Arabia, UAE, South Africa, Northern Africa, Rest of MEA)

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The automatic air conditioning segment is projected 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 air conditioning, and automatic air conditioning. Technological advancement has made it possible to use a fully automatic air conditioning system at a lesser cost. Today, almost all manufactured vehicles are equipped with an air conditioning system. Therefore there is tough competition between automakers to provide enhanced comfort. This competition has increased the OEMs' pressure to deliver technologically advanced automotive air conditioning systems. The automotive air conditioning market comprises a limited number of players who have a strong position at the global level. To grow the market, players have adopted several strategies such as new product development and launches, regional expansions, acquisitions, mergers, partnerships, and collaborations.

Asia Pacific accounts for the highest CAGR during the forecast period

Based on the regions, the global air conditioning market has been segmented across North America, Asia-Pacific, Europe, South America, and the Middle East & Africa. In 2021, North America was accounted for the largest market share. The North American market, along with other developed markets worldwide, is expected to witness growth primarily powered by replacement sales. Moreover, rising promotional activities from the government to increase the adoption of energy-efficient air conditioning systems to reduce energy consumption are also expected to fuel the regional market's growth. Even though the overall market slumped due to the spread of the COVID-19 pandemic, Europe and North America recorded growth in 2020 and were not impacted as negatively as the rest of the world was affeceted. This is attributed to the strong demand in the last quarter of 2020 in both regions.

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Globally, Asia Pacific is projected to hold the highest CAGR in the global air conditioning market during the forecast period. The region includes China, India, Japan, Australia, South Korea, Southeast Asia, and the Rest of Asia-Pacific. The region's growth is primarily due to economic growth in the domestic emerging countries such as China and India. The automotive air conditioning market will be driven by rising automobile production and consumer demands for comfort. Increased vehicle demand and rising per capita income and technological advancements are key drivers for automotive air conditioning systems.

Key Market Players

The air conditioning market is mildly 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

Every company follows its business strategy to gain the 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.

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