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Air Conditioning (AC) Market Size, Share Global Analysis Report, 2019–2026
Air Conditioning (AC) Market By Product Type (Room/Unitary Air Conditioners, Chillers, VRF Systems, Coolers and Others), By Component (Compressor, Evaporator, Fan, Condenser Coil and Others), By Technology (Automatic, Manual/Semi-Automatic, invertor, Spit A/C and Others) and By Application (Commercial, Residential and Industrial): Global Industry Perspective, Market Size, Statistical Research, Market Intelligence, Comprehensive Analysis, Historical Trends, and Forecast 2019–2026
Industry Insights
The report encompasses an extensive inter-market segmental analysis of the air conditioning (AC) market. The report delivers a historical analysis of the air conditioning market from a global perspective. The report examines historical trends and projected trends expected to be witnessed in the air conditioning (AC) market. The comprehensive analysis of the market statistics at the global as well as regional levels is delivered for an in-depth perspective of the global air conditioning (AC) market.
The historical statistics include yearly data from 2016 to 2019 and anticipated trends impacting the air conditioning market during the period 2020 to 2026. The quantitative figures are offered in the statistical format including both volume(K Units) and value (USD Billion) for 2016 – 2026. The qualitative data is incorporated with trend analysis and provides vital market dynamics (directly or indirectly impacting the global market) such as growth drivers, restraints, challenges, and opportunities.
Key Insights from Primary Research
- In conclusion of wide-ranging interviews with high-ranking executives of a number of firms operating in the air conditioning (AC) market, our research team predicts the global air conditioning (AC) market to foresee an excellent double-digit growth of around 12 % CAGR during the period between 2020 and 2026.
- The interviewee’s insights predict the global air conditioning market value to surpass an enormous figure of USD 310 Billion. These predictions were further compared to predictions obtained through secondary research conducted by our analyst team.
- Regionally, the Asia-Pacific region will continue to dominate the global market share with more than 55 % of the share. The respondents also believe the Asia Pacific region exhibits the fastest growth on account of rising per capita income, especially in India, Southeast Asia, and China.
- Based on the product type submarket, the room/utility air conditioners are expected to foresee an increase in a greater amount of consumption while holding the largest segmental market share among product types.
- Split A/C and Automatic air conditioning technology-based products are expected to constitute more than 70 % of global air conditioning devices consumed.
- The residential segment is expected to continue to remain the highest consuming segment with a projected market value of greater than USD 175 Billion.
Key Recommendations from Analysts
- Our key insights gained through analysis suggest a greater focus on the Asia Pacific region as it possesses the extreme potential for air conditioning market development and expansion.
- Consumers are precariously choosing products that are both environment and pocket friendly. A wide range of products with various brands and differentiated pricing is available in the market thereby allowing customers multiple options for purchase.
- The omnichannel presence will be beneficial for the growth of business in the highly diverse Asian market. Furthermore, emphasis should be given to greater relationships with the down channel distributors in markets like India whereas greater online presence and competitive pricing will play a significant role in market expansion in China.
- Our analysts predict the market to witness the fastest growth between 2023-2026 owing to increasing per capita income in the Asian population as well as the rising effect of global warming leading to a temperature increase majority of parts of Asia.
Top Investment Pockets – By Product Type
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Our analyst through multiple industry analysis models provides key business strategies and vital information on the competitive landscape of the air conditioning (AC) market in our report.
Porter’s Five Forces framework which studies industry attractiveness influencers of an industry provides knowledge about the competitive strategies adopted by various direct and indirect stakeholders affecting the entire value chain of the air conditioning (AC) market. The report also encompasses PESTLE analysis and SWOT analysis in reference to the level of business competition within the market.
The report further offers competitive analysis including market shares of prominent industry players and gives an outline of the market position held by major players in the air conditioning (AC) market. Moreover, the study offers extensive coverage of key strategic advancements observed in the market in particular to new product development and launches, acquisitions & mergers, collaborations & joint ventures, funding & VC activities, agreements, partnerships, R&D activities, and regional expansion of key players of the air conditioning (AC) market.
The research study delivers a critical assessment of the air conditioning (AC) industry by sensibly segmenting the market on the basis of product type, component, application, technology, and regions. On the basis of product type segmentation, the market is classified into room/unitary air conditioners, chillers, VRF systems, coolers, and others.
In terms of component segmentation, the market is bifurcated into the compressor, evaporator, fan, condenser coil, and others. On the basis of technology, the market is divided into automatic, manual/semi-automatic, invertor, spit a/c, and others, and by application, it is segmented into commercial, residential, and industrial.
Based on the past, present, and future trends, all the segments were analyzed from the bottom up, and the market sizes have been estimated from 2020 to 2026. The regional segmentation of the air conditioning (AC) industry includes the holistic market trends and overall statistics of all five major continents including North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa.
The consumer behavior and purchasing patterns of consumers in the air conditioning market worldwide are majorly based on the level of technology adoption and changing lifestyles. The regional market share is mostly influenced by the economic conditions within a particular region.
Report Scope
Report Attribute |
Details |
Market Size in 2019 |
USD 140 Billion |
Projected Market Size in 2026 |
USD 310 Billion |
CAGR Growth Rate |
12% CAGR |
Base Year |
2019 |
Forecast Years |
2019-2026 |
Key Market Players |
Hisense Electric Co., Hitachi Ltd., Carrier Corporation, Midea Group, Panasonic Corporation, Electrolux AB, Samsung Electronics Ltd., Sharp Corporation, Mitsubishi Electric Corporation, LG Electronics Inc., and Daikin Industries Ltd. |
Key Segment |
By Product Type, By Component, By Technology, By Application, By Region |
Major Regions Covered |
North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa |
Purchase Options |
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Prominent players operating in the air conditioning (AC) market covered in this report include:
- Midea Group
- Hisense Electric Co.
- Carrier Corporation
- Panasonic Corporation
- Hitachi Ltd.
- Samsung Electronics Ltd.
- LG Electronics Inc.
- Daikin Industries Ltd.
- Electrolux AB
- Sharp Corporation
- Mitsubishi Electric Corporation.
The categorization of the Air Conditioning (AC) Market by its scope and segmentation is as follows:
By Product Type Segmentation Analysis
- Room/Unitary Air Conditioners
- Chillers
- VRF Systems
- Coolers
- Others
By Component Segmentation Analysis
- Compressor
- Evaporator
- Fan
- Condenser Coil
- Others
By Technology Segmentation Analysis
- Automatic
- Manual/Semi-Automatic
- Invertor
- Spit A/C
- Others
By Application Segmentation Analysis
- Commercial
- Residential
- Industrial
Regional Segmentation Analysis
- North America
- The U.S.
- Canada
- Europe
- Germany
- France
- UK
- Italy
- Spain
- Rest of Europe
- Asia Pacific
- China
- Japan
- India
- South Korea
- South-East Asia
- Rest of Asia Pacific
- Latin America
- Brazil
- Mexico
- Rest of Latin America
- The Middle East and Africa
- GCC Countries
- South Africa
- Rest of Middle-East Africa
Key Pointers Addressed by the Report
- Historical data and forecast analysis of the market
- Drivers and Restraints affecting market dynamics
- Exhaustive analysis of the future market trends
- Comprehensive information about the leading market segments and regions
- Potential opportunities for the players in the market
- Business strategies by the major players operating in the global market
- Strategic developments made by the competitive players and in-depth analysis of its impact on market growth
Table of Content
Industry Major Market Players
- Midea Group
- Hisense Electric Co.
- Carrier Corporation
- Panasonic Corporation
- Hitachi Ltd.
- Samsung Electronics Ltd.
- LG Electronics Inc.
- Daikin Industries Ltd.
- Electrolux AB
- Sharp Corporation
- Mitsubishi Electric Corporation.
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