Meticulous Research®—a leading global market research company, published a researchAsAsia-Pacific Air Conditioners Market, Asia-Pacific ACs, Air Conditioners, Connected Air Conditioners, Window ACsia-Pacific Air Conditioners Market, Asia-Pacific ACs, Air Conditioners, Connected Air Conditioners, Window ACs 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.’
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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 2023–2030. 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 2023, 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 2023, 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:
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- 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 2023, 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 2023, 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.
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).
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 2023–2030?
- 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?
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