Air Conditioners Market by Type (Window, Split, Variable Refrigerant Flow, Centralized/Ducted), Tonnage, Technology (Inverter & Non-Inverter), Rating, End User (Residential, Commercial, Industrial), and Geography - Global Forecasts to 2029

Air Conditioners Market by Type (Window, Split, Variable Refrigerant Flow, Centralized/Ducted), Tonnage, Technology (Inverter & Non-Inverter), Rating, End User (Residential, Commercial, Industrial), and Geography - Global Forecasts to 2029

Air Conditioners Market by Type (Window, Split, Variable Refrigerant Flow, Centralized/Ducted), Tonnage, Technology (Inverter & Non-Inverter), Rating, End User (Residential, Commercial, Industrial), and Geography - Global Forecasts to 2029

The research report titled, ‘Air Conditioners Market by Type (Window, Split, Variable Refrigerant Flow, Centralized/Ducted), Tonnage, Technology (Inverter & Non-Inverter), Rating, End User (Residential, Commercial, Industrial), and Geography - Global Forecasts to 2029’, provides an in-depth analysis of air conditioners market across five major geographies and emphasizes on the current market trends, market sizes, market shares, recent developments, and forecasts till 2029.

The global air conditioners market is projected to reach $231.3 billion by 2029, at a CAGR of 5.4% during the forecast period of 2022–2029. Based on volume, the global air conditioners market is projected to reach 882.1 million units by 2029, at a CAGR of 6.1% during the forecast period.

The growth of this market is driven by soaring temperatures & humidity levels worldwide, 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 the global air conditioners market. Additionally, 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, high energy usage by air conditioners is a challenge for the growth of this market. Connected air conditioners and solar photovoltaic (PV) and solar thermal-assisted air conditioning systems are major trends in this market.

Based on type, the air conditioners market is broadly segmented into window ACs, split ACs, VRF systems, centralized/ducted ACs, and other air conditioner types. In 2022, the split ACs segment is expected to account for the largest share of the global air conditioners market. However, the centralized/ducted ACs segment is projected to record the highest CAGR during the forecasted period. The rising demand for energy-efficient and sustainable ducted air conditioning systems is responsible for the growing demand for centralized/ducted ACs segment.

Based on tonnage, the air conditioners market is broadly segmented into up to 2 ton, 2 ton to 5 ton, 5 ton to 10 ton, and more than 10 ton. In 2022, the up to 2 ton segment is expected to account for the largest share of the global air conditioners market. However, the 2 ton to 5 ton segment is projected to register the highest CAGR of 6.1% during the forecast period. Large rooms and the increasing demand for ductable air conditioners contribute to the growing demand for the 2- to 5 ton segment.

Based on technology, the air conditioners market is broadly segmented into inverter ACs and non-inverter ACs. In 2022, the inverter ACs segment is expected to account for the largest share of the global air conditioners market. This segment is also projected to register the highest CAGR during the forecasted period. This segment's large market share and growth are mainly attributed to the need for lower power consumption, growing awareness of the energy-efficiency properties of inverter technology air conditioners, and increasing temperature and humidity levels.

Based on end user, the air conditioners market is broadly segmented into residential end users, commercial end users, and industrial end users. In 2022, the residential end users segment is expected to account for the largest share of the global air conditioners market and is also projected to register the highest CAGR during the forecast period. The growth of this segment is mainly attributed to the acceptance of smart home technology, the introduction of advanced residential air conditioners in the market with advanced features, the trend for developers to offer air-conditioned apartments, and the rising need to improve indoor air quality.

Based on geography, the air conditioners market is segmented into North America, Asia-Pacific, Europe, Latin America, and the Middle East & Africa. In 2022, Asia-Pacific is expected to account for the largest share of the air conditioners market. The region is also expected to witness rapid growth during the forecast period. The growth in this region is mainly driven by the factors such as the advent of environmental regulations for energy-efficient cooling systems, increasing installations of AC products in emerging economies, the proliferation of commercial and residential construction, and the increasing number of residential infrastructures comprising demand for room air conditioners (RAC).

The key players operating in the global 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), Electrolux (Sweden), Gree Electric Appliances Inc. (China), Midea Group Co. Ltd (China), and American Standard Companies Inc. (U.S.).

Key questions answered in the report:

Which are the high-growth market segments in terms of type, tonnage, technology, rating, end user, and geography?
What is the historical market for air conditioners across the globe?
What are the market forecasts and estimates from 2022–2029?
What are the major drivers, restraints, and opportunities in the global air conditioners market?
Who are the major players in the global air conditioners market, and what shares of the market do they hold?
Who are the major players in various countries, and what shares of the market do they hold?
How is the competitive landscape?
What are the recent developments in the global air conditioners market?
What are the different strategies adopted by the major players in the global air conditioners market?
What are the geographical trends and high-growth countries?
Who are the local emerging players in the global air conditioners market and how do they compete with the other players?

Scope of the report:

Air Conditioners Market by Type

Window ACs
Split ACs
VRF (Variable Refrigerant Flow) Systems
Centralized/Ducted ACs
Other Conditioner Types

Air Conditioners Market, by Tonnage

Up to2Ton
2 Ton to 5 Ton
5 Ton to 10 Ton
More Than 10 Ton

Air Conditioners Market, by Technology

Inverter ACs
Non-Inverter ACs

Air Conditioners Market, by Rating

1 Star ACs
2 Star ACs
3 Star ACs
4 Star ACs
5 Star ACs

Air Conditioners Market, by End User

Residential End Users
Commercial End Users
Industrial End Users

Air Conditioners Market, by Geography

North America
U.S.
Canada
Europe
U.K.
Germany
France
Italy
Spain
Switzerland
Sweden
Belgium
Rest of Europe
Asia-Pacific
China
India
Japan
Indonesia
South Korea
Singapore
Rest of Asia-Pacific
Latin America
Brazil
Mexico
Rest of Latin America
Middle East & Africa
UAE
Saudi Arabia
South Africa
Rest of Middle East & Africa

Air Conditioners Market - Report Summary

Report Metrics	Details
Years Considered	2020 - 2029
Base Year	2021
Forecast Period	2022-2029
Page Count	330
Units Referenced
Segments/Key Topics	Market by Type, Market by Tonnage, Market by Technology, Market by Rating, Market by End User, Market by Geography
Regions Covered	North America, Europe, Asia-Pacific, Latin America, and Middle East & Africa
Key Companies Mentioned	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), Electrolux (Sweden), Gree Electric Appliances Inc. (China), Midea Group Co. Ltd (China), and American Standard Companies Inc. (U.S.) among others.

FAQs About the Report

What is the value of revenue generated from the sales of the air conditioners across the globe? At what rate is their demand expected to grow for the next 5–7 years?

The global air conditioners market is projected to reach USD 231.3 billion million by 2029 at a CAGR of 6.1% during the forecast period.

Which tonnage segment showcases high growth opportunities for the air conditioners market players?

In 2022, the up to 2 Ton segment is expected to account for the largest share of the global air conditioners market. This is mainly attributed to the increasing demand for custom features for small homes or small office spaces and increasing demand for up to 2 Ton air conditioners across emerging economies.

Which technology segments of the market are projected to create more traction in the air conditioners market?

In 2022, the inverter ACs segment is expected to account for the largest share of the global air conditioners market and is expected to grow with highest CAGR during the forecasted period. The large share and highest CAGR of this segment is mainly attributed to the factors such as the growing awareness of the energy-efficiency properties of inverter technology air conditioners, lower power consumption, and rising temperature and humidity levels.

What are the key factors driving the growth of the air conditioners market? What are major opportunities for existing market players and new entrants in the market?

The growth of this market is driven by the rising demand for energy-efficient air conditioners, increasing use of commercial air conditioners in the industrial sector, growing consumers' inclination toward convenience and comfort. Increasing adoption of air conditioners with inverter and air purification technologies is expected to create market growth opportunities.

Who are the major players operating in the global air conditioners market?

The key players operating in the global 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), Electrolux (Sweden), Gree Electric Appliances Inc. (China), Midea Group Co. Ltd (China), and American Standard Companies Inc. (U.S.) among others.

Which regions/countries are expected to witness significant demand for air conditioners in the coming years?

Asia-Pacific dominates the global air conditioners market and is also expected to grow at the highest growth rate over the coming years.