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Global Air Conditioners (AC) Market to Grow at a CAGR of 6.8% During 2022-2027, Aided by the Development of Smart Home Compatible Air Conditioners (AC)

According to a new report by EMR titled, ‘Global Air Conditioners (AC) Market Report and Forecast 2022-2027’, the global air conditioners (AC) industry attained a value of about USD 131.08 billion in 2021. The market is further expected to grow at a CAGR of 6.8% during the forecast period of 2022-2027.

The global market for air conditioners (AC) is being rapidly driven by the advent of the Internet of Things (IoT) technology. Air conditioners equipped with the Internet of Things (IoT) are robustly gaining momentum owing to the strong penetration of smartphones and smart speakers like Amazon Alexa and Google Home. Thus, the growing adoption of smart home infrastructure is driving the growth of the market. IoT-enabled air conditioning systems allow users to operate remotely over internet accessibility, and the commonality of internet services is further favouring the market. Furthermore, Artificial Intelligence (AI) is also significantly contributing to the market growth of air conditioners as manufacturers are increasingly deploying AI in air cooling systems to intelligently sense the room temperature and accordingly modify the temperature of the AC, thus enabling in saving energy. Thus, the introduction of advanced digital technology into air conditioning systems aided by internet connectivity is augmenting the growth of the market.

Voltas (NSE: VOLTAS), the leading market player in the global market for air conditioners, developed the industry’s first adjustable inverter AC range in March 2019. Voltas’s adjustable inverter AC comes with the unique value proposition of ‘flexible air conditioning’ that allows users to switch from 1.5 Ton to 1 Ton capacity, and otherwise, depending on the ambient heat or number of people in the room, leading to savings and optimisation of running cost. Such developments by leading market players are pushing the growth of the market.

Market Analysis by Type, Size, End-User, Distribution Channel, and Region:

  • Based on type, the market can be segmented into window AC, central AC, and mini-split AC, among others. 
  • The market, based on size, can be categorised into <12K BTU, 12K-36K BTU, 36K-60K BTU, 60K+ BTU.
  • On the basis of end-user, the market classifications include commercial and residential. 
  • Based on distribution channels, the market can be divided into hypermarkets, electronic stores, and online, among others.
  • The major regional markets for the product include North America, Latin America, Europe, the Asia Pacific and the Middle East and Africa.

Key Findings of the Report:

  • The market growth is being driven by the rising importance of air conditioners in commercial and residential settings as a result of rising global temperatures. 
  • The introduction of energy-efficient air conditioners equipped with air filters to improve air quality and enable savings are invigorating the market growth.
  • The rising adoption of smart home infrastructure and the corresponding development of air conditioners installed with AI and IoT technology are stimulating the growth of the market.
  • Inflating disposable incomes and rising living standards of people are factors positively influencing the growth of the market.

Key Offerings of the Report:

  • The EMR report gives an overview of the global air conditioners (AC) industry for the periods (2017-2021) and (2022-2027).
  • The report also offers historical (2017-2021) and forecast (2022-2027) markets for types, sizes, end-users, distribution channels, and major regions.
  • The report analyses market dynamics, covering the key demand and price indicators in the market along with an assessment of the SWOT and Porter’s Five Forces Model.

The major players in the global air conditioners (AC) market are Nortek, AB Electrolux, LG Electronics, DAIKIN INDUSTRIES, Ltd., Fujitsu General Limited, and Johnson Controls, among others. The comprehensive report by EMR looks into the market share, capacity, and latest developments like mergers and acquisitions, plant turnarounds, and capacity expansions of the major players.

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