Singapore Air Conditioners (AC) Market Report and Forecast 2024-2032

Singapore Air Conditioners (AC) Market Outlook

The Singapore air conditioners (AC) market size reached approximately USD 80.13 million in 2023. The market is estimated to grow at a CAGR of 4.9% in the forecast period of 2024-2032, reaching a value of around USD 123.12 million by 2032.

Key Trends in the Market

An air conditioner (AC) is a device which is used to maintain a cool temperature in an enclosed space such as a room or a vehicle. It can also improve the air quality and reduce the humidity of space by maintaining optimum temperature.

• Growing integration of remote-control apps of ACs with smartphones and other smart devices is a major factor driving the Singapore air conditioners (AC) market growth. A smart control app offers features for maintaining an optimal temperature at night, customising cooling preferences, and offering valuable insights into energy consumption so consumers can make an informed decision regarding energy usage.

• The burgeoning popularity of ACs with in-built air filters, which can trap airborne particles, bacteria, and viruses and reduce the unpleasant odour from surroundings, is another crucial trend aiding the market expansion. Air filters also ensure that AC runs effectively by protecting the mechanical parts from dust and pollutants and extending their longevity.

• Favourable government initiatives aimed at promoting energy-efficient systems in buildings such as ACs also contribute to the Singapore air conditioners (AC) market demand. On June 30, 2022, the Building and Construction Authority (BCA) of Singapore launched a Green Mark Incentive Scheme for pre-existing buildings, valued at $63 million, through which it aims to make 80 per cent of buildings energy efficient.

Singapore Air Conditioners (AC) Market Segmentation

Based on refrigerant type, the market is bifurcated into Freon (R-22) and Puron (R410A). On the basis of size, the market is divided into <12K BTU, 12K-36K BTU, 36K-60K BTU, and 60K+ BTU, among others. Based on end use, the market is classified into residential and commercial.

The residential segment is further divided, based on product, into single and multi split, among others, whereas the commercial segment is further categorised based on product into precision air conditioner (PAC), mini VRV <7HP, and maxi VRV >7HP, among others. Based on distribution channel, the market is segmented into hypermarket, electronic stores, and online, among others.

The comprehensive EMR report provides an in-depth assessment of the market based on the Porter's five forces model along with giving a SWOT analysis. The report gives a detailed analysis of the following key players in the Singapore air conditioners (AC) market, covering their competitive landscape and latest developments like mergers, acquisitions, investments, and expansion plans.

• Daikin Industries Ltd. 

• Mitsubishi Electric Corporation 

• Panasonic Corporation 

• LG Electronics Inc 

• Samsung Electronics Co., Ltd. 

• Midea Group Co. Ltd. 

• Johnson Controls - Hitachi Air Conditioning Company 

• Prism Tech Private Limited 

• Strategic Marketing (S) Pte Ltd 

• Others

Market Share by End Use

The residential sector occupies a substantial portion of the Singapore air conditioners (AC) market share as the country faces year-round hot and humid temperatures, which necessitates the demand for ACs in households. The rapid urbanisation, coupled with the increased purchasing power of middle-income households, also boosts the segment’s growth.

Meanwhile, the commercial sector is expected to gain robust growth in the forecast period, due to the increased implementation of ACs in hotels, restaurants, cafes, and offices for enhancing the comfort of visitors and employees.

Market Share by Distribution Channel

As per the Singapore air conditioners (AC) market analysis, electronic stores account for a significant market share as these stores offer a wide range of brands and models as well as the facility of installation. These stores are also equipped with experts who can guide buyers in purchasing the appropriate AC as per their requirements.

Moreover, online channels are anticipated to witness sizeable growth in the coming years as they contain reviews from customers which can aid buyers in making an informed decision.

Competitive Landscape

Daikin Industries Ltd. Is a global air conditioner provider, founded in 1924 and based in Osaka, Japan. Some of its common products and services include air conditioning and refrigeration products, fluorochemicals, and oil hydraulics, among others. The company aims to reduce carbon emissions, VOC emissions, and resource consumption in its product life cycle to promote sustainability.

Mitsubishi Electric Corporation, established in 1921 and headquartered in Tokyo, Japan, is an electronics and electrical equipment corporation. Its product portfolio includes air conditioners, automotive equipment, building systems, energy systems, and semiconductors and devices, among others. The company also aims to create an eco-efficient work environment by steadily implementing technologies that improve the energy efficiency of its buildings.

Panasonic Corporation, incorporated in 1918, is a provider of home appliances as well as other electronic products, based in Osaka, Japan. Some of its well-known brands include Panasonic Automotive, Panasonic Connect, and Panasonic Energy, among others. Along with electronics, the company also offers products such as automotive and avionic systems, rechargeable batteries, and industrial systems.

Other Singapore air conditioners (AC) market players include LG Electronics Inc., Samsung Electronics Co., Ltd., Midea Group Co. Ltd., Johnson Controls - Hitachi Air Conditioning Company, Prism Tech Private Limited, and Strategic Marketing (S) Pte Ltd, among others.

Key Highlights of the Report