Global Air Conditioning Market Size, Share, Growth Analysis, By Type, By Application, By Technology, By Distribution channels - Industry Forecast 2024-2031

Global Air Conditioning Market size was valued at USD 138.91 Billion in 2022 and is poised to grow from USD 148.49 Billion in 2023 to USD 253.24 Billion by 2031, growing at a CAGR of 6.9% in the forecast period (2024-2031).

A number of converging variables indicate that the air conditioning (AC) business is expected to grow significantly. The need for air conditioning systems is rising as a result of rising global temperatures and humidity levels. This change in perspective plays a major role in the market's expansion. Furthermore, throughout the projection period, the introduction of highly developed air conditioning systems, such as inverters and air purification technologies, is anticipated to be a major driver.

Top-down and bottom-up approaches were used to estimate and validate the size of the Global Air Conditioning Market and to estimate the size of various other dependent submarkets. The research methodology used to estimate the market size includes the following details: The key players in the market were identified through secondary research, and their market shares in the respective regions were determined through primary and secondary research. This entire procedure includes the study of the annual and financial reports of the top market players and extensive interviews for key insights from industry leaders such as CEOs, VPs, directors, and marketing executives. All percentage shares split, and breakdowns were determined using secondary sources and verified through Primary sources. All possible parameters that affect the markets covered in this research study have been accounted for, viewed in extensive detail, verified through primary research, and analyzed to get the final quantitative and qualitative data.

Global Air Conditioning Market Segmental Analysis

The global Air Conditioning market is segmented into various segments. By type, the air conditioner market can be segmented into room AC, ducted AC, ductless AC, centralized AC, and others. Based on application, the global air conditioner market is segmented into residential, commercial offices and retail, industrial and others. By technology, the air conditioner market is segmented based on semi-automatic or manual and automatic. Based on distribution channels, the air conditioner market can be segmented into online retail, retail shops, direct sales, and distribution sales. By technology, the air conditioner market is segmented into inverter, non-inverter. Based on end-use, the air conditioner market can be segmented into residential, commercial. Based on region, the market is segmented into North America, Europe, Asia-Pacific, Latin America, Middle East & Africa.

Drivers of the Global Air Conditioning Market

Air conditioners (ACs) are quickly changing from being thought of as a luxury item to an essential requirement as global temperatures rise as a result of climate change. This fundamental change in viewpoint has the potential to have a significant and favorable impact on the market value of air conditioners worldwide. As global temperatures rise and heatwaves become more intense, people and communities are coming to see air conditioning as a necessary component of comfortable interior spaces.

Restraints in the Global Air Conditioning Market

Automation is now a part of every aspect of the Heating, Ventilation, and Air Conditioning (HVAC) industry's goods and services due to its rapid expansion. The requirement for the production and installation of complex systems in a variety of industries, including commercial, industrial, and residential applications, has increased dramatically as a result of this growth trajectory. But despite this boom, a significant drawback-high replacement and maintenance costs-emerges.

Market Trends of the Global Air Conditioning Market

Product Innovation: Manufacturers in the air conditioning business are placing a higher priority on product innovation in response to the growing need for energy-efficient solutions. Notably, businesses like LG have led the way in innovation by launching window inverter air conditioners that incorporate Dual Inverter technology. Compared to traditional air conditioning systems, these cutting-edge units use a great deal less energy, which is in line with the increasing need for affordable and eco-friendly cooling solutions. Furthermore, in the context of an extremely competitive industry, producers are stepping up their efforts to provide value-added features.