Air Condition Market Challenges, Unleashing Opportunities Until By Forecast 2022-2030
Air condition Market Outlook
Air condition market size was valued at USD 95468.5 million in 2021. The air condition market industry is projected to grow from USD 103296.92 million in 2022 to USD 179340.42 million by 2030, exhibiting a compound annual growth rate (CAGR) of 8.20% during the forecast period (2022–2030). Increasing demand for commercial buildings and consumers’ increased preference for comfort and convenience are the key market drivers enhancing the air condition market growth.
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The growth of the AC market is being driven by a number of factors, including:
- Increasing demand for comfort cooling in hot and humid climates
- Rising disposable incomes, leading to increased spending on home appliances
- Growing awareness of the health benefits of air conditioning
- Government initiatives to promote energy efficiency in buildings
The AC market is segmented by type, application, and region. By type, the market is segmented into window ACs, split ACs, central ACs, and portable ACs. Split ACs are the most popular type of AC, accounting for the largest share of the market. Window ACs are the second most popular type of AC, followed by central ACs and portable ACs.
By application, the market is segmented into residential and commercial. Residential is the largest application segment, accounting for the majority of the market. Commercial applications include offices, hospitals, schools, and hotels.
By region, the market is segmented into North America, Europe, Asia Pacific, Middle East & Africa, and Latin America. Asia Pacific is the largest market for ACs, followed by North America and Europe. The growth of the AC market in Asia Pacific is being driven by the increasing demand for comfort cooling in hot and humid climates.
The AC market is a competitive market, with a number of leading players. Some of the major players in the market include Daikin, Carrier, LG Electronics, Samsung, and Whirlpool. These players are engaged in various strategies, such as product innovation, mergers and acquisitions, and expansion into new markets, to gain a competitive edge in the market.
The AC market is expected to continue to grow in the coming years. The growth of the market will be driven by the increasing demand for comfort cooling in hot and humid climates, rising disposable incomes, and growing awareness of the health benefits of air conditioning.
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