The global AC Market size is expected to reach USD 187.62 billion in 2028 and register a revenue CAGR of 5.5% over the forecast period, according to a latest report by Reports and Data. Market revenue growth is primarily driven by rising temperature in countries across the globe. In addition, steady economic growth of developing countries is resulting in rising sales of various appliances, including ACs. Consumers are purchasing ACs as utility products rather than just luxury products.
The research report provides a brief overview inclusive of competitive landscape and key developments in the market. It provides an extensive study analysis of the strategic alliances such as mergers and acquisitions, joint ventures, collaborations, product launches and brand promotions, corporate deals and partnerships, among others. It also offers insights into company overview, financial standing, business expansion plans, and revenue growth of each company. It also sheds light on product advancement, technological developments, and research and development activities.
The report studies financial information gathered by extensive primary and secondary research to offer accurate market insights. The report also offers a holistic overview of the market share, market size, market revenue growth, and segments and sub-segments along with strategic recommendations to key market players and new entrants. The report also emphasizes nascent market segments and provides insights into the growth prospects and opportunities.
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Key Players:
Some major companies in the market report include Daikin Industries, Ltd., Gree Electric Appliances Inc., Emerson Electric Co., Midea Group, Hitachi-Johnson Controls Air Conditioning, Inc., Carrier Global Corporation, LG Electronics Inc., Panasonic Corporation, Toshiba Corporation, and Haier Group Corporation.
Some Key Highlights from the Report:
- In January 2021, Panasonic India, which is a leading diversified technology company, announced the launch of a new range of ACs that are equipped with nanoeX technology in order to inhibit adhered novel coronavirus. This technology releases hydroxyl radicals which are capable of inhibiting bacteria viruses, including 99.99% of the adhered novel coronavirus (SARS-coV-2). This technology also removes 99% PM2.5 particles which ensures a better indoor air quality.
- Split and multi spilt segment is expected to account for largest revenue share in the global AC market over the forecast period. Rising temperature humidity levels across the world, increasing income levels of consumers in developing countries, and extension of work from home policy are some significant factors boosting sales of split and multi spilt ACs.
- Online segment is expected to register robust revenue growth over the forecast period. Availability of favourable discounts on e-commerce portals is projected to drive revenue growth of the segment. Besides, rising usage of smartphones is boosting growth of e-commerce portals in developing countries and further driving sales of ACs.
- Residential segment is expected to account for a steady revenue share in the global AC market, owing to rising global temperatures, as well as growth of the affluent middle class.
- AC market in Asia Pacific is expected to account for largest revenue share over the forecast period. Some manufacturers such as Daikin Industries, Ltd., Gree Electric Appliances Inc., Midea Group, Hitachi-Johnson Controls Air Conditioning, Inc., LG Electronics Inc., Panasonic Corporation, Toshiba Corporation, and Haier Group Corporation, are offering innovative products in order to increase market share, which, in turn, is expected to boost market growth in the region.
Market Segmentation:
Product Type Outlook (Revenue, USD Billion; 2018-2028)
- Split Multi Split
- Window
- Variable Refrigerant Flow (VRF)
- Packaged AC (PAC)
- Others (Portables and Chillers)
Distribution Channel Outlook (Revenue, USD Billion; 2018-2028)
- Online
- Exclusive Stores
- Multi-brand Stores
- Other Channels
End-use Outlook (Revenue, USD Billion; 2018-2028)
- Residential
- Commercial
Regional Outlook (Revenue, USD Billion; 2018-2028)
- North America
- U.S.
- Canada
- Mexico
- Europe
- Germany
- UK
- France
- Italy
- Spain
- Sweden
- BENELUX
- Rest of Europe
- Asia Pacific
- China
- India
- Japan
- South Korea
- Rest of APAC
- Latin America
- Brazil
- Rest of LATAM
- MEA
- Saudi Arabia
- UAE
- South Africa
- Israel
- Rest of MEA
Reasons for Buying this Report:
- This report provides pin-point analysis for changing competitive dynamics
- It provides a forward-looking perspective on different factors driving or restraining market growth
- It provides a six-year forecast assessed on the basis of how the market is predicted to grow
- It helps in understanding the key product segments and their future
- It provides pin point analysis of changing competition dynamics and keeps you ahead of competitors
- It helps in making informed business decisions by having complete insights of market and by making in-depth analysis of market segments
- PEST analysis of the market in the five major regions.
Thank you for reading this article. You can also get chapter-wise sections or region-wise report coverage for North America, Europe, Asia Pacific, Latin America, and Middle East Africa.
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