This detailed market study covers air conditioning market growth opportunities and competitive scenarios, which can assist the stakeholders in understanding market trends and prospects in the air conditioning market. The market report focuses on data from a combination of primary and secondary sources and analyses the information using numerous tools. The research report also offers a detailed analysis of each segment in the air conditioning market and evaluates the impact of the COVID-19 outbreak on the industry.
Air Conditioning Market Competitive Rivalry
The market report includes an analysis of the competitive landscape present in the industry. It consists of an assessment of the existing and ongoing trends that players can invest in. The notable players in the air conditioning market are Denso Corporation, Panasonic Corporation, Midea Group, Voltas Ltd., Gree Electric Appliances, Inc., Mitsubishi Electric Corporation, Daikin Industries Ltd., LG Electronics, Toshiba Carrier Corporation, and Haier lnc., among others.
Air Conditioning Market Drivers
The major factors that are driving the growth of the air conditioning market include the increasing technological advancements in the air conditioners and the growing development of hospitals, multiplexes, which is leading to a rise in the adoption of air conditioning. Moreover, the expansion in the construction sector is encouraging the development of residential and commercial buildings driven by the rapid population growth and the expanding tourism sector.
The rising focus on the development of energy-efficient and environment-friendly air conditioners, improving economic conditions of the developing nations along with rapid urbanization, increasing disposable income, and changing consumer lifestyle is further surging the demand of the air conditioning industry over the coming years. The increasing demand for private car rental services such as Uber and Ola, is responsible for the expansion of the air conditioning market share in terms of revenue. On the other hand, the high initial cost of system and maintenance cost is likely to hamper the growth of the market. The demand of the air conditioner market is likely to have a negative impact due to the COVID-19 pandemic and lockdown in 2020. The major reason behind the massive impact is the significant fall in the supplies of various components of air conditioners from China, which is affecting the production cycle of AC around the world. The numerous distributors are worried that the consumers may not buy these products in the near future driven by the fear of contracting the virus by the usage of air conditioners in their homes and offices.
Air Conditioning Market Segmentation
The chapter of segmentation provides the readers with an overview of the air conditioning market, such as its products, applications, and other relevant factors of the industry. Understanding the market segments helps in identifying the importance of different factors that surges market growth over the forecast period (2020-2027).
Segment by Type:
- VRF Systems
- Room/Unitary Air Conditioners
Segment by End-user:
Segment by Distribution Channel:
- Specialty Stores
Segment by Region:
- North America
- United States of America
- Asia Pacific
- Rest of APAC
- United Kingdom
- Rest of Europe
- South Africa
- Saudi Arabia
- Rest of the world (remaining countries of the LAMEA region)
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