Air Conditioners Market Worth $231.3 Billion by 2029

Meticulous Research^®—a leading global market research company, published a research report titled, ‘Air Conditioners Market by Type (Window, Split, Variable Refrigerant Flow, Centralized/Ducted), Tonnage, Technology (Inverter & Non-Inverter), Rating, End User (Residential, Commercial, Industrial), and Geography—Global Forecasts to 2029’.
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According to this latest publication from Meticulous Research^®, the air conditioners market is projected to reach $231.3 billion by 2029, at a CAGR of 5.4% during the forecast period of 2022–2029. Based on volume, the global air conditioners market is projected to reach 882.1 million units by 2029, at a CAGR of 6.1% during the forecast period. The growth of this market is attributed to the rising demand for energy-efficient air conditioners and consumers' growing inclination toward convenience and comfort. In addition, the rising adoption of air conditioners with inverter and air purification technologies is expected to offer significant opportunities for the growth of this market. However, air conditioners’ high energy use is a challenge for market growth. Additionally, connected air conditioners and solar photovoltaic (PV) & solar thermal-assisted air conditioning systems are major trends in this market. However, the high costs of air conditioners can restrain the growth of this market.
The air conditioners market is segmented by type, tonnage, technology, rating, and end user. The study also evaluates industry competitors and analyzes the market at the region and country levels.
Based on type, the air conditioners market is broadly segmented into window ACs, split ACs, VRF (Variable Refrigerant Flow) systems, centralized/ducted ACs, and other conditioner types. In 2022, the split ACs segment is expected to account for the largest share of the global air conditioners market. The large market share of this segment is mainly attributed to factors such as the increasing demand for energy-saving air conditioners and lower noise levels. However, the centralized/ducted ACs segment is projected to register the highest CAGR during the forecasted period. The growing demand for energy-efficient and sustainable ducted air conditioning systems in developing countries is responsible for the growing demand for centralized/ducted ACs segment.
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Based on tonnage, the air conditioners market is broadly segmented into up to 2 ton, 2 ton to 5 ton, 5 ton to 10 ton, and more than 10 ton. In 2022, the up to 2 ton segment is expected to account for the largest share of the global air conditioners market. The large market share of this segment is attributed to the increasing demand for custom features for small homes or small office spaces and increasing demand for up to 2 ton air conditioners across emerging economies such as Japan, China, and India.
However, in 2022, the 2 ton to 5 ton segment is projected to register the highest CAGR of 6.1% during the forecast period. The growing adoption of large-sized rooms and the high demand for ductable air conditioners are responsible for the growing demand for the 2 Ton to 5 Ton segment.
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Based on technology, the air conditioners market is broadly segmented into inverter ACs and non-inverter ACs. In 2022, the inverter ACs segment is expected to account for the largest share of the global air conditioners market. This segment is also projected to register the highest CAGR during the forecasted period. The large market share and fast growth rate of this segment are mainly attributed to the growing awareness of the energy-efficiency properties of inverter technology air conditioners and rising temperature and humidity levels.
Based on rating, the air conditioners market is broadly segmented into 1 star ACs, 2 star ACs, 3 star ACs, 4 star ACs, and 5 star ACs. In 2022, the 3 star ACs segment is expected to account for the largest share of the global air conditioners market. The large market share of this segment is attributed to its affordable prices compared to 4 & 5 star ACs, high adoption in residential areas, and more energy efficiency compared to 1 & 2 star ACs.
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However, the 5 star ACs segment is projected to register the highest CAGR during the forecast period. The growing demand for energy-efficient ACs, the increasing need to reduce electric consumption, and the higher cooling capacity of 5 star ACs are responsible for the growth of the 5 star ACs segment.
Based on end user, the air conditioners market is broadly segmented into residential end users, commercial end users, and industrial end users. In 2022, the residential end users segment is expected to account for the largest share of the global air conditioners market. This segment is also projected to register the highest CAGR during the forecasted period. The growth of this segment is mainly attributed to the wide acceptance of smart home technology, the trend for developers to offer air-conditioned apartments, and the rising need to improve indoor air quality. In addition, the introduction of advanced residential air conditioners with advanced features such as corrosion resistance, automated humidity controls, and copper condensers is expected to support segment growth.
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Based on geography, the air conditioners market is segmented into North America, Asia-Pacific, Europe, Latin America, and the Middle East & Africa. In 2022, Asia-Pacific is expected to account for the largest share of the air conditioners market. The region is also expected to witness rapid growth during the forecast period. The growth in this region is mainly driven by the factors such as the presence of rapidly developing economies, efforts by leading AC providers to launch AC products in Japan and India, different real estate projects & public-private investments in various residential, industrial, and commercial development areas across the region, and the advent of environmental regulations for energy-efficient cooling systems. Moreover, the factors such as increasing installations of AC products in emerging economies, increased demand for residential construction in countries such as China, Japan, and India, and growing construction activities across the region’s residential and commercial infrastructure are also contributing to the growth of the air conditioners market in Asia-Pacific.
Key Players:
The key players operating in the air conditioners market are Daikin Industries, Ltd. (Japan), Mitsubishi Electric Corporation (Japan), Hitachi-Johnson Controls Air Conditioning (Japan), Carrier Global Corporation (U.S.), Whirlpool Corporation (U.S.), Haier Smart Home Co. Ltd. (China), LG Electronics (South Korea), Voltas Limited (India), Panasonic Corporation (Japan), Robert Bosch GmbH (Germany), Samsung Electronics Co., Ltd. (South Korea), Fujitsu Limited (Japan), Blue Star Ltd (India), Toshiba Corporation (Japan), Electrolux (Sweden), Gree Electric Appliances Inc. (China), Midea Group Co. Ltd (China), and American Standard Companies Inc. (U.S.) among others.
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