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Chilling Trends: The Evolution and Future of the Air Conditioners Market in Europe
Meticulous Research®—leading global market research company, published a research report titled, ‘Europe Air Conditioners Market by Type (Split, Window, Centralized/Ducted, Others), Tonnage (Up to 2 Tons, 2 Tons to 5 Tons, Others), Technology (Inverter, Non-inverter), End User (Residential, Commercial, Industrial), and Geography - Forecast to 2030.’Download free sample report here: https://www.meticulousresearch.com/download-sample-report/cp_id=5693?utm_source=article&utm_medium=social&utm_campaign=product&utm_content=27-09-2024
According to this latest publication from Meticulous Research®, the Europe air conditioners market is projected to reach $46.8 billion by 2030, at a CAGR of 6% during the forecast period 2023–2030. The growth of the Europe air conditioners market is driven by increasing temperatures and humidity levels, consumers’ growing preference for convenience and comfort, and the rising demand for energy-efficient air conditioning systems. However, the high costs of air conditioners restrain the market’s growth.
The rising adoption of air conditioners with inverter and air purification technologies and technological advances in HVAC systems are creating growth opportunities for the players operating in this market. However, the high energy consumption of air conditioners limits their adoption, which is a major challenge for market stakeholders. Moreover, connected air conditioners and the emergence of solar photovoltaic (PV) and solar thermal-assisted air conditioning systems are prominent trends in this market.
Based on technology, the Europe air conditioners market is segmented into inverter ACs and non-inverter ACs. In 2023, the inverter ACs segment is expected to account for the larger share of the Europe air conditioners market. The segment’s large market share is attributed to advancements in inverter technology and AC manufacturers’ strong focus on product enhancement and the development of inverter-powered ACs. Moreover, the inverter ACs segment is also projected to register the higher CAGR during the forecast period.
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Based on rating, the Europe air conditioners market is segmented into 1 Star ACs, 2 Star ACs, 3 Star ACs, 4 Star ACs, and 5 Star ACs. In 2023, the 3 Star ACs segment is expected to account for the largest share of the Europe air conditioners market. The segment’s large market share is attributed to the benefits of 3 Star ACs, such as high energy efficiency and durable copper condenser coils that work on variable-speed compressors, coupled with AC manufacturers’ rising focus on developing energy-efficient ACs. However, the 5 Star ACs segment is projected to register the highest CAGR during the forecast period.
Based on end user, the Europe air conditioners market is segmented into residential end users, commercial end users, and industrial end users. In 2023, the residential segment is expected to account for the largest share of the Europe air conditioners market. The segment’s large market share is mainly attributed to the growing acceptance of smart home technologies, construction companies’ increased focus on offering air-conditioned apartments, and the rising need to improve indoor air quality. Moreover, the residential segment is also projected to register the highest CAGR during the forecast period.
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Based on geography, the Europe air conditioners market is segmented into the U.K., Germany, France, Italy, Spain, the Netherlands, Switzerland, Poland, Norway, Sweden, Denmark, Ireland, Russia, and the Rest of Europe (RoE). In 2023, Italy is expected to account for the largest share of the Europe air conditioners market. Italy’s large market share is attributed to the growing demand for residential air conditioners due to rising temperatures, the surging demand for space cooling, the increasing need for comfort, and growing income levels in the country. Furthermore, the rising demand for comfortable residential spaces and increasing ownership of residential apartments are encouraging consumers to install AC units. This trend is expected to support market growth in Italy during the forecast period.
Key Players:
The key players operating in the Europe 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), Panasonic Corporation (Japan), Robert Bosch GmbH (Germany), Samsung Electronics Co., Ltd.
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