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Europe Air Conditioners Market to be Worth $46.8 Billion by 2030
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
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 type, the Europe air conditioners market is segmented into window ACs, split ACs, VRF (Variable Refrigerant Flow) systems, centralized/ducted ACs, and other air conditioner types. In 2023, the split 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 rising demand for energy-saving and low-noise air conditioners and AC manufacturers’ increasing focus on providing quality products and launching a wide range of split ACs in the market. Split AC systems are energy efficient and keep indoor environments clean. However, the centralized/ducted ACs segment is projected to record the highest CAGR during the forecast period.
Based on tonnage, the Europe air conditioners market is segmented into up to 2 tons, 2 tons to 5 tons, 5 tons to 10 tons, and more than 10 tons. In 2023, the up to 2 tons 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 increasing adoption of ACs with custom features among small homes and office spaces and the rising demand for air conditioners with tonnage of up to 2 tons across Europe.
In the past few years, prominent AC manufacturers have launched up-to-2-ton ACs with:
- Swing feature for the even distribution of air throughout the space covered
- Washable filters that can easily be removed and put back into the AC
- Voice-controlled features and Google Assistant for hands-free operation
However, the 2 tons to 5 tons segment is projected to register the highest CAGR during the forecast period.
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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.
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.
Download Top 10 companies report here: https://meticulousblog.org/top-10-companies-in-air-conditioners-market/
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.
However, France is projected to register the highest CAGR during the forecast period. The growth of this market is driven by the increasing availability of air conditioners in France, AC manufacturers’ increasing focus on growth strategies such as acquisitions to expand their presence in France, the rising demand for air conditioners due to changing climatic conditions, and the wide availability of finance options for purchasing air conditioners in the country.
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. (South Korea), Fujitsu Limited (Japan), Blue Star Ltd (India), Toshiba Corporation (Japan), Gree Electric Appliances Inc. (China), and Midea Group Co. Ltd (China).
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Key Questions Answered in the Report:
- Which are the high-growth market segments based on type, tonnage, technology, rating, and end user?
- What was the historical market size for air conditioners in Europe?
- What are the market forecasts and estimates for the period 2023–2030?
- What are the major drivers, restraints, opportunities, and challenges in the Europe air conditioners market?
- Who are the major players in the Europe air conditioners market, and what are their market shares?
- What is the competitive landscape like in the Europe air conditioners market?
- What are the recent developments in the Europe air conditioners market?
- What are the strategies adopted by major players operating in the Europe air conditioners market?
- What are the key geographic trends, and which are the high-growth countries?
- Who are the local emerging players in the Europe air conditioners market, and how do they compete with the other players?
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