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South East Asia Air Conditioners Market to Be Worth $8.66 Billion by 2030
Meticulous Research®—a leading global market research company, published a research report titled, ‘South East Asia 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=5611?utm_source=article&utm_medium=social+&utm_campaign=product&utm_content=08-02-2024
According to this latest publication from Meticulous Research®, the South East Asia air conditioners market is projected to reach $8.66 billion by 2030, at a CAGR of 7.2% during the forecast period 2023–2030. The growth of the South East Asia air conditioners market is driven by soaring temperatures & humidity levels, consumers’ growing inclination toward convenience & comfort, and the rising demand for energy-efficient air conditioners. However, the high costs of air conditioners restrain the growth of the South East Asia air conditioners market.
The rising adoption of air conditioners with inverter & air purification technologies and technological advancements in HVAC systems are creating growth opportunities for the players operating in 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.
Based on type, the South East Asia 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 South East Asia air conditioners market. A split system is more energy efficient, uses less energy, and helps keep indoor environments clean. The large market share of this segment is attributed to the increasing demand for energy-saving and low-noise air conditioners.
Several companies are focused on providing quality products and launching a wide range of ACs in the market. For instance, in March 2022, Blue Star Ltd (India) launched its range of affordable split ACs with high quality, reliability, and durability. Such developments drive the sales of split air conditioners, supporting market growth. However, the centralized/ducted ACs segment is projected to record the highest CAGR during the forecast period.
Based on tonnage, the South East Asia 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 South East Asia air conditioners market. The large market share of this segment is attributed to the increasing demand for ACs with custom features for small homes or office spaces and the increasing demand for air conditioners with a tonnage of up to 2 tons across emerging economies such as Indonesia, Thailand, Singapore, and Malaysia. In the past few years, prominent AC manufacturers have launched up-to-2-ton ACs with features such as:
- 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
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Based on technology, the South East Asia 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 South East Asia air conditioners market. The large market share of this segment is attributed to advancements in inverter technology and AC manufacturers’ strong focus on product development and enhancement of inverter-powered ACs. For instance, in March 2022, Voltas Limited. (India) launched its PureAir Inverter ACs powered with HEPA filters and PM1.0 sensors to strengthen its portfolio of cooling products and home appliances. Similarly, in February 2022, LG Electronics India Pvt. Ltd. (India) launched its AI dual inverter air conditioners to offer customers superior cooling, maximum energy efficiency, and convenience. Moreover, the inverter ACs segment is also projected to register the higher CAGR during the forecast period.
Based on rating, the South East Asia 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 South East Asia air conditioners market. The segment’s large market share is attributed to the benefits of 3 Star ACs, such as high efficiency and durable copper condenser coils that work on variable-speed compressors and AC manufacturers’ rising focus on developing and enhancing energy-efficient ACs. For instance, in March 2022, Blue Star Ltd (India) launched nearly 50 models of 3 Star, 4 Star, and 5 Star inverter split air conditioners to expand its portfolio of offerings. However, the 5 Star ACs segment is projected to register the highest CAGR during the forecast period.
Based on end user, the South East Asia air conditioners market is segmented into residential end users, commercial end users, and industrial end users. In 2023, the residential end users segment is expected to account for the largest share of the South East Asia air conditioners market. The large market share of this segment 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 end users segment is also projected to register the highest CAGR during the forecast period.
Based on geography, the South East Asia air conditioners market is segmented into Indonesia, Thailand, Malaysia, Singapore, Vietnam, and the Rest of South East Asia. In 2023, Indonesia is expected to account for the largest share of the South East Asia air conditioners market. The growing demand for air conditioners among Indonesia’s middle-income group, independent households, and public and hospitality sectors and the increasing production of air conditioners in Indonesia contribute to the country’s large market share. Moreover, Indonesia is also projected to register the highest CAGR during the forecast period.
Key Players:
Some of the key players operating in the South East Asia 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), 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 South East Asia?
- What are the market forecasts and estimates for the period 2023–2030?
- What are the major drivers, restraints, and opportunities in the South East Asia air conditioners market?
- Who are the major players, and what shares do they hold in the South East Asia air conditioners market?
- What is the competitive landscape like in the South East Asia air conditioners market?
- What are the recent developments in the South East Asia air conditioners market?
- What are the strategies adopted by major players in the South East Asia air conditioners market?
- What are the key geographic trends, and which are the high-growth countries?
- Who are the local emerging players in the South East Asia air conditioners market, and how do they compete with the other players?
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