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The Split ACs Segment to Dominate the North America Air Conditioners Market in 2023
Meticulous Research®—a leading global market research company, published a research report titled, ‘North America 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=5632?utm_source=article&utm_medium=social+&utm_campaign=product&utm_content=16-02-2024
According to this latest publication from Meticulous Research®, the North America air conditioners market is projected to reach $55.5 billion by 2030, at a CAGR of 4.5% during the forecast period of 2023–2030. The growth of the North America air conditioners market is attributed to the increasing temperatures and humidity levels, the growing consumer 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 associated with air conditioners poses a challenge to the market’s growth. Moreover, connected air conditioners and the emergence of solar photovoltaic (PV) and solar thermal-assisted air conditioning systems are notable trends in this market.
Based on type, the North America 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 North America air conditioners market. The large market share of this segment is attributed to the increasing demand for energy-saving and low-noise air conditioners and the increasing focus on providing quality products and launching a wide range of split ACs in the market. A split system is more energy efficient, uses less energy, and helps 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 North America 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 North America 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 the U.S. and Canada.
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
However, the 2 tons to 5 tons segment is projected to register the highest CAGR during the forecast period.
Based on technology, the North America 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 North America 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. 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 North America 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 North America 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. However, the 5 Star ACs segment is projected to register the highest CAGR during the forecast period.
Based on end user, the North America 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 North America 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 North America air conditioners market is segmented into the U.S. and Canada. In 2023, the U.S. is expected to account for the larger share of the North America air conditioners market. The growing demand for air conditioners among middle-income groups, independent households, and public and hospitality sectors and the increasing production of air conditioners in the U.S. and Canada contribute to the country’s large market share. Further, the growing demand for air conditioners by an increasing number of residential and commercial users, better consumer awareness about air conditioners in the U.S., and growing emphasis by leading U.S.-based players to launch air conditioning products are improving the significance of the air conditioners market in the U.S. Moreover, the market in the U.S. is projected to register the highest CAGR during the forecast period.
Key Players:
Some of the key players operating in the North America 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 North America?
- What are the market forecasts and estimates for the period 2023–2030?
- What are the major drivers, restraints, and opportunities in the North America air conditioners market?
- What are the strategies adopted by major players in the North America air conditioners market?
- What are the key geographic trends, and which are the high-growth countries?
- Who are the local emerging players in the North America air conditioners market, and how do they compete with the other players?
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