Asia Air Conditioners Market Size
The Asia Pacific air conditioner market has a market value of US$ 88.85 billion and is projected to reach US$ 142.89 billion by 2032, expanding at a CAGR of 5.42 percent from 2024 to 2032. The increasing awareness of energy savings and growth in the construction and tourism sectors mainly drive this growth.
Asia Air Conditioners Market Outlooks
Air conditioners (ACs) are devices designed to regulate indoor temperatures by removing heat and moisture from the air, creating a cooler and more comfortable environment. They operate by circulating refrigerant through coils, which absorb heat from indoor spaces and expel it outside. ACs are essential for maintaining comfortable living and working conditions, especially in regions with hot and humid climates.
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In the Asia-Pacific region, air conditioners are widely used across residential, commercial, and industrial sectors due to the area’s diverse and often extreme climatic conditions. Countries like India, China, Japan, and Southeast Asian nations experience long, hot summers with high humidity, making ACs indispensable for ensuring comfort and productivity. In residential settings, air conditioners provide relief from the intense heat, improving sleep quality and overall well-being. Commercially, they are crucial for maintaining comfortable environments in offices, retail spaces, and hotels, which can lead to increased customer satisfaction and employee productivity.
In industrial contexts, air conditioning is vital for temperature-sensitive processes and preserving perishable goods. As the region’s economies grow and urbanization increases, the demand for air conditioners continues to rise, making them a staple in modern life across the Asia-Pacific.
Growth Driver of the Asia Pacific Air Conditioner Market
Rapid Urbanization and Infrastructure Development
The Asia-Pacific region is experiencing rapid urbanization, with millions of people moving to cities each year. This urban shift is driving the demand for air conditioners as new housing, commercial spaces, and infrastructure projects are developed. As cities expand, the need for climate-controlled environments in homes, offices, shopping malls, and public spaces increases. Additionally, government initiatives to improve urban infrastructure, including smart city projects and energy-efficient buildings, further boost the demand for advanced air conditioning systems. This trend is particularly strong in emerging economies like India, China, and Southeast Asian countries, where urban growth is accelerating.
Rising Disposable Income and Changing Lifestyles
Economic growth in the Asia-Pacific region has led to increased disposable income, especially among the burgeoning middle class. As people’s incomes rise, there is a growing demand for modern amenities, including air conditioners, which are increasingly seen as essential rather than luxury items. The shift towards more comfortable and convenient living standards has led to higher sales of air conditioners for residential use. Additionally, changing lifestyles, with a greater emphasis on comfort and well-being, are driving the adoption of energy-efficient and smart air conditioning solutions that cater to the preferences of tech-savvy consumers.
Hot and Humid Climate Conditions
The Asia-Pacific region’s hot and humid climate is a significant growth driver for the air conditioner market. Countries like India, Thailand, Malaysia, and Indonesia experience long, sweltering summers, creating a constant demand for cooling solutions. As temperatures continue to rise due to climate change, the reliance on air conditioning is expected to increase further. This climatic necessity drives consistent demand across both urban and rural areas, as consumers prioritize comfort and productivity in their living and working environments. The growing focus on health and wellness, particularly the need for better air quality and temperature control, also contributes to the steady expansion of the air conditioner market in the region.
India Air Conditioners Market
The air conditioning market in India has been experiencing significant growth in recent years. With a growing middle class, increasing urbanization, and rising temperatures due to climate change, the demand for air conditioners has been on the rise. The India air conditioner market size was valued at USD 3.9 billion in 2020 and is expected to reach USD 6.6 billion by 2026, at a CAGR of 9.5% during the forecast period.
Several factors are contributing to the growth of the air conditioner market in India. These include increasing disposable income, changing lifestyle patterns, and a greater emphasis on energy-efficient and eco-friendly cooling solutions. Given the extreme heat experienced in many parts of the country, air conditioning has become a necessity rather than a luxury for many households and businesses.
The market is also witnessing a shift towards inverter air conditioners and smart air conditioning systems, driven by technological advancements and increasing awareness of energy conservation. Additionally, government initiatives promoting energy efficiency and sustainability are expected to further drive the adoption of advanced air conditioning solutions in India.
Asia Air Conditioners Company Analysis
The Asian industry is highly competitive, with the presence of various companies, including Daikin Industries, Carrier, Electrolux, Emerson Electric Company, Hitachi-Johnson Controls Air Conditioning Inc, Trane Technologies plc, Mitsubishi Heavy Industries Ltd, and Ingersoll-Rand plc.
Asia Air Conditioners Company News
In April 2024, Voltas crossed 2-million-unit sales in India and recorded a growth rate of 35% YOY in India. There has been a significant demand for ACs across Asia Pacific.
In February 2024, Panasonic introduced 60 new models across its complete AC range. They coupled Panasonic’s nanoeX and nanoeTMG technologies to ensure a healthy indoor AQI by eliminating PM 2.5 particulate matter, bacteria, and viruses.
January 2024, Electrolux Group announced a target to reduce greenhouse gas emissions in products and operations supporting the Paris Climate Agreement. The company targets reducing direct and indirect emissions by 85%.
In August 2023, Daikin Industries, Ltd. announced plans to acquire land in Tsukubamirai City, Ibaraki Prefecture, Japan, to establish a new air conditioning production base. The move aims to optimize domestic air conditioning supply in Japan and expand its operations.
In March 2023, LG announced plans to invest US$ 36.0 Mn to manufacture air-conditioner components in India, including US$ 12.0 Mn for compressor manufacturing, as part of the Production-linked Incentive (PLI) program of the Government of India. The investment is expected to help the company expand its business and broaden its revenue stream.
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Asia Air Conditioner (AC)– Market breakup in 2 viewpoints:
- Commercial Air Conditioners
- Room Air Conditioners
Asia Country – Market breakup in 2 viewpoints:
Commercial Air Conditioners Market
- PAC
- VRF
Room Air Conditioners Market
- Window-Type
- Split-Type
Type – Market breakup in 5 viewpoints:
- Split Type (Single)
- Split Type (Multi)
- PAC
- VRF
- Others
Country – Asia Air Conditioner (AC) Market & Volume
- Japan
- China
- India
- Indonesia
- Vietnam
- Thailand
- Taiwan
- Malaysia
- Philippines
- Hong Kong
- Bangladesh
- Myanmar
- Singapore
- Cambodia
- Sri Lanka
- Rest of Asia
All the Key players have been covered from 5 Viewpoints:
- Overviews
- Key Person
- Recent Developments & Strategies
- Product Portfolio & Product Launch in Last 1 Year
- Revenue
Key Plays Analysis
- Daikin Industries
- Carrier
- Electrolux
- Emerson Electric Company
- Hitachi-Johnson Controls Air Conditioning Inc.
- Trane Technologies plc
- Mitsubishi Heavy Industries Ltd
- Ingersoll-Rand plc.
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