AC Market (2024-2030) | Share, Trends, Analysis, Revenue, Companies, Industry, Value, Size, Outlook, Forecast & Growth

AC Market Highlights

Report Name	AC Market
Report Category / Coverage	Global
Forecast Period	2024-2030
CAGR	6.4%
Market Size	USD 350 Billion by 2030
Growing Sector	Residential

Topics Covered in the AC Market Report

AC Market report thoroughly covers the by type, by application, and by regions. The market report provides an unbiased and detailed analysis of the ongoing market trends, opportunities/high growth areas, and market drivers which would help the stakeholders to devise and align their market strategies according to the current and future market dynamics.

AC Market Size & Analysis

The AC Market market has been experiencing significant growth over the past few years. As of 2024, the global market is valued at approximately $250 billion. Further, the Global Market is projected to expand at a CAGR of 6.4% from 2024 to 2030. Additionally, by 2030, the market size is expected to reach around $350 billion.

AC Market Synopsis

The increasing adoption of energy-efficient technology, along with rising temperatures and greater urbanization, is expected to propel the global air conditioner industry towards significant growth. The industry's dedication to sustainability is demonstrated by the move toward eco-friendly refrigerants and inverter technology. The industry is expected to flourish in the future due to favourable government initiatives and ongoing technology advancements, despite obstacles including high start-up costs and a lack of experienced experts. Concerns about environmental sustainability and rising energy costs are driving up demand for energy-efficient air conditioning solutions. 

According to 6Wresearch, the AC Market revenue is expected to reach at a significant CAGR of 6.4% during the forecast period 2024-2030. Significant technological breakthroughs in the HVAC sector are continuing to increase performance, efficiency, and user experience. The integration of HVAC systems with internet-of-things (IoT) technologies for remote access and control is another result of the emergence of smart homes and buildings. To reduce air pollution and enhance indoor air quality, advancements in air purification technologies have also been made. There is a growing demand for HVAC systems in residential and commercial areas due to the growth of the global middle class and rising disposable income. Particularly in developing nations like China, India, and Brazil, this tendency is strong. 

The environmental effect of air conditioning units, which release greenhouse gases and contribute to global warming by using refrigerants with high global warming potential (GWP), is one of the main concerns. There are continuous efforts to replace dangerous refrigerants with more environmentally friendly options, but the switch is difficult and expensive. There is increasing demand to create more energy-efficient systems as energy prices vary and worries about energy security grow. The COVID-19 pandemic has made global supply chain disruptions worse, which has affected AC unit production and distribution. Both producers and customers are facing serious difficulties as a result of these disruptions, which have also raised costs and caused delays.

AC Market Trends

• Smart and Connected AC Systems - The use of smart technology in air conditioning equipment is becoming more and more common. Improved user convenience and energy management are provided by features including automated climate settings, remote control, and energy monitoring.
• Expansion in Emerging Markets - Major air conditioner manufacturers are concentrating on growing their footprint in new nations as the developed world's markets are becoming saturated. Because of their expanding incomes, increased urbanization, and rising temperatures, these regions have enormous growth potential.
• Advancements in Renewable Energy Integration - The integration of renewable energy sources with air conditioning systems is a trend that is happening concurrently. More and more homes are using hybrid systems that combine grid and solar electricity, as well as solar-powered air conditioners.

Investment Opportunities in the AC Market

• Focus on Energy Efficiency - The market for energy-efficient air conditioners that lower utility bills is expanding as a result of growing awareness of energy conservation and rising electricity prices. 
• Collaborations and Partnerships - In order to create cutting-edge goods, increase their market share, and strengthen their sustainability initiatives, businesses in the air conditioning sector are collaborating and forging strategic alliances.
• Increased Commercial and Industrial Demand - The Global Air Conditioner market growth is being supported by the increase of commercial sectors including retail, healthcare, and hospitality as well as industrial applications that need climate control. 

Leading Players of the AC Market

Companies such as LG Electronics, Mitsubishi Electric Corporation, Carrier Corporation, Panasonic Corporation, and Daikin Industries, Ltd. provide a wide variety of air conditioning goods with cutting-edge features and smart technology. These businesses continue to lead the worldwide market for air conditioners by emphasizing sustainability, innovation, and customer-focused solutions. Whirlpool is a competitor in the air conditioning industry as well, offering trustworthy and effective equipment. A few major companies control the majority of the worldwide air conditioner business, and they constantly innovate to take market share. 

Government Regulations Introduced in the AC Market

Government laws have a big impact on the world market for air conditioners (ACs). To fight climate change and lower greenhouse gas emissions, many nations have enacted strict energy efficiency regulations. To encourage manufacturers to build more environmentally friendly versions, the European Union's Eco-design Directive, establishes minimum energy performance standards for air conditioning equipment. The need for air conditioning has increased in tandem with the rise in global temperatures, especially in areas with hot and muggy weather. Because of this, it is anticipated that the AC market would keep expanding in the upcoming years due to urbanization and rising earnings.

Future Insights of the AC Market

Climate change-related temperature rises, growing urbanization, and rising disposable incomes in developing nations are all expected to propel the worldwide air conditioner (AC) market's expansion in the upcoming years. Innovations like eco-friendly refrigerants, smart air conditioning systems, and energy-efficient models are becoming more and more popular, and technological developments will also be crucial. Government rules designed to lessen carbon footprints are also pushing producers to create greener goods. The market for air purifiers built into air conditioning systems is anticipated to expand as consumer awareness of indoor air quality rises. The competitive environment will probably be shaped by partnerships, acquisitions, and R&D expenditures, which will make the global AC market's future exciting and vibrant.

Market Segmentation Analysis

The report offers a comprehensive study of the subsequent market segments and their leading categories. 

Room air conditioner to Dominate the Market - By Type

According to Ravi Bhandari, Research Head, 6wresearch, Room air conditioners are an economical and energy-efficient way to cool homes and businesses since they are made for single rooms. Installing these units is simple, as they usually just need a wall or window to provide adequate ventilation. The popularity of room air conditioners is mostly being driven by the rising global temperature and the growing desire for increased comfort. They are a vital sector of the whole AC market because of innovations like eco-friendly refrigerants, energy-saving modes, and smart connectivity, which all add to their appeal. Demand for eco-friendly room air conditioners has increased as environmental preservation and energy efficiency have gained more attention. Compared to conventional refrigerants like HCFCs and HFCs, these units use refrigerants with reduced global warming potential (GWP) and ozone depletion potential (ODP). 

Residential to dominate the market - By Application

One major segment of the global air conditioner (AC) industry is the residential sector. The need for air conditioning in homes is growing, especially in areas with hot and muggy climates, as urbanization and living standards rise. Energy efficiency is now a major market driver, with many buyers choosing more affordable and ecologically friendly models. The performance and user experience of domestic air conditioning units are being improved by technological breakthroughs including the incorporation of inverter technology and smart home systems. Because of the increasing demand, the global AC market is expanding, and manufacturers and governments should pay particular attention to the residential sector. 

APAC region to dominate the market - by Region

Due to its rapid urbanization and growing disposable income, the Asia-Pacific (APAC) region has long been a major participant in the worldwide air conditioner (AC) market. Leading the market in terms of both production and demand are nations like China, India, and Japan. The adoption of modern AC technologies in this region has been prompted by increased construction activity and growing consumer awareness of energy-efficient products. Furthermore, hot, muggy weather conditions in the climate further increase the need for air conditioning systems. It is expected that the APAC market would keep expanding due to robust economic expansion and ongoing technological advancements in the HVAC sector.

Key Attractiveness of the Report

• 10 Years of Market Numbers.
• Historical Data Starting from 2020 to 2023.
• Base Year: 2023
• Forecast Data until 2030.
• Key Performance Indicators Impacting the Market.
• Major Upcoming Developments and Projects.

Key Highlights of the Report:

• AC Market Overview
• AC Market Outlook
• AC Market Forecast
• Historical data and Forecast of AC Market Revenues and Volume for the Period 2020-2030F
• Historical data and Forecast of AC Market Revenues, By Types and Application for the Period 2020-2030F
• Historical data and Forecast of Asia Pacific AC Market Revenues and Volume for the Period 2020-2030F
• Market Size and Forecast of Asia Pacific AC Market Revenues, By Types and Application for the Period 2020-2030F
• Historical data and Forecast of the Middle East and Africa AC Market Revenues and Volume for the Period 2020-2030F
• Historical data and Forecast of the Middle East and Africa AC Market Revenues, By Types and Application for the Period 2020-2030F
• Historical data and Forecast of Americas AC Market Revenues and Volume for the Period 2020-2030F
• Historical data and Forecast of Americas AC Market Revenues, By Types and Application for the Period 2020-2030F
• Historical data and Forecast of Europe AC Market Revenues and Volume for the Period, 2020-2030F
• Historical data and Forecast of Europe AC Market Revenues, By Types and Application for the Period 2020-2030F
• Historical data and Forecast of India AC Market Revenues and Volume for the Period, 2020-2030F
• Historical data and Forecast of India AC Market Revenues, By Types and Application for the Period 2020-2030F
• Historical data and Forecast of China AC Market Revenues and Volume for the Period, 2020-2030F
• Historical data and Forecast of China AC Market Revenues, By Types and Application for the Period 2020-2030F
• Historical data and Forecast of Japan AC Market Revenues and Volume for the Period, 2020-2030F
• Historical data and Forecast of Japan AC Market Revenues, By Types and Application for the Period 2020-2030F
• Historical data and Forecast of Turkey AC Market Revenues and Volume for the Period, 2020-2030F
• Historical data and Forecast of Turkey AC Market Revenues, By Types and Application for the Period 2020-2030F
• Historical data and Forecast of Saudi Arabia AC Market Revenues and Volume for the Period, 2020-2030F
• Historical data and Forecast of Saudi Arabia AC Market Revenues, By Types and Application for the Period 2020-2030F
• Historical data and Forecast of South Africa AC Market Revenues and Volume for the Period, 2020-2030F
• Historical data and Forecast of South Africa AC Market Revenues, By Types and Application for the Period 2020-2030F
• Historical data and Forecast of USA AC Market Revenues and Volume for the Period, 2020-2030F
• Historical data and Forecast of USA AC Market Revenues, By Types and Application for the Period 2020-2030F
• Historical data and Forecast of Canada AC Market Revenues and Volume for the Period, 2020-2030F
• Historical data and Forecast of Canada AC Market Revenues, By Types and Application for the Period 2020-2030F
• Historical data and Forecast of United Kingdom AC Market Revenues and Volume for the Period, 2020-2030F
• Historical data and Forecast of United Kingdom AC Market Revenues, By Types and Application for the Period 2020-2030F
• Historical data and Forecast of Germany AC Market Revenues and Volume for the Period, 2020-2030F
• Historical data and Forecast of Germany AC Market Revenues, By Types and Application for the Period 2020-2030F
• Market Drivers and Restraints
• AC Market Industry Life Cycle
• Porter’s Five Force Analysis and Market Opportunity Assessment
• AC Market Share, By Players
• AC Market Trends
• AC Market Overview by Competitive Benchmarking
• Company Profiles
• Key Strategic Recommendations

Market Covered

The market report has been segmented and sub segmented into the following categories: 

By Products

• Room AC
• Window
• Split
• Ducted AC
• Ceiling Concealed
• Rooftop Packaged
• Ductless AC
• Cassette
• Floor Standing
• Ceiling Suspended
• Centralized AC
• VRF
• AHU/FCU
• Chiller
• Condensing Unit
• Others
• Evaporator Coils
• Compressors
• Etc

By Applications

• Commercial Offices & Retail
• Healthcare
• Transportation
• Hospitality & Others (Education And BFSI)

By Regions

• North America
• Latin America
• Europe
• APAC
• Middle East
• Africa