Market Forecast By Type (Room Air Conditioner, Ducted Air Conditioner, Ductless Air Conditioner, Centralized Air Conditioner), By Application (Residential, Healthcare, Commercial & Retail, Transportation & Infrastructure, Hospitality, Others) And Competitive Landscape
Product Code: ETC090089 | Publication Date: Oct 2023 | Updated Date: Jan 2024 | Product Type: Report | |
Publisher: 6Wresearch | No. of Pages: 70 | No. of Figures: 35 | No. of Tables: 5 | |
Vietnam Air Conditioner (AC) Market report thoroughly covers the market by type and by application. The market outlook 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.
Vietnam Air Conditioner (AC) Market 2023 has been experiencing significant growth in recent years. The Vietnam Air Conditioner (AC) Market Growth is mainly attributed to several factors, including increasing urbanization, rising disposable incomes, and a surging demand for relaxed environments. Additionally, the country's hot and humid climate, especially during summer months, makes air conditioning a necessity for both residential and commercial spaces. As a result, both domestic and international AC manufacturers have recognized Vietnam as a lucrative market and have been actively expanding their presence.
According to 6Wresearch, the Vietnam Air Conditioner Market is expected to grow at a CAGR of 4.78% during the forecast period 2024-2030. Vietnam is experiencing a significant shift from rural to urban areas, leading to higher demand for residential and commercial AC units in densely populated cities. In addition to this, the country's robust economic growth has boosted consumer purchasing power, enabling households and businesses to have enough money for air conditioning systems. Moreover, increasing awareness of energy conservation and environmental concerns has led to a demand for energy-efficient AC units. However, the availability of reliable electricity supply and infrastructure for installing AC units in some areas can be a major hindrance in the market development. The growing use of AC units raises concerns about increased energy consumption. Also, the market is competitive, with both domestic and international brands vying for market share, leading to pricing pressures. Nevertheless, the adoption of smart and IoT-enabled AC units is on the rise, offering consumers greater control and energy efficiency. The growth of e-commerce platforms has made it easier for consumers to research and purchase AC units online. Furthermore, the push for energy efficiency and sustainability presents opportunities for manufacturers to develop and market eco-friendly AC units. Collaborations with local businesses and government initiatives can help expand market reach and address infrastructure challenges.
The Vietnam government has been focusing on energy efficiency and environmental sustainability. They have implemented regulations for air conditioners to encourage the use of more energy-efficient models. Various incentives and tax breaks have been introduced to promote the adoption of green and energy-efficient technologies. This has encouraged the use of inverter technology and other energy-saving features in air conditioners. The government has run campaigns to educate consumers about the importance of energy-efficient appliances and their long-term cost benefits. This has influenced purchasing decisions in the AC market.
The Vietnam air conditioner market is expected to grow steadily. The market is driven by both residential and commercial sectors, with increasing adoption of energy-efficient and smart AC systems.
The COVID-19 pandemic had a massive impact on the AC market as well as on the Vietnam air conditioner market price as the pandemic disrupted global supply chains, affecting the availability of components and materials required for air conditioner production. Additionally, lockdown measures led to changes in consumer behavior. Some consumers delayed purchasing new air conditioning units due to a financial crisis. With physical stores temporarily closed, there was a rapid surge in online sales of air conditioners and other appliances. Moreover, the augmented prevalence of remote work led to a higher demand for ACs in home offices, which boosted sales of residential air conditioners.
Some of the leading players in the Vietnam Air Conditioner (AC) Industry included both domestic and international companies:
According to Ravi Bhandari, Research Head, 6Wresearch, Residential dominates the Vietnam Air Conditioner (AC) Market share and is expected to remain in a dominant position in the coming years. However, Commercial and retail are expected to have the fastest growth rate among all applications.
The report offers a comprehensive study of the subsequent market segments:
1 Executive Summary |
2 Introduction |
2.1 Key Highlights of the Report |
2.2 Report Description |
2.3 Market Scope & Segmentation |
2.4 Research Methodology |
2.5 Assumptions |
3 Vietnam Air Conditioner Market Overview |
3.1 Vietnam Country Macro Economic Indicators |
3.2 Vietnam Air Conditioner Market Revenues & Volume, 2020 & 2030F |
3.3 Vietnam Air Conditioner Market - Industry Life Cycle |
3.4 Vietnam Air Conditioner Market - Porter's Five Forces |
3.5 Vietnam Air Conditioner Market Revenues & Volume Share, By Type, 2020 & 2030F |
3.6 Vietnam Air Conditioner Market Revenues & Volume Share, By Application, 2020 & 2030F |
4 Vietnam Air Conditioner Market Dynamics |
4.1 Impact Analysis |
4.2 Market Drivers |
4.3 Market Restraints |
5 Vietnam Air Conditioner Market Trends |
6 Vietnam Air Conditioner Market, By Types |
6.1 Vietnam Air Conditioner Market, By Type |
6.1.1 Overview and Analysis |
6.1.2 Vietnam Air Conditioner Market Revenues & Volume, By Type, 2020 - 2030F |
6.1.3 Vietnam Air Conditioner Market Revenues & Volume, By Room Air Conditioner, 2020 - 2030F |
6.1.4 Vietnam Air Conditioner Market Revenues & Volume, By Ducted Air Conditioner, 2020 - 2030F |
6.1.5 Vietnam Air Conditioner Market Revenues & Volume, By Ductless Air Conditioner, 2020 - 2030F |
6.1.6 Vietnam Air Conditioner Market Revenues & Volume, By Centralized Air Conditioner, 2020 - 2030F |
6.2 Vietnam Air Conditioner Market, By Application |
6.2.1 Overview and Analysis |
6.2.2 Vietnam Air Conditioner Market Revenues & Volume, By Residential, 2020 - 2030F |
6.2.3 Vietnam Air Conditioner Market Revenues & Volume, By Healthcare, 2020 - 2030F |
6.2.4 Vietnam Air Conditioner Market Revenues & Volume, By Commercial & Retail, 2020 - 2030F |
6.2.5 Vietnam Air Conditioner Market Revenues & Volume, By Transportation & Infrastructure, 2020 - 2030F |
6.2.6 Vietnam Air Conditioner Market Revenues & Volume, By Hospitality, 2020 - 2030F |
6.2.7 Vietnam Air Conditioner Market Revenues & Volume, By Others, 2020 - 2030F |
7 Vietnam Air Conditioner Market Import-Export Trade Statistics |
7.1 Vietnam Air Conditioner Market Export to Major Countries |
7.2 Vietnam Air Conditioner Market Imports from Major Countries |
8 Vietnam Air Conditioner Market Key Performance Indicators |
9 Vietnam Air Conditioner Market - Opportunity Assessment |
9.1 Vietnam Air Conditioner Market Opportunity Assessment, By Type, 2020 & 2030F |
9.2 Vietnam Air Conditioner Market Opportunity Assessment, By Application, 2020 & 2030F |
10 Vietnam Air Conditioner Market - Competitive Landscape |
10.1 Vietnam Air Conditioner Market Revenue Share, By Companies, 2023 |
10.2 Vietnam Air Conditioner Market Competitive Benchmarking, By Operating and Technical Parameters |
11 Company Profiles |
12 Recommendations |
13 Disclaimer |
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Market Forecast By Type (Room Air Conditioner, Ducted Air Conditioner, Ductless Air Conditioner, Centralized Air Conditioner), By Application (Residential, Healthcare, Commercial & Retail, Transportation & Infrastructure, Hospitality, Others) And Competitive Landscape
Product Code: ETC090089 | Publication Date: Aug 2021 | Product Type: Market Research Report | |
Publisher: 6Wresearch | No. of Pages: 70 | No. of Figures: 35 | No. of Tables: 5 |
Vietnam Air Conditioner (AC) Market is projected to grow over the coming years. Vietnam Air Conditioner (AC) Market report is a part of our periodical regional publicationΒ Asia Pacific Air Conditioner (AC) MarketΒ outlook report. 6W tracks air conditioner market for over 60 countries with individual country-wise market opportunity assessment and publishes with the report titledΒ Global Air Conditioner (AC) Market outlook report annually.
Vietnam Air Conditioner Market grew by 4.2% in 2017- 2020 and is expected to grow at a CAGR of 9.6% during 2021- 2027. Vietnam occupies 5th position in terms of the market size in the APAC Air Conditioner Market.
In terms of market by types, Room Air Conditioner dominates the market and is expected to remain in a dominant position in the coming years. However, Centralized Air Conditioner is expected to have the fastest growth rate among all types.
In terms of application, Residential dominates the market and is expected to remain in a dominant position in the coming years. However, Commercial & Retail is expected to have the fastest growth rate among all applications.
In terms of components, VRF dominates the market and is expected to remain in a dominant position in the coming years with the fastest growth rate among all components.
Vietnam Air Conditioner Market report comprehensively covers the market by types, applications, and regions. The Vietnam Air Conditioner Market outlook report provides an unbiased analysis of the ongoing Vietnam Air Conditioner 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.