The size of the world market for air conditioning systems was estimated at USD 292.7 billion in 2025, and it is anticipated to increase at a CAGR of 11.7% from 2019 to 2025. Due to a decline in consumer expenditure, the COVID-19 pandemic’s expansion had a detrimental effect on the market for air conditioners in 2020. Nevertheless, the market is anticipated to rebound in 2021 and post a steady increase helped by shifting climatic circumstances and rising commercial development demand. Additionally, it is anticipated that over the forecast period, consumers’ increased preference for comfort and convenience will support demand for air conditioners.
The industry is also anticipated to be fuelled by elements like the tourist and construction industries’ optimistic expansion. Over the projected period, it is also anticipated that rising disposable incomes will promote the use of a range of air conditioning systems. Additionally, elements like the rising customer preference for energy-efficient systems and the expanding use of portable systems are anticipated to favourably affect the expansion of the air conditioning systems market.
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With a market share of 39.3% in 2020, unitary ACs are predicted to expand at the fastest rate during the forecast period. The majority of unitary air conditioners are used in homes. As a result, it is anticipated that demand for unitary air conditioning systems would continue to rise due to the expanding residential market. Additionally, in both commercial and residential structures, a unitary AC can be readily combined with warm furnaces in the same ductwork, which is anticipated to accelerate the segment’s growth.
Due to the quickening rate of urbanisation and the growing need for commercial space, the commercial segment is predicted to grow at a CAGR of 5.0% over the projection period. Commercial AC units take up a lot of room and are typically installed on the rooftops of structures like malls, hotels, large restaurants, theatres, and business offices, where energy consumption is at its highest. Therefore, it is anticipated that increasing the use of AC across the business market will result from retrofitting and replacing these units to reduce energy usage.
In 2020, North America accounted for more than 20% of the market’s total revenue share. It is anticipated that replacement sales will drive development in the North American market as well as other developed markets worldwide. The government’s increasing promotional efforts to promote the use of energy-efficient air conditioning systems and lower energy consumption are also anticipated to support the expansion of the regional market. The COVID-19 epidemic spread, which caused a decline in the market as a whole, while North America and Europe saw flat growth in 2020 and were not as badly affected as the rest of the world. This can be due to both regions’ robust demand in the last quarter of 2020.
Key Organizations & Market Share Information
The market is marked by fierce competition as a result of the existence of numerous well-known international businesses. DAIKIN INDUSTRIES, LTD., Carrier, Hitachi Ltd., Whirlpool Corporation, and Mitsubishi Electric Trane HVAC US LLC are a few of the market’s top companies. To increase their market position, these market players concentrate especially on inorganic development tactics including mergers and acquisitions and joint ventures/collaborations.
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- North America
- The U.S.
- Asia Pacific
- Latin America
- Middle East and Africa