Air Conditioning Market Size, Share, And Industry Trends 2032

Air Conditioning Market: Size

The global air conditioning market size was worth around USD 198.75 billion in 2023 and is predicted to grow to around USD 315.00 billion by 2032 with a compound annual growth rate (CAGR) of roughly 5.25% between 2024 and 2032.

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The report analyzes and forecasts the air conditioning market on the basis of product, component, technology, end-user, and region. The study shows historical data from 2018 to 2022 along with a forecast from 2024 to 2032 based on revenue (USD Billion).

Air Conditioning Market: Overview

Air conditioning, generally known as AC, A/C, or air con, involves disposing moisture and heat from the enclosed and occupied area and making the environment comfortable for people. It is also used for spaces with electronic gadgets to keep maintain a controlled temperature. The extended call for ACs has been found across all sectors and verticals. Rigid government rules regarding refrigerants are forcing the AC manufacturers to develop energy-efficient and eco-friendly products.

The global air conditioning market is likely to grow significantly in the upcoming years, due to improving economic conditions, rising per capita income, and increasing pollution levels. Technological advancements witnessed in developing countries are also driving the air conditioning market globally. The rising level of air pollution is harming not only the environment but also the people living in that particular environment. Pollution is giving rise to fatigue and headaches, which are common symptoms caused by poor air quality. This is further propelling the global air conditioning market. However, the high cost of air conditioning system may hinder this market’s growth. As air conditioning has become more of a necessity keeping aside the needs and wants, the challenge for air conditioning manufacturing companies will be to make air conditioning systems cheaper and more effective than before.

The assessment of market dynamics gives a brief insight into the drivers and restraints of the air conditioning market along with their impact on the demand over the forecast period. Furthermore, the report includes the study of opportunities available in the air conditioning market on a regional level.

The report gives a transparent view of the air conditioning market. We have included a detailed competitive scenario and portfolio of prominent vendors operating in the global air conditioning market. To understand the competitive landscape of the air conditioning market, an analysis of Porter’s Five Forces model for the market has also been included. The report offer market attractiveness analysis, wherein all the segments are benchmarked based on their general attractiveness, market size, and growth rate.

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Air Conditioning Market: Segmentation

The study provides a crucial view of the air conditioning market based on product, component, technology, end-user, and region. All the segments are analyzed based on present and future trends and the market is estimated from 2024 and 2032.

By product, the market includes room/unitary air conditioners, chillers, VRF systems, coolers, and others.

By component, the market includes a compressor, evaporator, fan, and condenser coil.

The technology segment includes automatic air conditioning, manual/semi-automatic air conditioning, inverter, split A/C, and others.

The end-user segment includes commercial, residential, industrial, and others.

Air Conditioning Market: Report Scope

Air Conditioning Market: Regional Analysis

The market is analyzed based on five regions, namely, North America, Europe, Asia Pacific, Latin America, and the Middle East and Africa. North America is expected to hold a substantial share of the global air conditioning market in the future, owing to the recent changes made to the standards of American Society of Heating, Refrigerating, and Air Conditioning and the presence of prominent players like Siemens Building Technologies, Goodman, and Lennox International in the region. The Asia Pacific is anticipated to depict substantial growth over the forecast time period, due to the growing inclination toward a comfortable lifestyle and the rising awareness about energy-efficient and eco–friendly electronic devices. The Middle Eastern and African air conditioning market is expected to witness considerable growth in the years ahead, due to the rising use of consumer electronics across the region.

Air Conditioning Market: Key Players Analysis

Some key players of the global air conditioning market include:

• Midea Group
• Hisense Electric Co.
• Carrier Corporation
• Panasonic Corporation
• Hitachi Ltd.
• Samsung Electronics Ltd.
• LG Electronics Inc.
• Daikin Industries Ltd.
• Electrolux AB
• Sharp Corporation
• Mitsubishi Electric Corporation

This report segments the global air conditioning market into:

Global Air Conditioning Market: By Product

• Room/Unitary Air Conditioners
• Chillers
• VRF Systems
• Coolers
• Others

Global Air Conditioning Market: By Component

• Compressor
• Evaporator
• Fan
• Condenser Coil

Global Air Conditioning Market: By Technology

• Automatic Air Conditioning
• Manual/Semi-Automatic Air Conditioning
• Invertor
• Split A/C
• Others

Global Air Conditioning Market: By End-User

• Commercial
• Residential
• Industrial
• Others

Global Air Conditioning Market: By Region

• North America
  • The U.S.
• Europe
  • UK
  • France
  • Germany
• Asia Pacific
  • China
  • Japan
  • India
• Latin America
  • Brazil
• Middle East and Africa