Dublin, Aug. 30, 2024 (GLOBE NEWSWIRE) — The “Asia Air Conditioners Market Forecast Report by Commercial Air Conditioners, Room Air Conditioners, Types, Countries and Company Analysis, 2024-2032” report has been added to ResearchAndMarkets.com’s offering.
The Asia Pacific air conditioner market has a market value of US$ 88.85 and it is projected to reach US$ 142.89 billion by 2032 expanding at a CAGR of 5.42 percent from 2024 to 2032. These are increasing the consciousness of energy savings and the increase in Construction and Tourism sectors mainly spearhead this growth.
Air conditioners are now mandatory in Asia because of the various and at times harsh weathers experienced in Asia. In tropical and sub-tropical regions these have proved to be a big source of comfort during hot, humid weather and therefore increases productivity of homes, offices and other public places. Pervasiveness of air condition has played countless role in changing the trends of living and working in Asia since it has made it possible for people to work comfortably under hot climate. Thus, the air conditioning market is closely connected with people’s life, which is one of the reasons for its further development.
Growth Drivers of the Asia Pacific Air Conditioner Market
Rising Urbanization and Disposable Incomes
One of the growing factors has influenced the high growth of the air conditioner market has been the fast-growing urbanization in the Asia-Pacific region. There is a growing population of people who are moving to the urban areas, especially in the cities, and there is a growing demand for better standards of living, and this include comfort features like air conditioning systems.
This is so because the average global temperature as well as the disposable income is also rising, especially in such countries as India, China and the South East Asia; therefore a slight increase in spending on air-conditioning units can be observed. The consumer demographic is growing, the economy has improved along with the living standards people have incorporated the urban life which has pushed the market of air conditioning to new heights in this region.
Expansion in the Construction and Real Estate Sectors
The demand for air conditioners is on the rise in the Asia-Pacific region owing to a surge in the construction of new homes, offices, and businesses. Out of these, growth emerges mainly from infrastructure growth which is occasioned by government policies and foreign direct investments. These developments coupled with the emphasis on large format property developments, smart cities and ‘green’ buildings have placed greater emphasis on energy efficient air conditioning. The stability which government interferences have given the market is one of the reasons that has led to growth.
Focus on Energy Efficiency and Technological Advancements
The increasing focus on energy efficiency and sustainability has put pressure on air conditioning technology which thus propels the Asia Pacific market. In the Asian region, local governments and environmental organizations have been tightening policy constraints while providing for rebates on energy-efficient appliances. For this reason, manufacturers are concentrating on bringing to market air conditioners with new innovative solutions like inverter technology, smart thermostats and environmentally friendly refrigerant.
All of these are innovative technologies whose mission is to save energy as well achieved corporate and consumer satisfaction in terms of their environmental policy and an overall long-term saving toward electricity bills. Applying these innovation air conditioning technologies contributes to the sustainability of environment hence helping to advance the regional market as efficiency rises to be a crucial standard when choosing products among customers.
China Air Conditioners Market
Sustainability and energy conservation are core strategic themes within China, opening attractive business prospects. The growth of the Chinese population, further urbanization and extreme weather conditions are expected to boost the air conditioning market in China. The large population base as well as increased urbanization levels in China have however created great demand for air conditioning thus propelling the development of the Asia pacific air conditioning market. The social aspect of the air conditioners industry in China is also illustrated by many factories and qualified human resource for production which improves quantity production hence the cost of air conditioners.
Chinese authorities’ strict policies and measures for encouraging energy-consuming products also contribute to raising energy efficiency and environmental protection in the air conditioning industry. Mainland China saw the debut of Toshiba HVAC’s new Digital Inverter (DI) series in the year 2023. It has slimline design, multi Zone, intelligent control, HRV/ERV, VRF system, Ductless split air conditioning system with simple installation and energy saving function. Toshiba HVAC is in Toshiba Carrier Limited that is in Carrier, a global leader in climate and energy solutions.
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%.
Key Attributes:
| Report Attribute | Details |
| No. of Pages | 550 |
| Forecast Period | 2023 – 2032 |
| Estimated Market Value (USD) in 2023 | $88.85 Billion |
| Forecasted Market Value (USD) by 2032 | $142.89 Billion |
| Compound Annual Growth Rate | 5.4% |
| Regions Covered | Asia Pacific |
Key Players Analysis
- Daikin Industries
- Carrier
- Electrolux
- Emerson Electric Company
- Hitachi-Johnson Controls Air Conditioning Inc.
- Trane Technologies plc
- Mitsubishi Heavy Industries Ltd
- Ingersoll-Rand plc.
Asia Air Conditioner (AC) – Market breakup in 2 viewpoints:
- Commercial Air Conditioners
- Room Air Conditioners
Commercial Air Conditioners Market
Room Air Conditioners Market
Type
- Split Type (Single)
- Split Type (Multi)
- PAC
- VRF
- Others
Country
- Japan
- China
- India
- Indonesia
- Vietnam
- Thailand
- Taiwan
- Malaysia
- Philippines
- Hong Kong
- Bangladesh
- Myanmar
- Singapore
- Cambodia
- Sri Lanka
- Rest of Asia
For more information about this report visit https://www.researchandmarkets.com/r/upe7li
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- Asian Air Conditioners Market
