The air conditioner & coolers market is experiencing significant growth on the global scale, and is expected to grow consistently in years to come due to increase in the temperature and humidity level across the world. Thus, air conditioners and coolers are now considered to be as utility products and not just the luxury goods. Improvement in the living standards of the people across the various nations fuels the demand for air conditioners & coolers. There is an increase in the demand for such goods owing to the increase in the permit for setting up of industries, construction of malls, and opening up of offices.
COVID-19 Scenario Analysis:
COVID-19 hit the manufacturing stage of the air conditioner & coolers industry as the factories were closed worldwide and the scale of production got affected.
The shops and retail stores were also ordered to be closed and people were quarantined in their homes. This hampered the sales of the air conditioner & coolers in various countries.
Air conditioner & coolers have become necessity in households, offices, and other such places. This is expected to increase the sales of this sector after COVID-19.
Top Impacting Factors: Market Scenario Analysis, Trends, Drivers, and Impact Analysis
Increase in temperature and humidity globally as well as the acceptance of air conditioner & coolers as necessity are major factors that drive the growth of the air conditioner & coolers market. The emergence of technologically improved air conditioner & coolers, such as invertor based or ones with air purification technology, also influences the market positively.
However, stringent government regulations on the use of certain refrigerants in the manufacturing of ACs hinder the market growth. Contrarily, major players of the market are working in the direction of replacing the key harmful refrigerants, such as CFCs and developing eco-friendly products.
The global air conditioner & coolers market trends are as follows:
Asia-Pacific market is expected to grow at highest rate
Major demand for air conditioners and coolers comes from Asia-Pacific. This is due to rapid infrastructure development and inclination of people toward lifestyle products.
China is considered to be the largest market when it comes to the air conditioner systems in the world. In the region of China, room based air conditioners actually dominate the market. Japan and India are two of the other important names in the air conditioning and cooler markets and thus center of attraction for the global air conditioning manufacturers.
Development of Multi-functional Air Conditioners and Coolers
The top players of the air conditioners and coolers market focus on the developments of technologically advanced products to attract the buyers.
For example, Symphony Ltd., the leading cooler manufacturer, launched touch based range of air coolers for the household segment. It is different as it comes equipped with an air purifier as well as a mosquito repellent. Symphony touch based range of coolers includes voice assistance, touch screen, and a feature called as i-PURE technology. The i-PURE technology possesses too many advantages such as bacteria filter, allergy filter as well as smell and dust filter.
Development of multi-functional air conditioners and coolers are in trend within this market.
Key Benefits of the Report:
This study presents the analytical depiction of the global air conditioner & coolers industry along with the current trends and future estimations to determine the imminent investment pockets.
The report presents information related to key drivers, restraints, and opportunities along with detailed analysis of the global air conditioner & coolers market share.
The current market is quantitatively analyzed to highlight the global air conditioner & coolers market growth scenario.
Porter’s five forces analysis illustrates the potency of buyers & suppliers in the market.
The report provides a detailed global air conditioner & coolers market analysis based on competitive intensity and how the competition will take shape in the coming years.
Questions Answered in the Air Conditioner & Coolers Market Research Report:
What are the leading market players active in the air conditioner & coolers market?
What the current trends will influence the market in the next few years?
What are the driving factors, restraints, and opportunities in the market?
What future projections would help in taking further strategic steps?
Air Conditioner & Coolers Market Report Highlights
By End Use
Key Market Players
Whirlpool Corporation, Fujitsu General, Gree Electric Appliances, Mitsubishi Electric Corporation, Johnson Controls International plc, LG Electronics, Daikin Industries, United Technologies Corporation, Panasonic Corporation, Carrier Corporation