The global Air Conditioning market is anticipated to grow at a significant CAGR of 9.7% during the forecast period (2024-2031). The market is expected to reach $20.1 billion in 2028. The key factors driving the market growth are changing weather conditions, growing urban population, growing disposable income, and ongoing technological advancements to reduce component size and price to increase the affordability of ACs by middle-income individuals. However, there are certain market factors such as increasing electricity costs, differing prices of raw materials, incompatible with environmental protection, and high cost of maintenance affecting the growth of the global air conditioning market.
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- The key market players are expanding their product portfolios with new product launches. For instance, in August 2023, Johnson Controls-Hitachi Air Conditioning (JCH) announced the launch of air365 Max, a new top-flow variable refrigerant flow (VRF) air conditioning system in Malaysia. The air365 Max is an end-to-end solution developed by JCH to deliver seamless comfort, energy efficiency, and easily workable features for professionals, architects, and building owners in the heating, ventilation, and air conditioning (HVAC) sectors.
- Big market players are adopting mergers and acquisitions strategies to expand their market share. For instance, in January 2024, Carrier Global Corporation announced the completion of its acquisition of Viessmann Climate Solutions from the Viessmann Group. The transaction marks another meaningful step forward in Carrier’s portfolio transformation, further strengthening the company’s global leadership position in intelligent climate and energy solutions.
- The growing concerns about rising global warming due to access AC uses are encouraging brands to follow environmental sustainability goals and bring innovations. For instance, in March 2024, Trane Technologies, a global climate innovator, announced the launch of its new residential heating, ventilation, and air conditioning (HVAC) products, featuring environmentally conscious refrigerants and energy efficiency upgrades. The company’s latest offerings include heat pumps and air conditioners that are designed to reduce homeowners’ energy costs and carbon footprints, aligning with its commitment to reduce greenhouse gas emissions.
- Global market players are looking to expand their reach to developing nations. For instance, in October 2023, Carrier, the global leader in air conditioning and refrigeration solutions, is set to make a significant investment in India. The company is planning to invest another $800.0 million in India over the next five years.
The key players operating in the global air conditioning market are Carrier, Haier Group Corporation, Hitachi-Johnson Controls Air Conditioning Inc., LG Electronics Inc., Midea Group Co. Ltd., Panasonic Corporation, Robert Bosch, Toshiba Corporation, and Whirlpool. These brands are incorporating various strategies such as mergers and acquisitions, partnerships and collaborations, and product launches that are driving market growth. For instance, In December 2022, LG Electronics launched the new LG ArtCool Gallery unit. The unit features a 27-inch LCD screen that can display a variety of exclusive static pictures selected via the LG ThinQ app, as well as family photos uploaded to it via a smart smartphone. ArtCool Gallery incorporates the LG AI Dry technology, which can eliminate any moisture that forms within the air conditioner. This new model includes a bottom grill that can be removed for easy cleaning as well as a cover that makes installation much easier.
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