The global air conditioning market has been estimated to increase at a compound annual growth rate (CAGR) of 18.5 % over the period to 2015.
Having witnessed a temporary disruption in growth, primarily due to the recent economic recession, the global market for air conditioning systems staged a remarkable recovery in the year 2010 and is now projected further to register 144.30 million units in volume sales by 2017.
Key factors contributing to growth within the industry include the increased need for energy-efficient air conditioners, and the development of inverter-based air conditioners.
Furthermore, another major factor which is expected to steer the market in the next few years, is the rapidly growing replacement need, particularly in mature markets such as the US and Europe. Given the growing focus on energy conservation, the demand for replacing old air conditioning systems with new energy efficient models will be on the rise, thereby adding to market gains.
There has been a rapid increase in competition among the air conditioner vendors in the last few years. This increase in competition has led to a decrease in the overall price of air conditioners. Consequently, there is an increase in price wars among the players in the market.
Asia-Pacific continues to be the largest regional market. Growth in the region is fuelled by factors such as the rise in urban population, favourable job markets, and resulting high income levels, increased household gains and rising per capita incomes, particularly in countries such as China and India.
Major players dominating the global air conditioning market include Daikin Industries Ltd., LG Electronics Inc., Mitsubishi Electric Corp., and Trane Inc.
For more information on the global air conditioning market, see the latest research: Global Air Conditioning Market Report
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