Globally, rising demand for VRF systems led to Japanese air conditioner manufacturer, Mitsubishi Electric Corp. to shift its production of VRF indoor units from Japan to Thailand in October 2014. Similarly, in October 2014, Mitsubishi Electric shifted production of residential air conditioners for the U.S. market from Thailand to Mexico. Thus, localizing AC production is increasing the demand for air conditioners.
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Rise in smart, connected air conditioners is a good opportunity for market players. Internet of Things (IoT) has influenced all industries including consumer durables. Rise in IoT-enabled smart, connected air conditioners present a good opportunity for global air conditioner market players. For example, Swedish appliance manufacturer, Electrolux AB which had launched connected air conditioners in August 2015, expanded its smart appliances collaboration with U.S. based software giant, Google Inc. in August 2018. Google will help Electrolux in developing connected air conditioners that work with Google Assistant and the air conditioner can be controlled by voice command. Electrolux AB is expected to launch voice based, connected air conditioners in early 2019.
In August 2018, Japan based consumer goods company Panasonic Corp. announced a pilot project with Vodafone Group plc to utilize Narrowband-IoT (NB-IoT) for IoT-based home appliances. The project includes home appliance products such as air-conditioners. Thus, growth of smart, connected air conditioners present a good opportunity to air conditioner manufacturers across the globe.
The study provides a conclusive view of the global air conditioning system market by segmenting it in terms of product, application, end-use, and distribution channel. In terms of product, the global air conditioning system market has been classified into split AC and window AC. Based on application, the market has been segmented into RAC (Room Air Conditioners), PAC (Packaged Air Conditioners), and VRF (Variable Refrigerant Flow) air conditioners. VRF air conditioner systems are also known as VRV (Variable Refrigerant Volume) air conditioners. Based on end-use, the market is segmented into residential and commercial. In terms of distribution channel, the global air conditioning system market is segmented into online and offline.
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Low penetration of air conditioners presents a good opportunity for market players. Compared to developed regions, in developing regions, penetration of air conditioners is low compared to other household consumer durables such as refrigerators. In 2017, in Western Europe, with a population of 450 million, and an urban population rate of 78.0%, the penetration of air conditioners was~10.0%. In 2017, North America with a population of 362 million, with an urban population rate of 82.0%, had penetration of air conditioners at just above 20.0%. In 2017, in Australia, New Zealand, and Japan having a population of 157 million, with an urban population rate of 93.0%, the penetration of air conditioners was below 40.0%. In China and Southeast Asia, having the largest population of 4,113 million, with an urban population rate of 44.0%, the penetration of air conditioners is less than 40.0%. This presents a huge opportunity for growth of air conditioners across the globe.
The report highlights major companies operating in the global air conditioning system market including Daikin Industries, Ltd., Mitsubishi Electric Corporation, Midea Group Co., Ltd., Samsung Electronics Co., Ltd., Electrolux AB, Panasonic Corporation, United Technologies Corp., Hitachi, Ltd. Sharp Corporation, and Lennox International Inc.
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