Increasing disposable income, affordable product offering and technological advancements to drive China air conditioner market
According to TechSci Research report, “China Air Conditioner Market By Product Type, By End-Use Sector, By Region, Competition, Forecast & Opportunities, 2025”, China air conditioner market is forecast to surpass $ 42 billion by 2025 due to increasing product variants, latest technological innovations and rising disposable income. Besides, increasing urban population, improving living standards and rapid demand for air conditioners for the commercial space are further driving the country’s air conditioner market. Also, due to COVID-19 lockdown, many manufactures have increased their focus on selling air conditioners online. Websites such as alibaba.com, made-in-china, aliexpress.com, etc., are providing a broad variety of air conditioners, which is expected to further drive growth in China air conditioner market.
China air conditioner market is segmented based on the product type, by end-use, and by region. Based on product type, air conditioner market in China is segmented into categories such as Splits, VRFs, Chillers, Windows, and Others (Portable, Floor Standing, etc.). Split type air conditioner category holds the largest share in China air conditioner market and this trend is expected to continue during the forecast period. In addition, VRFs and chiller type air conditioner are other product segments that are expected to witness growth in the coming years due to increasing workspaces and industrialization across the country.
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In 2019, residential air conditioner end-use segment held the largest market share in China air conditioner market due to rapidly increasing population and residential real estate construction. In addition, due to increasing disposable income and easy availability of financing option, sales of air conditioners continue to grow among middle-class income consumers. Furthermore, small offices and shops are also opting for the residential air conditioner as the installation of a commercial air conditioner involves a huge investment. However, VRFs and chiller type air conditioners are being increasingly opted for big commercial spaces such as factories, offices, and institutions due to their higher cost efficiency.
Some of the leading manufactures in China air conditioner market include Gree Electric Appliances Inc, Daikin Air Conditioning Systems (Shanghai) Co., Ltd, Midea Group Co Ltd, Haier Electronics Group Co., Ltd, Shanghai Hitachi Household Appliances Co., Ltd., Mitsubishi Corporation China Co., Ltd, Samsung Engineering Construction (Shanghai) Co., Ltd, Panasonic Corporation of China, LG Electronics (China) Co. Ltd., Toshiba Carrier Air Conditioning (China) Co., Ltd, Sharp Electronics Sales China Co Ltd., among others. Leading players are making R&D investments to develop energy-efficient air conditioners and new advanced features to attract consumers.
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“China air conditioner market is already a huge market and is expected to continue growing during forecast period as well, with new product advancements and latest technologies attracting consumers. In recent times, consumers in China have been showing willingness to spend more towards buying air conditioners with latest technologies and features, and this trend is expected to gain more traction in the coming years. Also, rising industrialization and construction of energy-efficient buildings is expected to boost demand for air conditioners in the commercial air conditioner segment until 2025.” said Mr. Karan Chechi, Research Director with TechSci Research, a research-based global management consulting firm.
“China Air Conditioner Market By Product Type, By End-Use Sector, By Region, Competition, Forecast & Opportunities, 2025” has evaluated the future growth potential of China air conditioner market and provides statistics & information on market size, structure and future market growth. The report intends to provide cutting-edge market intelligence and help decision makers take sound investment decisions. Besides, the report also identifies and analyzes the emerging trends along with essential drivers, challenges, and opportunities in the China air conditioner market.
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