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A house air conditioner, sometimes referred to as a residential air conditioner or an AC unit, is a cooling system intended to control and keep residential rooms at appropriate interior temperatures. By chilling the air and eliminating too much humidity, it is installed in houses, apartments, and other living areas to give comfort from hot and muggy weather. Window air conditioners, split-system air conditioners, ductless mini-split air conditioners, and central Home Air Conditioner are just a few of the several types of home air conditioners available.
The Size of the Global Home Air Conditioner Market was estimated at USD 106.60 billion in 2020, and it is anticipated to increase at a CAGR of 6.2% from 2023 to 2030.
Due to a decline in consumer expenditure, the COVID-19 pandemic's expansion had a detrimental effect on the home air conditioners market in 2020. Nevertheless, the market is anticipated to rebound in 2021 and post a steady increase helped by shifting climatic circumstances and growing commercial development demand. Additionally, it is anticipated that throughout the projection period, consumers' increased preference for comfort and convenience would support demand for air conditioners.
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Top players of Home Air Conditioner including:
Gree, Midea, TCL, Chigo, Hisense, Daikin, Aux, Carrier, Trane, York, Haier, Skyworth, Changhong, Panasonic, Whirlpool, Sharp, Mitsubishi Electric
Total Market by Segment:
Global Home Air Conditioner Segment Percentages By Type
Inverter
Constant Frequency
Global Home Air Conditioner Segment Percentages by Application
Online Sales
Supermarket Sales
Appliance Retailer
Other Sales Channels
Home Air Conditioners are used everywhere, including in homes, retail establishments, offices, and entertainment venues. Even though ecologically friendly items are still quite expensive, they are nevertheless in high demand in underdeveloped countries. Particularly in hot and dry regions, Home Air Conditioners have played a significant role in changing the indoor atmosphere, becoming a crucial component of the infrastructure that supports modern spaces. Furthermore, it is projected that over the coming few years, demand for AC will increase positively as economic growth in emerging nations continues to soar.
Home Air Conditioner Regional Analysis:
North America (United States, Canada and Mexico)
Europe (Germany, UK, France, Italy, Russia and Spain etc.)
Asia-Pacific (China, Japan, Korea, India, Australia and Southeast Asia etc.)
South America (Brazil, Argentina and Colombia etc.)
Middle East & Africa (South Africa, UAE and Saudi Arabia etc.)
In 2020, North America accounted for more than 20% of the market's total revenue share. It is anticipated that replacement sales would drive development in the North American market as well as other developed regions worldwide. The government's increasing promotional efforts to promote the use of energy-efficient Home Air Conditioner and lower energy usage are also anticipated to support the expansion of the regional market. The COVID-19 epidemic spread, which caused a decline in the market as a whole, while North America and Europe saw flat growth in 2020 and were not as badly affected as the rest of the globe. This can be due to both areas' robust demand in the last quarter of 2020.
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Home Air Conditioner Market - Covid-19 Impact and Recovery Analysis:
Lockdowns and stay-at-home orders caused people to spend more time indoors, which raised the demand for home comforts like the effective cooling offered by air conditioners. During the pandemic, the prevalence of remote employment raised the need for cosy home offices. To create comfortable working conditions, many people and families made air conditioner investments. Consumer buying habits were impacted by the pandemic's economic effects. While some customers put off making non-essential purchases, others gave home renovation projects, including installing air conditioning, first priority.
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The industry is also anticipated to be fuelled by elements like the tourist and construction sectors' optimistic expansion. Over the projected period, it is also anticipated that rising disposable incomes would promote the use of a range of Home Air Conditioner. Additionally, elements like the rising customer preference for energy-efficient systems and the expanding use of portable systems are anticipated to favourably affect the expansion of the Home Air Conditioner market.
Table of Contents – Major Key Points
4.1. COVID-19 Impact Analysis
4.2. Impact of Ukraine- Russia war
4.3. Impact of ongoing Recession on Major Economies
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