Overview and Scope
A smart air conditioner is an air conditioning unit equipped with smart technology, allowing it to be controlled and monitored remotely via a smartphone, tablet, or other smart devices. It enables users to adjust temperature settings, schedule operation times, and monitor energy usage from anywhere.
Sizing and Forecast
The smart air conditioners market size has grown rapidly in recent years. It will grow from $16.72 billion in 2023 to $18.74 billion in 2024 at a compound annual growth rate (CAGR) of 12.1%. The growth in the historic period can be attributed to growing consumer awareness of health and wellness, increasing urbanization, rising consumer demand for comfort, increased living standards, and development of energy-efficient and eco-friendly air conditioning solutions.
The smart air conditioners market size is expected to see rapid growth in the next few years. It will grow to $29.04 billion in 2028 at a compound annual growth rate (CAGR) of 11.6%. The growth in the forecast period can be attributed to growing construction sector, growing popularity of smart-homes, increasing disposable income of consumers, increasing consumer demand, and rising demand across commercial sectors. Major trends in the forecast period include integration of ai-driven features, advanced IoT connectivity, technological advancements, development of new products, and user-friendly interfaces.
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Segmentation & Regional Insights
The smart air conditioners market covered in this report is segmented –
1) By Type: Split, Window, Portable, Other Types
2) By Connectivity: Wi-Fi, Bluetooth, Other Connectivity
3) By Application: Residential, Buildings, Industrial Buildings, Commercial Buildings
Asia-Pacific was the largest region in the smart air conditioner market in 2023. North America is expected to be the fastest-growing region in the forecast period. The regions covered in the smart air conditioners market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
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Major Driver Impacting Market Growth
The growing construction sector is expected to propel the growth of the smart air conditioner market going forward. The construction industry encompasses all activities related to planning, designing, constructing, and maintaining buildings, infrastructure, and other physical structures. The construction sector is experiencing growth due to increased infrastructure investment, urbanization trends, and demand for sustainable building solutions. As the construction sector participates in development, particularly in residential, commercial, and industrial projects, there will be a higher demand for HVAC (Heating, Ventilation, and Air Conditioning) systems, including smart air conditioners, to provide comfortable indoor environments. New construction projects often incorporate modern amenities and technologies, including smart home features, driving the adoption of smart air conditioners. For instance, in August 2023, according to a report published by the Office for National Statistics, a UK-based producer of official statistics, the estimated monthly construction output saw a 1.6% increase in volume in June 2023, attributed to rises in both new construction work (2.0%) and repair and maintenance activities (1.1%). The quarterly data for April to June 2023 compared to January to March 2023 showed a 0.3% increase in construction output. Notably, this increase was driven entirely by the performance in June 2023, where repair and maintenance activities saw a 0.9% uptick. Therefore, the growing construction sector is driving the growth of the smart air conditioner market.
Key Industry Players
Major companies operating in the smart air conditioners market are Samsung Electronics Co. Ltd., Robert Bosch GmbH, Hitachi Ltd., LG Electronics Inc., Panasonic Corporation , Haier Group Corporation, Midea Group Co. Ltd., Mitsubishi Electric Corporation, Toshiba Corporation, Gree Electric Appliances Inc., Daikin Industries Ltd., Johnson Controls International plc, Fujitsu General Ltd., Carrier Global Corporation, Whirlpool Corporation, Trane Technologies Plc, Electrolux AB, AUX Group Co. Ltd., Godrej Industries Limited, Lennox International Inc., Hisense Kelon Electrical Holdings Company Limited, Havells India Limited, Rheem Manufacturing Company, Blue Star Limited, Voltas Limited, Chigo Holding Ltd., Friedrich Air Conditioning Co. Ltd., Chunlan Group, Videocon Industries Limited, Bryant Ltd
The smart air conditioners market report table of contents includes:
1. Executive Summary
2. Market Characteristics
3. Market Trends And Strategies
4. Impact Of COVID-19
5. Market Size And Growth
6. Segmentation
7. Regional And Country Analysis
……..
27. Competitive Landscape And Company Profiles
28. Key Mergers And Acquisitions
29. Future Outlook and Potential Analysis
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