What are the Historical Developments and Current Growth Metrics of the Smart Air Conditioners Market?
The smart air conditioners market has seen considerable growth due to a variety of factors.
• The market for smart air conditioners has seen a swift expansion of late. It's expected to elevate from a valuation of $18.74 billion in 2024 to $20.92 billion in 2025, reflecting a compound annual growth rate (CAGR) of 11.6%.
Factors such as heightened consumer consciousness about health and wellbeing, the surge in urbanization, the escalating demand for comfort among consumers, improved living conditions, and the emergence of energy-saving and environmentally friendly air conditioning options contributed to the growth seen in the precedent years.
What is the Forecasted Market Size and CAGR for the Smart Air Conditioners Market?
The smart air conditioners market is expected to maintain its strong growth trajectory in upcoming years.
• We can anticipate a swift expansion in the smart air conditioners market over the coming years. The market size is projected to surge to $32.46 billion in 2029, with a compound annual growth rate (CAGR) of 11.6%.
This projected growth in the forecast period is largely due to an expanding construction sector, the rising trend of smart homes, a rise in consumer disposable income, and increased consumer demand, and growth in demand in the commercial sectors. Some major trends expected during the forecast period include the inclusion of AI-driven features, enhanced IoT connectivity, technological advancements, the introduction of new products, and user-friendly interfaces.
What Key Factors and Trends Are Driving The Growth Smart Air Conditioners Market?
The expansion of the construction industry is predicted to fuel the growth of the smart air conditioner market in the future. The construction industry consists of all endeavors related to conceptualizing, designing, constructing, and maintaining buildings, infrastructure, and other substantial structures. The expansion of the construction sector is catalyzed by an increase in infrastructure investments, urbanization trends, and the requirement for environment-friendly building solutions. The demand for HVAC (Heating, Ventilation, and Air Conditioning) systems, inclusive of smart air conditioners, is expected to surge as the construction sector is engaged in development, especially in residential, commercial, and industrial projects. These systems facilitate the creation of comfortable interiors. Contemporary construction projects frequently incorporate modern amenities and technologies, including smart home features, thereby fostering the adoption of smart air conditioners. For instance, an Office for National Statistics report in August 2023 stated that the estimated monthly construction output in UK saw a volume increase of 1.6% in June 2023 due to a rise in both new construction work (2.0%) and repair and maintenance activities (1.1%). From April to June 2023, there was a 0.3% increase in construction output compared to January to March 2023. Interestingly, the sole driver of this increase was the performance in June 2023, where repair and maintenance activities saw a 0.9% raise. As a result, the smart air conditioner market is experiencing growth led by the expanding construction sector.
What Are The Market Segments In The Smart Air Conditioners Market?
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 Connectivities
3) By Application: Residential, Buildings, Industrial Buildings, Commercial Buildings
Subsegments:
1) By Split: Wall-Mounted Split Air Conditioners, Floor-Mounted Split Air Conditioners
2) By Window: Vertical Window Air Conditioners, Horizontal Window Air Conditioners
3) By Portable: Compact Portable Air Conditioners, Dual-Hose Portable Air Conditioners
4) By Other Types: Central Air Conditioning Systems, Smart Mini-Split Systems
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What Trends Are Reshaping The Future Of The Smart Air Conditioners Market?
In the smart air conditioner market, leading businesses are innovating with technology that combines artificial intelligence (AI) and the Internet of Things (IoT) to improve energy effectiveness and consumer comfort. Such advancements result in characteristics like predictive maintenance that allows systems to foresee breakdowns and maximize performance, consequently reducing energy usage and operational costs. For instance, Voltas, a company based in India, in April 2024, introduced its newest HVAC lineup at ACREX 2024. This range boasts state-of-the-art AI capabilities, permitting users to oversee and manage their systems remotely through a mobile application. This rollout mirrors Voltas' dedication to sustainability and energy conservation, as well as improves the user experience by offering immediate insights and analytics about system efficiency and power consumption.
Who Are the Key Players In The Smart Air Conditioners Market?
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
What Are The Regional Insights Into The Smart Air Conditioners Market?
Asia-Pacific was the largest region in the smart air conditioner market in 2024. 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.
