The Asia Pacific air conditioning systems market is expected to witness significant growth over the forecast period. Continuous growth due to commercial and residential construction activities in India and China along with rising consumer spending on luxury goods is expected to drive the APAC air conditioning systems market. In addition, low ownership rate and rising disposable income in the Asia Pacific is expected to favorably impact market growth. The residential sector accounted for a considerable percentage of the APAC air conditioning systems market due to increased demand from India and China. Strong competition from Chinese manufacturers that provide products at lower prices as compared to global well-established brands is expected to support sales gains. In addition, a high installation base in developed markets of Western Europe and the U.S. is expected to generate growth opportunities in the relatively under-penetrated Asia Pacific market.
The commercial segment in the Asia Pacific is expected to exhibit high growth owing to growing infrastructure spending, as well as demand for educational buildings, retail stores, and healthcare. Governments have initiated a green building trend, which is expected to enhance environmental consciousness among consumers. Japanese market participants are investing in green lighting, BAS, and HVAC systems due to their ability to reduce carbon footprint and energy costs.
Greater product availability coupled with expansion in electrification has spurred demand for air conditioning systems in Asian countries. The market in South Korea, Japan, and Australia is saturated due to the highly developed nature of the equipment. As a result, growth is primarily dependent on replacement activities, building construction levels, and weather patterns. Key participants in the APAC air conditioning systems market include Sharp Corporation, Hitachi Ltd., Carrier, Panasonic, LG Electronics, Electrolux AB, Samsung Electronics, Haier Electronics Group Co., Ltd., Mitsubishi Corporation and Daikin Industries Ltd. Companies operating in the market strive for vertical integration since establishing a presence across the value chain offers better control over cost as well as low volatility of margins. Presently, manufacturers have increasingly shifted focus towards raw materials that do not have an adverse impact on the environment, such as the use of natural refrigerants such as ammonia and CO2 to manufacture energy-efficient products.
NEED A CUSTOM REPORT?
We can customize every report - free of charge - including purchasing stand-alone sections or country-level reports, as well as offer affordable discounts for start-ups & universities.
Contact us now to get our best pricing.
We are GDPR and CCPA compliant! Your transaction & personal information is safe and secure.
"The quality of research they have done for us has been excellent..."
The global construction industry, once thriving with increased investments, has been severely affected by the suspension of the construction activities in the wake of the ongoing pandemic. Shortage of labors coupled with potential supply chain bottlenecks of materials and equipment is expected to cause project delays in the ongoing funded projects and may lead to reduced spending in the upcoming projects. Uncertainty around the actual duration of the prevailing lockdown makes it hard to anticipate how a recovery in the construction industry will unfold. On similar lines, the HVAC industry has been adversely affected by the COVID-19 outbreak due to the shutting down of several component manufacturing facilities across China, European countries, Japan, and the U.S. This has consequently led to a significant slowdown in the production of HVAC equipment. Lockdowns imposed by the governments in the wake of the Covid-19 outbreak has not only affected manufacturing but also pegged back the consumer demand for HVAC equipment. The report will account for Covid19 as a key market contributor.