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Increasing Urbanization and Rising Demand for Energy-Efficient Air Conditioners Driving Market Growth
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The air conditioner market in ASEAN-6 countries (comprising Indonesia, Malaysia, the Philippines, Singapore, Thailand, and Vietnam) is currently in the growth stage and is expected to expand at a strong CAGR of 7.0% between 2018 and 2023. Increased urbanization and rising awareness about energy-efficient air conditioners is increasing the demand. Poor outdoor air quality and hot, humid climatic conditions further support this demand growth. While new air conditioners contribute a large percentage of the demand, replacement air conditioners are also seeing fast growth owing to concerns over energy efficiency. The market is being led by Japanese manufacturers who are well challenged by other Korean, American and Chinese competitors.This study analyzes market trends for the period from 2016 to 2023, with 2018 as the base year. It covers room air conditioners (RAC), packaged air conditioners (PAC), variable refrigerant flow (VRF) and chiller systems. The total market is also segmented by the use of air conditioners in residential, commercial and industrial buildings. While commercial buildings contribute a majority of the revenue currently, strong growth is expected from the residential and industrial segments in the coming years.Companies populating the competitive landscape of the ASEAN-6 air conditioner market include Daikin, Panasonic, Mitsubishi Electric, Johnson Controls, LG, and Samsung among others. In addition to industry challenges and market drivers and restraints, this study provides a country-wise analysis of the ASEAN-6 air conditioner market – while Singapore is the most mature market for air conditioners in the Southeast Asian region, Indonesia and Vietnam are the biggest markets in terms of revenue as well as forecast growth rates. Furthermore, this study enlists emerging growth opportunities and how companies in the market can capitalize on these opportunities.
Key Issues Addressed
Author: Viswesh Vancheeshwar
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