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Air Condition Market Outlook

Air conditioning means the process of conditioning and impacting the air quality of a space to make the environment comfortable for the occupants. This process essentially works by removing excess moisture and heat from closed environments so that extreme natural environments can be adjusted to an individual’s preferred ones in the privacy of their homes. Air conditioning market globally comprises of residential and commercial sector and is also an extremely integral part of the automotive industry. Air conditioners, once considered luxury, are now transforming into necessities worldwide. Still the demand for heating and air condition systems is considered as a measure of the economic wealth of a nation.

In 2023, air conditioning market size was estimated to be worth USD 110.67 billion.  The market for air conditioners is expected to expand at a compound annual growth rate (CAGR) of 6.91% from 2024 to 2032, from USD 118.57 billion in 2024 to USD 202.31 billion.  The primary factors propelling the growth of the air conditioning market are the rising demand for commercial buildings and customers' growing inclination for comfort and convenience.

 

The impact of automotive Air Conditioner Market Share systems and the auto air condition market on the overall global AC market is also highly significant as both passenger and commercial vehicles are being increasingly equipped with AC systems to suit the requirements of the specific region – AC systems are also called heating and air condition systems because they can also be customised to provide heat during cold weather conditions. With the automotive industry on a steady growth path – again powered by increasing population and a high rate of urbanisation – the AC market stays on a sustained upward trend.