Smart Air Conditioners Global Market Report 2024

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 observed in the historical period can be attributed to factors such as the growing consumer awareness of health and wellness, increasing urbanization, rising consumer demand for comfort, elevated living standards, and the development of energy-efficient and eco-friendly air conditioning solutions. These elements collectively contributed to the expansion of the market for smart air conditioners.

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 anticipated growth in the forecast period for smart air conditioners can be attributed to factors such as the expansion of the construction sector, the increasing popularity of smart homes, the rise in disposable income among consumers, growing consumer demand, and the increasing adoption across commercial sectors. Key trends expected in the forecast period include the integration of AI-driven features, advanced IoT connectivity, technological advancements, the development of new products, and the implementation of user-friendly interfaces in smart air conditioning systems.

The anticipated growth in the construction sector is poised to drive the expansion of the smart air conditioner market. The construction industry encompasses various activities related to planning, designing, constructing, and maintaining buildings, infrastructure, and other physical structures. The sector is witnessing growth fueled by increased infrastructure investment, urbanization trends, and the demand for sustainable building solutions. As the construction sector engages in residential, commercial, and industrial projects, there is a heightened demand for HVAC (Heating, Ventilation, and Air Conditioning) systems, including smart air conditioners, to ensure comfortable indoor environments. Modern construction projects often incorporate advanced amenities and technologies, including smart home features, leading to increased adoption of smart air conditioners. According to a report from the Office for National Statistics in August 2023, the estimated monthly construction output witnessed a 1.6% increase in volume in June 2023, driven by rises in both new construction work (2%) and repair and maintenance activities (1.1%). The quarterly data for April to June 2023 showed a 0.3% increase in construction output, primarily influenced by the performance in June 2023. Hence, the burgeoning construction sector is a key driver for the growth of the smart air conditioner market.

Prominent companies in the smart air conditioner market are investing in advanced technologies, including real-time humidity sensors, to provide customers with enhanced features. Real-time humidity sensors are electronic devices that measure and report the relative humidity (RH) of the air or determine the amount of water vapor in gas in real time. For example, in January 2021, Lloyd, a brand owned by Havells India Limited, launched the Intelli-Logic smart air conditioners, featuring patented technology tailored for humid coastal climates. The smart air conditioner autonomously regulates RH levels to 40% to 55%, ensuring a consistently comfortable environment. Operating in real time, it adapts to ambient conditions for effective cooling, even in temperatures reaching up to 52 degrees Celsius. With a 10-meter-long air throw and intelligent 4-way swing, it provides uniform cooling across every room corner.

In July 2022, Carrier Global Corporation, a US-based HVAC system manufacturer, acquired the residential and light commercial HVAC business division of Toshiba Corporation for an undisclosed amount. This strategic acquisition positions Carrier to tap into substantial growth opportunities in the VRF (Variable Refrigerant Flow) and heat pump sectors, known for their energy efficiency. It strengthens Carrier's commitment to delivering innovative solutions for a greener future. Toshiba Corporation, a Japan-based manufacturer, adds valuable expertise and products to Carrier's portfolio in the smart air conditioner market.

Major companies operating in the smart air conditioners market report 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.

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. The countries covered in the smart air conditioners market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.

A smart air conditioner is an air conditioning unit that incorporates smart technology, enabling remote control and monitoring through devices such as smartphones, tablets, or other smart devices. This technology empowers users to adjust temperature settings, schedule operation times, and monitor energy usage from any location, providing greater convenience and control over the air conditioning system.

The primary product categories of smart air conditioners include split, window, portable, and other types. A split air conditioner is a system comprising two main components, an outdoor unit housing the compressor and condenser, and an indoor unit containing the evaporator coil and air handling unit. Various types of connectivity, such as Wi-Fi and Bluetooth, are involved in these smart air conditioning systems. These products find applications in diverse settings, including residential buildings, industrial buildings, and commercial buildings.

The smart air conditioners market research report is one of a series of new reports that provides smart air conditioners market statistics, including smart air conditioners industry global market size, regional shares, competitors with smart air conditioners market share, detailed smart air conditioners market segments, market trends, and opportunities, and any further data you may need to thrive in the smart air conditioners industry. This smart air conditioners market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenarios of the industry.

The smart air conditioner market consists of sales of ductless mini-split, geothermal air conditioning system, hybrid or dual fuel air conditioner and evaporator coolers. Values in this market are ‘factory gate’ values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors and retailers) or directly to end customers. The value of goods in this market includes related services sold by the creators of the goods.

The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).

The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.


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