Global air conditioners market is poised for solid growth over the next five years with its value set to hit $138.03 billion by 2026 registering a CAGR (compound annual growth rate) of 4.42 per cent, according to TechSci Research report.
Increasing GDP per capita income, rapid urbanisation, technological advancements, is expected to drive the growth of the global air conditioners market, stated TechSci in its latest report ‘Global Air Conditioners Market By Product Type 2026’.
During the forecast period, sales of air conditioners are expected to increase due to a booming construction sector, rising disposable income, a growing real estate sector, and rising industrialisation around the world. Temperatures are rising all over the world as a result of global warming, increasing demand for air conditioners. The primary driver of the global air conditioners market’s growth is the changing climatic conditions.
Furthermore, the majority of emerging countries, which frequently experience rapid economic growth, are located partially or entirely in tropical areas, said the TechSci report. Their demand for air cooling is constantly increasing in order to improve consumer comfort.