Posted On: 2019-03-09
The rising number of commercial and residential projects in Egypt, Nigeria, and South Africa to support the infrastructural development activities would spur the demand for air conditioners in the Africa region. Furthermore, growing urban migration across major cities of Africa coupled with the increasing purchasing power of the consumers would contribute towards the growth of the air conditioners market in Africa.
According to 6Wresearch, Africa air conditioner market revenues are projected to grow at a CAGR of 5.7% during 2019-25. Africa is expected to witness a boom in the construction sector over the coming years. For instance, in 2018, the total value of the construction projects in Africa increased by 53.3% as compared to 2017. Such developments in the region would act as a catalyst for the growth of air conditioner demand in countries such as Egypt, Kenya, Ethiopia, South Africa, and Nigeria, thereby positively effecting the market during the forecast period.
According to Priya Sharma, Senior Research Analyst, Research and Consulting, 6Wresearch, "Residential sector acquired the highest revenue share in the Africa air conditioner market in 2018 on account of increasing urbanization and improving the financial strength of the households in the region. Moreover, the government in several countries such as Nigeria, Algeria, Kenya, Egypt have undertaken initiatives to develop the residential sector of the respective countries in order to narrow the housing deficit gap. This, in turn, would result in considerable growth in revenues of the air conditioner market, particularly split air conditioner type, in Africa during the study period."
"Additionally, rising interest of foreign players such as Hilton, Marriott, Radisson to build hotel chains in the Africa region would generate additional demand for centralized and ducted air conditioners in the hospitality sector during the study period," Priya further added.
According to Prateek Gupta, Research Associate, Research and Consulting, 6Wresearch, "Split air conditioner segment has registered the highest penetration in Africa's air conditioner market and is expected to witness maximum growth during the forecast period as well on account of upcoming real estate projects, growing commercial office space and increasing preference of consumers towards split air conditioners."
"Additionally, players are coming up with new energy-efficient and smart air conditioner technologies, particularly in the split air conditioners, to save the electricity cost, Prateek Further added.
Some of the major companies in the Africa air conditioner market include Carrier, Samsung, LG, Midea, Daikin, Gree, York, and Trane.
"Africa Air Conditioner Market (2019-2025)" provides an in-depth analysis with 305 figures and 15 tables covered in over 300 pages. The report estimates and forecasts the overall Africa air conditioners market by types, applications, and regions. The report provides an unbiased and detailed analysis of the on-going trends, opportunities/high growth areas, and market drivers which would help the stakeholders to device and align their market strategies according to the current and future market dynamics.