Strengthening of public infrastructure, establishment of new industries, strong economic growth as well as changing business environment in South-East Asian countries such as Indonesia, Philippines and Vietnam would foster the demand for air conditioners in the region over the next six years. In addition, increasing foreign investment for the development of commercial infrastructure in South-East Asia region would also contribute to the rise in sales of air conditioners during the forecast period.
According to 6Wresearch, South East Asia air conditioner market size is projected to grow at a CAGR of 12.1% during 2018-24. Economic diversification, robust domestic private spending and the implementation of planned infrastructure initiatives on account of several government plans, such as Indonesia Vision 2045 and Vietnam Vision 2035 are expected to increase the demand for air conditioners over the coming years.
According to Rachit Gulati, Senior Research Analyst - IT & Electronics, Research and Consulting, 6Wresearch, "Rise in construction activities, especially in public transportation, retail, hospitality and commercial office segments are fueling the demand for air conditioners in the region. In addition, on account of the growing commercial infrastructure, the market for chillers/VRF is also expected to increase over the coming years."
"In the South-East Asian air conditioner market, Indonesia and Vietnam captured key revenue shares in the overall market pie. Upcoming infrastructure upgradation projects in Malaysia and Thailand, coupled with new residential construction projects in Vietnam and Philippines mainly fueled the market for air conditioners in the region," Rachit further added.
According to Akshay Thakur, Research Analyst - IT & Electronics, Research and Consulting, 6Wresearch, "Split air conditioners, primarily preferred in the residential and commercial offices & retail sectors, were in strong demand on account of increase in number of construction projects, such as Feliz En Vista - Altaz Tower, Ha Do Centrosa Garden - Iris 4 Tower, etc., in the aforementioned sectors of the South-East Asian region."
"Growing middle class population, rising disposable income along with increasing urbanization and purchasing power are anticipated to boost the market growth of air conditioners, predominantly in the residential and SME segments," Akshay further added.
Key contributing vendors in the South-East Asia air conditioner market include Daikin, Panasonic, Mitsubishi Electric and Midea Group.
"South-East Asia Air Conditioner Market (2018-2024)" provides an in-depth analysis with 372 figures and 42 tables covered in more than 200 pages. The report estimates and forecast the overall South-East Asia Air Conditioner market by air Conditioner types such as Window AC, Split AC, Ceiling Concealed AC, Packaged AC, Floor Standing AC, Cassette AC, Ceiling Suspended AC and Centralized AC, by end user applications and countries. 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.