China air conditioning market is estimated to grow at a CAGR of 4.7% during the forecast period. The country holds a dominant position in the production and export of the AC globally. It produces more than 50% of the global AC every year. The major factor augmenting the market includes the hot climate of the country. Global warming will also be a motivating factor for the market. Moreover, the rapid urbanization and rising disposable income in the country is another factor that is contributing to the growth of the AC market. Chinese significant investment in solar energy is also a motivating factor for the market as it would reduce energy consumption and makes the electric system more cost-effective. Cohesive government regulations in order to curb air pollution can restrict the usage of several ozone-depleting refrigerants during the forecast period. As per studies in May 2019, it was found that the factories in the country are emitting 7,000 tonnes CFC-11, a banned substance per year.
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The Chinese air conditioning market is segmented on the basis of application, type, and refrigerant type. The country is the largest market of the automobile globally. A significant market share of the automotive HVAC system will be witnessed during the forecast period. The residential segment is expected to show significant market growth during the forecast period. By type, split AC is expected to show significant market growth during the forecast period.
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China Air Conditioning Market Segmentation
By Application
· Residential
· Commercial
· Industrial
· Others (Healthcare)
By Refrigerant Type
· HCFCs (Hydrochlorofluorocarbons)
· HFC (Hydrofluorocarbon)
· HFO (Hydrofluro-Olefins)
· Natural Refrigerants
Company Profiles
· Daikin Industries Ltd.
· Gree Electric Appliances Inc.
· Guangdong Chigo Air Conditioning Co., Ltd.
· Haier Electronics Group Co. Ltd.
· Johnson Controls International PLC
· Midea group
· TCL Air Conditioner Zhongshan Co. Ltd.
· United Technologies Corp.
· Xiaomi Corp.
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