North America air conditioner market size is expected to reach USD 52.56 billion by 2020, growing at a CAGR of 9.0% from 2014 to 2020. Increasing awareness among customers regarding energy optimization is expected to drive the market growth over next six years. In established market such as North America, energy efficiency is the primary concern. Thus, stringent government regulations are practiced for decreasing energy consumption. Usage of energy efficient air conditioners is expected to increase owing to declining energy consumption rate. The increasing gap between energy supply and demand compelling the government to take rigorous initiatives for the adoption of rated electrical appliances. Air conditioning systems with energy star ratings are anticipated to consume less electricity and lessen carbon footprint, thus consumers are now shifting towards energy efficient models.
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Increasing construction sanctions of infrastructure such as malls, industrial facilities and corporate offices is likely to elevate the North America air conditioner market. Construction of commercial infrastructures namely warehouse facilities and hotels are expected to rise by 8% over the forecast period from 2014 to 2020.
Technological advancements in air conditioning systems such as inverter based system and one using natural refrigerants are expected to surge the demand. In addition, NPOs (non-profit organizations), media, public forum and government are taking several measures to create awareness among consumers regarding environmental issues; thus, encouraging people to adopt eco-friendly equipment.
Competition from Chinese manufacturers such as Midea, Haier, and Gree is expected to concern the local manufacturers, resulting in reduction of profits. Moreover, stringent norms over energy efficiency are expected to accentuate research and development costs for development of energy efficient products. However, focus of industry participants on customer service is expected to serve as potential opportunity owing to customer satisfaction and thus help in earning profits and maintain market share.
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Product overview
Split air conditioner was a foremost segment and it accounted for over USD 19,684.6 million in 2014. It expected to grow at a CAGR of over 10.6%. Airside air conditioning systems were the second leading product in the segment and it accounted for over USD 4,739.8 million in 2014. It is expected to grow at a CAGR of over 7.5% from 2014 to 2020, owing to demand for high efficient models.
Application overview
Residential application dominated the North America air conditioner market, with revenue of over USD 11.8 billion in 2014 and is estimated to grow at a CAGR of over 9.2%. Commercial segment accounted for second leading segment and was valued over USD 10,459.3 million and is estimated to grow at a CAGR of over 9.6% from 2014 to 2020 owing to increasing consumerism and comfortable shopping experience
Regional overview
U.S. dominated North America air conditioner market demand with valuation of over USD 26,401.1 million in 2014 and is anticipated to grow at a CAGR of over 8.8% from 2014 to 2020, owing to its large supplies to Mexico. Canada was the second largest regional industry valued for USD 3,654.3 million and is anticipated to grow at a CAGR of over 9.7% to 2020.
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Competitive market share
The North America air conditioner market share is literally consolidated, with the top five companies accounting for majority of the total demand in 2013.
Carrier accounted for 17% of the total North America air conditioning systems market. It mainly focused on improving distribution channel. Followed by, Daikin accounted for 15%; it followed a strategy of providing customizable designs and numerous colours. Trane was ranked third in the market, followed by JCI and Lennox.
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