DUBLIN–(BUSINESS WIRE)–The “Thailand Air Conditioner Market, By Product Type, By Region, Competition, Forecast & Opportunities, 2015-2027” report has been added to ResearchAndMarkets.com’s offering.
The Thailand air conditioners market is expected to reach USD1381.12 million in 2021, growing at a CAGR of 5.23% during the forecast period. The Thailand air conditioner market is mainly driven by rising disposable income, demand from residential sectors, and growing product innovations.
Air conditioners are electrical appliances used to control a particular area’s humidity, ventilation, and temperature. The key reasons propelling the growth of air conditioning in the country also include rising per capita income, growing construction sector investments, and increasing tourism demand.
Rising Technological Innovations Fueling the Market Growth
Manufacturers are working on product innovation to fulfill the need for energy and cost-saving. For instance, in 2019, Daikin launched a split room air conditioner for less than USD230 to meet the growing demand from the middle-class population. Moreover, due to the highly competitive market scenario, manufacturers are working towards providing features like seamless connectivity with Wi-Fi, inverter-based air conditioners, which are further likely to steer growth in the Thailand air conditioners market in the coming years.
Increasing Online Presence is Fueling the Market Growth
Due to low operating expenses, the online retail sector offers an attractive option for air conditioner companies. Moreover, the introduction of online channels has enabled consumers to effortlessly check out and compare a diverse selection of products on a single platform without spending a significant amount of time in stores. Additionally, rising internet usage, online search, and expanding e-commerce have digitized the customer purchasing experience.
Growing Production Capacities within the Country is Boosting the Market Growth
Almost 7 to 10% of the air conditioners manufactured worldwide come from Thailand. The country is the second-largest producer of air conditioners after China. Around 15 million air conditioners are produced annually from a production facility in Thailand by the two biggest air conditioner manufacturers, which include the Japanese companies Daikin Industries and Mitsubishi Electric. Companies like Panasonic and Mitsubishi opened their plants in Thailand to capture the largest market share. This growth is intended to help them respond more quickly and adapt to the growing market demands for residential and commercial air conditioners, particularly in Asia.
Increasing Preference for Inverter Technology is Fueling the Market Growth
The overall market for inverter air conditioners has experienced significant growth, which is anticipated to continue throughout the forecast period. Additionally, inverter-based air conditioners are more energy-efficient and can drive the compressor at various rates to match the desired productivity. Manufacturers are introducing air conditioners that use inverter technology to increase market shares. For instance, LG wants to increase its market share in Thailand for inverter air conditioners to 15% by the end of 2021.
Market Segmentation
Thailand Air Conditioner Market, By Product Type:
Thailand Air Conditioner Market, By End User Sector:
Thailand Air Conditioner Market, By Region:
Key Topics Covered:
1. Product Overview
2. Research Methodology
3. Executive Summary
4. Impact of COVID-19 on Thailand Air Conditioner Market
5. Voice of Customer
6. Thailand Air Conditioner Market Outlook, 2015-2027F
7. Thailand Split Air Conditioner Market Outlook
8. Thailand VRF Air Conditioner Market Outlook
9. Thailand Window Air Conditioner Market Outlook
10. Thailand Chiller Air Conditioner Market Outlook
11. Market Dynamics
12. Market Trends and Developments
13. Import and Export Analysis
14. Policy & Regulatory Landscape
15. Thailand Economic Profile
16. Competitive Landscape
17. Strategic Recommendations
Companies Mentioned
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Laura Wood, Senior Press Manager
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For E.S.T Office Hours Call 1-917-300-0470
For U.S./ CAN Toll Free Call 1-800-526-8630
For GMT Office Hours Call +353-1-416-8900
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