Vietnam Air Conditioner Market Size Set to Grow at Steady CAGR of 4.26% During 2023–2029
BlueWeave Consulting, a leading strategic consulting and market research firm, in its recent study, expects Vietnam air conditioner market size to grow at a significant CAGR of 4.26% during the forecast period between 2023 and 2029
BlueWeave Consulting, a leading strategic consulting and market research firm, in its recent study, expects Vietnam air conditioner market size to grow at a significant CAGR of 4.26% during the forecast period between 2023 and 2029. Growing environmental concerns and government regulations are major factors driving the growth of the Vietnam air conditioner market. Customers choose inverter-based air conditioners because they are more energy efficient and have reduced operating expenses. Furthermore, smart air conditioners with features such as Wi-Fi connectivity, smart controls, and voice activation are becoming increasingly popular, allowing consumers to remotely manage their cooling systems. In addition, there is an increase in the use of air conditioners equipped with innovative air filtration technologies to improve indoor air quality. The market is shifting towards ductless mini-split systems, which provide flexibility, ease of installation, and improved cooling performance. These patterns indicate changing consumer choices and priorities in the Vietnam air conditioner market.
Vietnam Air Conditioner Market – Overview
An air conditioner is an electric appliance for dehumidifying and cooling indoor areas. In order to create a cozy and controlled environment, it extracts heat from the air and releases it outside. Compressor, condenser, evaporator, and refrigerant are just a few of the parts that make up an air conditioner. The refrigerant is pressurized by the compressor before flowing through the condenser, where it releases heat. The refrigerant is then sent to the evaporator, where it cools the indoor air by absorbing heat from it. The heated air is then vented outdoors while the cooled air is returned to the interior. To maintain a comfortable temperature and humidity level in homes, businesses, and other structures, air conditioners are frequently utilized.
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Impact of COVID-19 on Vietnam Ready to Eat Food Market
The COVID-19 pandemic significantly impacted the Vietnam air conditioner market. With the implementation of lockdowns, travel restrictions, and social distancing measures, the construction sector, which is a major consumer of air conditioners, experienced a slowdown. This resulted in a decrease in demand for air conditioning units. Also, disruptions in the global supply chain and manufacturing activities led to product shortages and increased prices. The economic uncertainties caused by the pandemic also affected consumer purchasing power, further dampening the market. However, as the situation improves and restrictions ease, the market is expected to gradually recover, driven by pent-up demand and government stimulus measures.
Vietnam Air Conditioner Market – By Product Type
On the basis of product type, Vietnam air conditioner market is divided into Room AC (Window, Split), Ducted AC (Ceiling Concealed), Rooftop Packaged, Ductless AC (Cassette, Floor Standing, Ceiling Suspended), and Centralized AC (VRF, AHU/FCU, Chiller). Among the various segments in the Vietnam air conditioner market, the largest segment is the Split Room AC. Split Room AC refers to air conditioning systems that consist of two units: an indoor unit that is typically mounted on a wall inside the room and an outdoor unit that is installed outside the building. This segment is popular due to its versatility, energy efficiency, and affordability. It provides effective cooling for individual rooms or small spaces. Other segments in the Vietnam air conditioner market include Window AC, Ducted AC, Rooftop Packaged, Ductless AC (Cassette, Floor Standing, Ceiling Suspended), and Centralized AC (VRF, AHU/FCU, Chiller). However, the split room AC segment holds the largest share in terms of market demand and consumer preference.
Competitive Landscape
Vietnam air conditioner market is fiercely competitive. Major companies in the market include Daikin Vietnam, Panasonic Vietnam, LG Electronics Vietnam, Samsung Electronics Vietnam, Midea Group (Vietnam), Trane Vietnam, Gree Electric Appliances Inc. of Zhuhai (Vietnam), Hitachi Vietnam, Mitsubishi Electric Vietnam, and Carrier Vietnam. These companies use various strategies, including increasing investments in their R&D activities, mergers, and acquisitions, joint ventures, collaborations, licensing agreements, and new product and service releases to further strengthen their position in Vietnam air conditioner market.
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