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The hybrid air conditioner (AC) market is estimated to grow at a CAGR of 9.13% between 2022 and 2027. The size of the market is forecast to increase by USD 4,288.06 million. The growth of the market depends on several factors, including product innovation leading to portfolio extension and product premiumization, growing residential construction activity, and high efficiency compared with conventional air conditioners.
This report extensively covers market segmentation by product (hybrid solar air conditioner and solar air conditioner), distribution channel (offline and online), and geography (North America, Europe, APAC, South America, and Middle East and Africa). It also includes an in-depth analysis of drivers, trends, and challenges. Furthermore, the report includes historic market data from 2017 to 2021.
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The reports categorize the global hybrid air conditioner market as a part of the global household appliances market within the global household durables industry. The parent global household appliances market covers revenue generated by manufacturers of electric household appliances and related products. Our research report has extensively covered external factors influencing the parent market growth during the forecast period.
The product innovation leading to portfolio extension and product premiumization is notably driving the market growth, although factors such as a long product lifecycle may impede the market growth. Our researchers analyzed the data with 2022 as the base year, along with the key drivers, trends, and challenges. A holistic analysis of drivers will help companies refine their marketing strategies to gain a competitive advantage.
Key Hybrid Air Conditioner Market Driver
The product innovation leading to portfolio extension and product premiumization is notably driving the market growth. Competition in the global hybrid AC market has intensified over the years. In addition, consumer preference for innovative and technologically advanced home appliances (including hybrid air conditioners) is also growing rapidly. This has compelled the vendors operating in the market to continually engage in R&D and innovation to sustain themselves in the competitive market environment. Products are innovated in terms of technology, performance, features, and designs. In addition, customers also prefer appliances that are efficient and consume minimal energy resources. To meet such evolving customer needs, vendors are continuously widening their product portfolio.
In addition, customers are gradually increasing their spending on consumer electronics (including hybrid air conditioning systems) as purchasing power and disposable income increase. Increased demand for premium hybrid air conditioners is also driving vendor investment in innovative product raw materials and technology. This has propelled the demand for premium hybrid air conditioners, thereby driving the market.
Significant Hybrid Air Conditioner Market Trend
Increased adoption of omnichannel distribution and multichannel marketing is the key trend in the market. The preference for online shopping for household appliances (such as hybrid air conditioners) among residential users witnessed significant growth over the last couple of years. The online channel widens the visibility of the products. This, along with the availability of a wide product portfolio, contributes to the growth of the online retail channel. The success of online retailing can be attributed to customer reach and inventory-management cost-cutting.
Though the online segment occupies a lower percentage of the market, the segment is expected to witness faster growth in comparison with the offline segment. Increased Internet connectivity, growing adoption of mobile Internet devices, and rising consumer awareness contribute to the growth of online sales of household appliances (including hybrid air conditioners).
Hectic lifestyles also restrict users from shopping for household appliances through offline distribution channels due to a lack of time. This increases the use of online shopping portals for the purchase of hybrid air conditioners. Thus, the omnichannel distribution and marketing strategy positively impacted the growth of the market during the forecast period.
Major Hybrid Air Conditioner Market Challenge
Long product lifecycle is the major challenge impeding the market growth. The hybrid air conditioners on the market are mainly branded products with reliable quality. These products are made of stainless steel or other hard and durable materials and have a longer replacement cycle than older air conditioners made of less durable materials. The vendor conducts intensive research and development of innovative and durable materials to extend the life of his hybrid air conditioners.
The average lifespan of a hybrid air conditioner is about 10 to 15 years. The long lifespan of hybrid air conditioners reduces the frequency of product replacement, which negatively impacts the annual growth of the market. Hybrid air conditioner manufacturers offer product warranties and warranties that extend product life even further. These factors reduce repeat purchases of hybrid air conditioners.
Key Hybrid Air Conditioner Market Customer Landscape
The report includes the adoption lifecycle of the market, covering from the innovator’s stage to the laggard’s stage. It focuses on adoption rates in different regions based on penetration. Furthermore, the report also includes key purchase criteria and drivers of price sensitivity to help companies evaluate and develop their growth strategies.
Global Hybrid Air Conditioner Market Customer Landscape
Vendors are implementing various strategies, such as strategic alliances, partnerships, mergers and acquisitions, geographical expansion, and product/service launches, to enhance their presence in the market.
NingBo Deye Inverter Technology Co. Ltd. - The company operates under one segment. The company offers hybrid air conditioners such as Hybrid AC DC Solar Air Conditioners. Under this segment, the company offers photovoltaic power system solutions, including residential and commercial power plant solutions.
The report also includes detailed analyses of the competitive landscape of the market and information about 11 market vendors, including:
Qualitative and quantitative analysis of vendors has been conducted to help clients understand the wider business environment as well as the strengths and weaknesses of key market players. Data is qualitatively analyzed to categorize vendors as pure play, category-focused, industry-focused, and diversified; it is quantitatively analyzed to categorize vendors as dominant, leading, strong, tentative, and weak.
The market share growth of the hybrid solar air conditioner segment will be significant during the forecast period. Hybrid solar air conditioners work on solar power and electricity. The demand for dual technology (solar and electricity) air conditioners is increasing as they work on both technologies. This is because solar energy is not available on a regular basis, and therefore, it lacks power and requires an alternate source of power to run the air conditioning unit. In hybrid solar air conditioners, the power from the solar panels is supplied directly to the indoor and outdoor fan motor and compressor. When there is a lack of solar power, the air conditioner automatically switches to grid power.
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The hybrid solar air conditioner segment was valued at USD 3,761.15 million in 2017 and continue to grow by 2021. Vendors are offering various hybrid solar air conditioner products, featuring an energy-saving function that can automatically switch to solar power when available, and it also has a smart function that allows it to be controlled by a smartphone application. Thus, the hybrid solar air conditioners segment is also growing and is expected to contribute to the growth of the market during the forecast period.
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North America is estimated to contribute 37% to the growth of the global market during the forecast period. Technavio’s analysts have elaborately explained the regional trends and drivers that shape the market during the forecast period. The hybrid air conditioner (AC) market in North America contributed to the second-highest share in the market. The key markets in North America are the US and Mexico. The major factors contributing to the market in North America are the increased demand for indoor cooling equipment, increased awareness among consumers regarding the use of clean energy (or renewable energy such as solar energy), and government initiatives to promote solar energy and related products. In addition, the growing need for an air conditioning system in a household is a major factor driving the demand for air conditioners.
In 2020, the market in North America witnessed a temporary decline owing to the COVID-19 outbreak. The temporary shutdown of commercial and industrial end-user establishments resulted in the halt of operations, which reduced the use of hybrid air conditioners and limited the growth of the regional market in 2020. However, the growing adoption of advanced technology in the region is expected to increase the demand for hybrid air conditioners. Therefore, all these factors are expected to fuel the growth of the regional market during the forecast period.
The report forecasts market growth by revenue at global, regional & country levels and provides an analysis of the latest trends and growth opportunities from 2017 to 2027.
Hybrid Air Conditioner Market Scope |
|
Report Coverage |
Details |
Page number |
154 |
Base year |
2022 |
Historic period |
2017-2021 |
Forecast period |
2023-2027 |
Growth momentum & CAGR |
Accelerate at a CAGR of 9.13% |
Market growth 2023-2027 |
USD 4,288.06 million |
Market structure |
Concentrated |
YoY growth 2022-2023(%) |
8.38 |
Regional analysis |
North America, Europe, APAC, South America, and Middle East and Africa |
Performing market contribution |
North America at 37% |
Key countries |
US, China, Japan, Germany, and UK |
Competitive landscape |
Leading Vendors, Market Positioning of Vendors, Competitive Strategies, and Industry Risks |
Key companies profiled |
Arka Technologies, Carrier Global Corp., Changzhou SuperEn New Energy Technology Co. Ltd., Evapoler Eco Cooling Solutions, Event Horizon Solar and Wind Inc., Glosun Electronic Pvt. Ltd., Harvest Eco Solutions Ltd., HotSpot Energy Inc., Ice Solair, Lennox International Inc., NingBo Deye Inverter Technology Co. Ltd., and Solair World |
Market dynamics |
Parent market analysis, Market growth inducers and obstacles, Fast-growing and slow-growing segment analysis, COVID-19 impact and recovery analysis and future consumer dynamics, and Market condition analysis for the forecast period. |
Customization purview |
If our report has not included the data that you are looking for, you can reach out to our analysts and get segments customized. |
We can help! Our analysts can customize this report to meet your requirements. Get in touch
1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Historic Market Size
5 Five Forces Analysis
6 Market Segmentation by Product
7 Market Segmentation by Distribution Channel
8 Customer Landscape
9 Geographic Landscape
10 Drivers, Challenges, and Trends
11 Vendor Landscape
12 Vendor Analysis
13 Appendix
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