Window, Wall, or Split Air Conditioning System Market

The global market for window or wall air conditioning systems, self-contained or split-systems, is expected to see steady growth in both volume and value terms over the next eight years. Consumption and production trends have shown modest growth rates, with key countries such as China, the United States, and Japan driving these trends. Import and export volumes have also increased, with China being the largest exporter. Overall, the market is forecasted to continue growing, providing opportunities for businesses in the air conditioning industry.

Market Forecast

Driven by increasing demand for window or wall air conditioning systems, self-contained or split-systems worldwide, the market is expected to continue an upward consumption trend over the next eight years. Market performance is forecast to decelerate, expanding with an anticipated CAGR of +1.5% for the period from 2022 to 2030, which is projected to bring the market volume to 89M units by the end of 2030.

In value terms, the market is forecast to increase with an anticipated CAGR of +3.7% for the period from 2022 to 2030, which is projected to bring the market value to $27.6B (in nominal prices) by the end of 2030.

Consumption

World Consumption of Window or Wall Air Conditioning Systems, Self-Contained or Split-Systems

In 2022, approx. 79M units of window or wall air conditioning systems, self-contained or split-systems were consumed worldwide; surging by 2.3% against the previous year's figure. Over the period under review, the total consumption indicated measured growth from 2012 to 2022: its volume increased at an average annual rate of +3.1% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, consumption decreased by -0.6% against 2020 indices. Global consumption peaked at 80M units in 2020; however, from 2021 to 2022, consumption remained at a lower figure.

The value of the market for window or wall air conditioning systems, self-contained or split-systems worldwide rose modestly to $20.7B in 2022, with an increase of 4.1% against the previous year. This figure reflects the total revenues of producers and importers (excluding logistics costs, retail marketing costs, and retailers' margins, which will be included in the final consumer price). The market value increased at an average annual rate of +3.1% from 2012 to 2022; however, the trend pattern indicated some noticeable fluctuations being recorded throughout the analyzed period. Over the period under review, the global market attained the peak level in 2022 and is likely to see steady growth in years to come.

Consumption By Country

The countries with the highest volumes of consumption in 2022 were China (11M units), the United States (9.9M units) and Japan (4.2M units), together accounting for 32% of global consumption. Russia, Saudi Arabia, Mexico, India, Iraq, Vietnam, Italy, Indonesia, the Philippines and Canada lagged somewhat behind, together comprising a further 32%.

From 2012 to 2022, the biggest increases were recorded for Vietnam (with a CAGR of +17.9%), while split-systems for the other global leaders experienced more modest paces of growth.

In value terms, China ($2.2B), the United States ($1.5B) and Japan ($1.1B) were the countries with the highest levels of market value in 2022, with a combined 24% share of the global market. Saudi Arabia, India, Mexico, Vietnam, Indonesia, Italy, Iraq, Russia, Canada and the Philippines lagged somewhat behind, together accounting for a further 32%.

Vietnam, with a CAGR of +17.6%, recorded the highest growth rate of market size in terms of the main consuming countries over the period under review, while split-systems for the other global leaders experienced more modest paces of growth.

The countries with the highest levels of window, wall, or split air conditioning system per capita consumption in 2022 were Saudi Arabia (102 units per million persons), Iraq (54 units per million persons) and Canada (36 units per million persons).

From 2012 to 2022, the biggest increases were recorded for Vietnam (with a CAGR of +16.8%), while split-systems for the other global leaders experienced more modest paces of growth.

Production

World Production of Window or Wall Air Conditioning Systems, Self-Contained or Split-Systems

For the fifth consecutive year, the global market recorded growth in production of window or wall air conditioning systems, self-contained or split-systems, which increased by 2.3% to 99M units in 2022. Overall, the total production indicated a notable increase from 2012 to 2022: its volume increased at an average annual rate of +4.1% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, production increased by +87.0% against 2017 indices. The pace of growth was the most pronounced in 2018 when the production volume increased by 49%. Over the period under review, global production of reached the peak volume in 2022 and is expected to retain growth in years to come.

In value terms, production of window or wall air conditioning systems, self-contained or split-systems reached $20.8B in 2022 estimated in export price. The total output value increased at an average annual rate of +2.8% from 2012 to 2022; however, the trend pattern indicated some noticeable fluctuations being recorded throughout the analyzed period. The pace of growth was the most pronounced in 2018 with an increase of 15% against the previous year. Over the period under review, global production of hit record highs at $21.1B in 2020; however, from 2021 to 2022, production remained at a lower figure.

Production By Country

China (64M units) remains the largest window, wall, or split air conditioning system producing country worldwide, comprising approx. 64% of total volume. Moreover, production of window or wall air conditioning systems, self-contained or split-systems in China exceeded the figures recorded by the second-largest producer, Thailand (21M units), threefold. Malaysia (3.5M units) ranked third in terms of total production with a 3.5% share.

From 2012 to 2022, the average annual growth rate of volume in China totaled +3.2%. In the other countries, the average annual rates were as follows: Thailand (+10.5% per year) and Malaysia (-3.0% per year).

Imports

World Imports of Window or Wall Air Conditioning Systems, Self-Contained or Split-Systems

Global imports of window or wall air conditioning systems, self-contained or split-systems expanded slightly to 70M units in 2022, with an increase of 4% on 2021. The total import volume increased at an average annual rate of +3.3% over the period from 2012 to 2022; however, the trend pattern indicated some noticeable fluctuations being recorded in certain years. The growth pace was the most rapid in 2016 when imports increased by 13% against the previous year. Global imports peaked in 2022 and are expected to retain growth in the near future.

In value terms, imports of window or wall air conditioning systems, self-contained or split-systems rose notably to $18.4B in 2022. The total import value increased at an average annual rate of +3.3% from 2012 to 2022; however, the trend pattern indicated some noticeable fluctuations being recorded throughout the analyzed period. The pace of growth appeared the most rapid in 2021 when imports increased by 13%. Over the period under review, global imports of hit record highs in 2022 and are likely to see gradual growth in the near future.

Imports By Country

In 2022, the United States (10M units), distantly followed by Japan (4.5M units), Saudi Arabia (3.7M units), Russia (3.3M units) and Mexico (3.2M units) represented the major importers of window or wall air conditioning systems, self-contained or split-systems, together committing 35% of total imports. The United Arab Emirates (2.7M units), Malaysia (2.6M units), Italy (2.3M units), Iraq (2.3M units), Vietnam (2.2M units), the Philippines (1.7M units), Spain (1.5M units) and Canada (1.2M units) took a relatively small share of total imports.

The United States experienced a relatively flat trend pattern with regard to volume of imports of window or wall air conditioning systems, self-contained or split-systems. At the same time, Spain (+18.0%), Vietnam (+16.7%), the Philippines (+16.0%), Malaysia (+12.7%), Iraq (+8.5%), Italy (+7.4%), Mexico (+7.4%), the United Arab Emirates (+6.2%), Russia (+6.1%), Canada (+5.0%) and Saudi Arabia (+3.4%) displayed positive paces of growth. Moreover, Spain emerged as the fastest-growing importer imported in the world, with a CAGR of +18.0% from 2012-2022. By contrast, Japan (-1.9%) illustrated a downward trend over the same period. From 2012 to 2022, the share of Vietnam, Malaysia, the Philippines and Spain increased by +2.2, +2.1, +1.7 and +1.5 percentage points, respectively. The shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, the United States ($1.6B), Japan ($1.2B) and Saudi Arabia ($978M) appeared to be the countries with the highest levels of imports in 2022, together accounting for 21% of global imports. The United Arab Emirates, Italy, Vietnam, Mexico, Iraq, Russia, Spain, Canada, the Philippines and Malaysia lagged somewhat behind, together comprising a further 31%.

Among the main importing countries, Vietnam, with a CAGR of +16.3%, saw the highest growth rate of the value of imports, over the period under review, while purchases for the other global leaders experienced more modest paces of growth.

Import Prices By Country

In 2022, the average import price for window or wall air conditioning systems, self-contained or split-systems amounted to $262 per unit, picking up by 3.5% against the previous year. In general, the import price, however, recorded a relatively flat trend pattern. The most prominent rate of growth was recorded in 2021 when the average import price increased by 5%. Global import price peaked at $278 per unit in 2015; however, from 2016 to 2022, import prices remained at a lower figure.

Prices varied noticeably by country of destination: amid the top importers, the country with the highest price was Vietnam ($349 per unit), while Malaysia ($76 per unit) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Canada (+1.4%), while the other global leaders experienced more modest paces of growth.

Exports

World Exports of Window or Wall Air Conditioning Systems, Self-Contained or Split-Systems

For the fifth year in a row, the global market recorded growth in overseas shipments of window or wall air conditioning systems, self-contained or split-systems, which increased by 3.6% to 90M units in 2022. Over the period under review, total exports indicated a measured increase from 2012 to 2022: its volume increased at an average annual rate of +4.4% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, exports increased by +92.0% against 2015 indices. The most prominent rate of growth was recorded in 2018 with an increase of 44%. The global exports peaked in 2022 and are likely to see steady growth in years to come.

In value terms, exports of window or wall air conditioning systems, self-contained or split-systems amounted to $20.7B in 2022. The total export value increased at an average annual rate of +4.1% over the period from 2012 to 2022; however, the trend pattern indicated some noticeable fluctuations being recorded throughout the analyzed period. The most prominent rate of growth was recorded in 2021 with an increase of 13%. Over the period under review, the global exports of attained the maximum in 2022 and are expected to retain growth in the near future.

Exports By Country

China represented the largest exporter of window or wall air conditioning systems, self-contained or split-systems in the world, with the volume of exports recording 53M units, which was approx. 59% of total exports in 2022. Thailand (21M units) took the second position in the ranking, distantly followed by Malaysia (5.8M units). All these countries together held approx. 30% share of total exports. The following exporters - the United Arab Emirates (2.2M units) and South Korea (1.7M units) - each reached a 4.4% share of total exports.

From 2012 to 2022, average annual rates of growth with regard to window, wall, or split air conditioning system exports from China stood at +3.3%. At the same time, the United Arab Emirates (+37.5%), Thailand (+11.2%), South Korea (+4.7%) and Malaysia (+1.2%) displayed positive paces of growth. Moreover, the United Arab Emirates emerged as the fastest-growing exporter exported in the world, with a CAGR of +37.5% from 2012-2022. Thailand (+11 p.p.) and the United Arab Emirates (+2.3 p.p.) significantly strengthened its position in terms of the global exports, while Malaysia and China saw its share reduced by -2.4% and -6.3% from 2012 to 2022, respectively. The shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, China ($11.1B) remains the largest window, wall, or split air conditioning system supplier worldwide, comprising 54% of global exports. The second position in the ranking was taken by Thailand ($5.1B), with a 25% share of global exports. It was followed by Malaysia, with a 5.1% share.

In China, exports of window or wall air conditioning systems, self-contained or split-systems expanded at an average annual rate of +3.1% over the period from 2012-2022. In the other countries, the average annual rates were as follows: Thailand (+8.2% per year) and Malaysia (+1.6% per year).

Export Prices By Country

In 2022, the average export price for window or wall air conditioning systems, self-contained or split-systems amounted to $230 per unit, rising by 8% against the previous year. Overall, the export price, however, recorded a relatively flat trend pattern. The most prominent rate of growth was recorded in 2015 when the average export price increased by 16%. The global export price peaked at $300 per unit in 2017; however, from 2018 to 2022, the export prices remained at a lower figure.

Prices varied noticeably by country of origin: amid the top suppliers, the country with the highest price was South Korea ($311 per unit), while Malaysia ($180 per unit) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Malaysia (+0.4%), while the other global leaders experienced a decline in the export price figures.

Source: IndexBox Market Intelligence Platform