Dublin, June 17, 2019 (GLOBE NEWSWIRE) -- The "Global Hybrid Air Conditioner Market 2019-2023" report has been added to ResearchAndMarkets.com's offering.
The hybrid air conditioner market will register a CAGR of over 9% by 2023.
The growing residential construction activity is one of the critical factors that will trigger the growth of hybrid air conditioner market. The increase in the housing market is mainly propelled by the adoption of modem residential dwellings, improved economic conditions, and increased consumer spending power. At present, household appliances such as hybrid air conditioners are becoming popular in new residential establishments.
The growth in the construction market will also drive the demand for hybrid air conditioners across the globe. Also, investments in the residential construction industry are increasing due to the need for single-family units. Thus, the growth of the residential construction industry and increase in disposable income are expected to drive the demand for household appliances in these establishments, including hybrid air conditioners during the forecast period.
Product innovation leading to portfolio extension and product premiumization
The competition in the global hybrid air conditioner market has been growing over the years. Also, the preference for innovative and technologically advanced household appliances (including hybrid air conditioners) among consumers is also increasing rapidly. This has compelled the vendors operating in the global hybrid air conditioner market to continually engage in R&D and innovation to sustain in the competitive market environment. Products are innovated in terms of technology, performance, features, and designs.
Also, 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. Therefore, with the growing purchasing power and rising disposable income, customers are gradually increasing their spending on household appliances, including the hybrid air conditioner. This has propelled the demand for premium hybrid air conditioners, thereby driving the market.
Long product lifecycle
Hybrid air conditioners available in the market are mainly branded and have reliable quality. These products are made of stainless steel or hard and durable materials and are characterized by longer replacement cycles than those of old air conditioners that are made of less durable materials. Air conditioners are in constant contact with water and have associated risks of rusting; hence, are made of stainless steel or high-grade plastic materials that make these appliances lightweight and durable.
Vendors engage in in-depth R&D of innovative and sustainable materials to extend the operational life of hybrid air conditioners. The average lifespan of hybrid air conditioners is almost 10-15 years, and this lifespan reduces the frequency of product replacements, thereby adversely affecting the growth of the market.
Competitive Landscape
The market appears to be moderately fragmented. The presence of several companies, including Harvest Eco Solutions and HotSpot Energy, makes the competitive environment quite intense. Factors such as the growing residential construction activity and the high efficiency compared with conventional air conditioners will provide considerable growth opportunities to the hybrid air conditioner manufacturers.
Key Players
- Harvest Eco Solutions Ltd.
- HotSpot Energy Inc.
- Lennox International Inc.
- Solair World International Pte Ltd.
- Videocon Industries Ltd.
Topics Covered
PART 01: EXECUTIVE SUMMARY
PART 02: SCOPE OF THE REPORT
PART 03: MARKET LANDSCAPE
- Market ecosystem
- Market characteristics
- Market segmentation analysis
PART 04: MARKET SIZING
- Market definition
- Market sizing 2018
- Market size and forecast 2018-2023
PART 05: FIVE FORCES ANALYSIS
PART 06: MARKET SEGMENTATION BY PRODUCT
- Comparison by product
- Hybrid solar air conditioner - Market size and forecast 2018-2023
- Solar air conditioner - Market size and forecast 2018-2023
- Market opportunity by product
PART 07: CUSTOMER LANDSCAPE
PART 08: GEOGRAPHIC LANDSCAPE
- Geographic comparison
- APAC - Market size and forecast 2018-2023
- North America - Market size and forecast 2018-2023
- Europe - Market size and forecast 2018-2023
- MEA - Market size and forecast 2018-2023
- South America - Market size and forecast 2018-2023
- Key leading countries
- Market opportunity
PART 09: DECISION FRAMEWORK
PART 10: DRIVERS AND CHALLENGES
PART 11: MARKET TRENDS
- Increased adoption of omnichannel distribution and multi-channel marketing
- Introduction of user-friendly, convenient, and multifunctional products
- Introduction of smart hybrid air conditioners
- Other trends
PART 12: VENDOR LANDSCAPE
- Overview
- Landscape disruption
- Competitive scenario
PART 13: VENDOR ANALYSIS
- Vendors covered
- Vendor classification
- Market positioning of vendors
- Harvest Eco Solutions Ltd.
- HotSpot Energy Inc.
- Lennox International Inc.
- Solair World International Pte Ltd.
- Videocon Industries Ltd.
For more information about this report visit https://www.researchandmarkets.com/r/yvw2kr
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