Global Smart AC Controller Market Expected to Reach USD 46,617.2 Thousand by 2024
As per KD Market Insights research, the global smart AC controller market is expected to witness robust growth over the next five years to reach an estimated value of USD 46,617.2 Thousand in 2024. The market of global smart AC controller will be receiving an opportunity of USD 19,833.0 Thousand between 2019 & 2024. Growing interest from Chinese manufacturers to invest in connected appliances for value gains, rising disposable income of Chinese households and support from internet retailers and the government will drive adoption rates of smart AC controller in China.
The global smart AC controller market has been segmented on the basis of connectivity, usages, and distribution channel. In the connectivity segment, the smart AC controller market is sub-segmented into Bluetooth + IR, IR, and others. In terms of value, the global smart AC controller market for IR segment was valued at USD 20,701.2 Thousand in 2018 and is anticipated to flourish at a CAGR of 12.4% over the forecast period. Further, the global smart AC controller market for IR segment is expected to achieve the absolute $ opportunity of USD 17,754.5 Thousand between 2019-2024.
In the usages segment, the smart AC controller market is sub-segmented into split ACs, mobile ACs, window AC, central AC, and portable ACs.
The 2017 world AC demand had reached reach 110.5 Thousand units with 8.1% increase compared to previous years. The demand for AC in Asian countries such as China, India, Japan and other is growing remarkable as incomes and living standards improve in many developing countries of this region. Since the ACs are getting more efficient and affordable, the growth in AC demand in hotter regions is set to soar which in turn expected to bolster the demand for smart AC controllers in upcoming years. In addition to this, rising electricity prices and environmental concerns are also predicted to escalate the growth of smart AC controller as these controllers with improved control algorithms can reduce electricity bills. Some manufacturers claim that their smart AC controllers can reduce your AC's electricity use by up to 40%. Such cost benefits of smart AC controllers are expected to foster the adoption rate of smart AC controllers in upcoming years.
Smart Home Trends
The smart home technologies are making significant penetration into various geographies across the globe. The smart tech lovers across the globe are installing multiple smart technologies into their homes. Further, factors such as growing awareness about the benefits of smart technologies coupled with increasing willingness of consumers to spend money on connected devices are paving the way for the growth of the market.
In terms of geography, the smart AC controller market is segregated into North America, Europe, Asia Pacific, Latin America and Middle East & Africa. Asia Pacific smart AC controller market accounted for a market share of 55.0% in 2018 and is expected to account a notable market share by the end of 2024.
In terms of value, Asia Pacific smart AC controller market is expected to reach USD 26,082.1 Thousand by the end of 2024 from USD 13,703.0 Thousand in 2018. The market value of Asia Pacific smart AC controller market is expected to rise at a CAGR of 12.0% over the forecast period. Further, increasing acceptance of connected products among consumers in the region is creating an upsurge in demand for smart home appliances. This factor is anticipated to impel the growth of Asia Pacific smart AC controller market.
The report also covers detailed competitive analysis of major market players of the global smart AC controller market, such as Tado, Airpatrol, Cielo Wigle Inc., Ambi Labs, Intesis Software, Thinkeco Inc., Nature Inc., AskStory, Sensibo, Melissa Climate and other major and niche players. The smart AC controller market is witnessing a wide range of industry activities such as product launch, partnership, innovation, strategic development and expansion across the globe. For instance, on 29th November 2018, Intesis Software, a member of the HMS Group, entered into partnership with MPI Services, Smart Building Solutions, Building Systems & Services & Estevez. This strategic partnership helped the company to strengthen its position in the North American market.
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