Global smart AC controller market is expected to reach USD 46,617.2 Thousand by the end of 2024 from USD 24,892.4 Thousand in 2018. Furthermore, the market of global smart AC controller will be receiving an opportunity of USD 19,833.0 Thousand between 2019 & 2024. In addition to this, global smart AC controller market value is projected to witness a Y-O-Y growth of 14.7% in 2024 as compared to previous years. 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 government will drive adoption rates of smart AC controller in China.
Growth Drivers – Smart AC Controller Market
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 benefits of smart technologies coupled with increasing willingness of consumers to spend money on connected devices is paving the way for the growth of market.
The smart AC controller manufacturers are continuously advancing their controllers in order to capture a large pool of consumers across the globe. The manufacturers are improving their smart AC controller’s compatibility, so that they can meet consumer’s requirements. Also, manufacturers are focusing to make their products more user friendly and are adding new features. For instance, Ambi climate v2 have additional features such as temperature mode as compared to Ambi climate V1. Such advancements are expected to foster the market growth in upcoming years.
Increasing Sales of AC
The 2017 world AC demand had reached at 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.
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Barriers – Smart AC Controller Market
Presence of Alternatives
Advancements in thermostat technology have introduced connected and smart thermostats, which are one of the major barriers in the growth of global smart AC controller market. A major part of consumers is considering smart thermostat over smart AC controllers and this factor is expected to limit the market growth of smart AC controller in upcoming years.
Market Trends – Smart AC Controller Market
Smart AC controller manufacturers are expanding their business into new markets in order to capture maximum possible consumers. The consumers across the globe are not fully aware of smart AC controllers, and to aware them companies are launching their products in new markets. For instance, a U.S. based Europe based Tado GmbH announced the official market launch of its Smart AC Control in Singapore. This product launch helped the company to expand their business in Singapore and other nearby countries.
The smart AC controller connectivity market is segmented into Bluetooth + IR, IR, and others. In this segment, the IR smart AC controller segment will contribute a market share of 83.2% in 2018. In terms of value, the global smart AC controller market for IR segment was valued at USD 20,701.2 Thousand in 2018. Further, this segment 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 ACs, central ACs, and portable ACs. In this segment, the smart AC controller market for split ACs segment is expected to expand at a CAGR of 12.3% in terms of value over the forecast period i.e. 2019-2024. The global smart AC controller market for split ACs segment accounted for USD 18,267.9 Thousand in 2018 and is predicted to reach USD 35,220.1 Thousand by the end of 2024.
Moreover, based on the distribution channel, the smart AC controller market is further sub-segmented into online stores and offline stores. The global smart AC controller market for online stores segment is projected to brandish an average growth opportunity of USD 14,684.6 Thousand from the period of 2019-2024. The online stores segment is expected to grow at a CAGR of 12.2% over the forecast period i.e. 2019-2024. The Y-o-Y growth rate is projected to rise by 15.2% over 2024 as compared with previous years.
Geographically, the report offers an analysis of North America, Europe, Asia Pacific, Latin America, and Middle East & Africa. In the smart AC controller market, Asia Pacific is projected to capture a large market share over the forecast period. 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 and is expected to witness a CAGR of 12.0% over the forecast period. Rising disposable income coupled with evolving lifestyle of the consumers has resulted in the increased demand for smart AC controllers. Further, increasing acceptance of connected products among consumers in the region is creating upsurge in demand for smart home appliances. This factor is anticipated to impel the growth of Asia Pacific smart AC controller market. In addition to this, Asia Pacific smart AC controller market represented a market share of 55.0% in 2018 and is likely to account for a notable market share by the end of 2024.
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 others prominent 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 9th May 2018, Tado GmbH announced the launch of its next generation smart ac control V2. The device is packed with new software and the capabilities of the tado smart climate assistant. This product launch helped the company to expand their product offering range and strengthen its position in the smart AC controller market.
- Bluetooth + IR
- Split ACs
- Mobile ACs
- Window ACs
- Central ACs
- Portable ACs
By Distribution Channel:
- Online Stores
- Offline Stores
- North America (U.S. & Canada)
- Europe (Germany, United Kingdom, France, Italy, Spain, Russia and Rest of Europe)
- Asia Pacific (China, India, Japan, South Korea, Indonesia, Taiwan, Australia, New Zealand and Rest of Asia Pacific)
- Latin America (Brazil, Mexico, Argentina and Rest of Latin America)
- Middle East & Africa (GCC, North Africa, South Africa and Rest of Middle East & Africa)
The report profiles various major market players such as
- Cielo Wigle Inc.
- Ambi Labs
- Intesis Software
- Thinkeco Inc.
- Nature Inc.
- Melissa Climate
- Other Major & Niche Players
Competitive landscape analysis provides detailed strategic analysis of the company’s business and performance such as financial information, revenue breakup by segment and by geography, SWOT Analysis, key facts, company overview, business strategy, key product offerings, marketing and distribution strategies, new product development, recent news (acquisition, expansion, technology development, research & development and other market activities).
The study also provides company’s positioning and market share in smart AC controller market.
Timeline Considered for Analysis:
- 2018: Base Year
- 2019: Estimated Year
- 2019 to 2024: Forecast Period
Research Scope and Deliverables
Overview & Executive Summary
Market Drivers, Trends, Challenges and Opportunities
Market Size and Forecast Projections
Macroeconomic Indicators of Various Countries Impacting the Growth of the Market
Extensive Coverage of Industry Players including Recent Product Launches and Market Activities
Porter’s Five Force Analysis
Market Segmentation Analysis:
Industry report analyzes the global smart AC controller market by the following segments:
- Distribution Channel
Customization: We also offers customization’s in the industry report as per the company’s specific needs.
Key Questions Answered in the Global Smart AC Controller Industry Report
- What is the overall market size in 2018? What will be the market growth during the forecast period i.e. 2019-2024?
- Which region would have high demand for product in the upcoming years?
- What are the factors driving the growth of the market?
- Which sub-market will make the most significant contribution to the market?
- What are the market opportunities for existing and entry-level players?
- What are various long-term and short-term strategies adopted by the market players?