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The South Korea air conditioner market is projected to grow at a CAGR of 3.8% between 2024 and 2032.
South Korea air conditioner market growth may come from a steady increase in the number of houses constructed in the domestic region, including single houses, multiplex houses, and apartment buildings among others.
Rising temperatures across the country also raise concerns among the citizens as more and more invest in air conditioning to combat extreme heat waves and weather conditions coupled with concerns about sustainability.
BUILDINGS CONSTRUCTION COMPLETION IN SOUTH KOREA, SEPTEMBER 2023 - FEBRUARY 2024
As per the data provided by the Korean Statistical Information Service (KOSIS), the buildings that completed construction in February 2024 stood at 38,729 up from the numbers of January 2024 which stood at 36,762. Higher construction rates are likely to provide higher growth rates for the South Korea air conditioner market.
South Korea air conditioner market growth is primarily fuelled by an increased budget allocation for air conditioning in schools, rising concerns due to high temperatures, companies seeking sustainable solutions, and advancements in technology aiding scalability.
March 2024
Samsung Electronics competed to buy Johnson Controls’ HVAC division, which was estimated to be worth around $8 trillion, in a bid to scale the markets.
February 2024
Leading consumer durables manufacturer LG Electronics Inc. introduced an artificial intelligence technology for early detection of anomalies in its commercial air conditioning systems.
October 2023
Korean Startup AirDeep, founded in the year 2020, made waves for its ground-breaking technology solution to optimize air-conditioner efficiency and air quality.
June 2023
Amid rising electricity prices South Korea’s top tech giants Samsung Electronics Co. and LG Electronics Inc. focused on innovative power-saving technology.
Raised air conditioning budget for schools
In a move to combat heat waves, South Korea’s ruling People Power Party (PPP) Agreed to increase the budget for air conditioning in schools.
High temperatures raise concerns
High temperatures in the domestic regions prompted the South Korean government to urge the public to opt for more sustainable air conditioning measures.
Health and air quality concerns
Consumers are concerned about pollutants, and microbes present in indoor air, more so in urban areas, driving sales for air conditioners equipped with advanced filtration systems
Integration of smart technology
South Korea air conditioner market growth is likely to come from features like Wi-Fi connectivity, smartphone controls, and integration with home automation systems which are gaining popularity.
According to the South Korean air conditioner market analysis, escalating temperatures and heat waves are spurring consumer demand for cooling solutions, fuelled by heightened awareness of climate issues.
The influx of foreign firms is tapping into South Korea's growing need for cutting-edge cooling technology. Concurrently, mergers among domestic players are bolstering their position and fostering innovation, leading to more localized production.
Advancements in sustainability and efficiency are empowering both consumers and businesses to confront climate challenges effectively. Particularly during heatwaves, there is a notable surge in commercial usage, highlighting the indispensable role of air conditioning in South Korea.
South Korea Air Conditioner Market Report and Forecast 2024-2032 offers a detailed analysis of the market based on the following segments:
Market Breakup by Type
Market Breakup by Size
Market Breakup by End Use
Market Breakup by Distribution Channel
Distribution channels play a significant role in shaping the South Korea air conditioner market, with hypermarkets and supermarkets as they cater to both individual customers and businesses.
Hypermarkets and supermarkets serve as convenient hubs for consumers in South Korea, offering a diverse selection of air conditioning products under one roof to meet their immediate cooling requirements.
Meanwhile, online channels like eBay and Amazon provide accessibility and convenience to consumers, enabling them to browse and purchase air conditioners from any location at their convenience.
The South Korea air conditioner market growth is led by central air conditioners primarily for commercial usage and window and mini split air conditioners for residential usage.
Central air conditioners are engineered to uniformly cool entire buildings, ensuring consistent temperatures throughout multiple rooms or floors. They are frequently employed in expansive commercial structures.
In contrast, window air conditioners are tailored to cool individual rooms or smaller areas by being directly mounted onto windows. They are favoured by residential users seeking rapid and effective cooling solutions.
The South Korea air conditioner market growth is driven by commercial as the region is expected to witness an increase in air conditioning usage as a strategy to mitigate escalating temperatures.
Commercial air conditioning in South Korea serves businesses, hotels, and public areas, driven by the necessity for climate regulation to guarantee comfort for employees, guests, and customers.
Residential air conditioning meets the cooling requirements of homes and apartments, offering residents relief from extreme temperatures while enhancing indoor comfort.
Key players are propelling the South Korea air conditioner market by specializing in crafting air conditioners tailored for specific markets.
Carrier Global Corporation is an American multinational company in the heating, ventilation, and air conditioning industry. It was founded in the year 1915, by Willis Carrier and operates out of Connecticut, USA.
Fujitsu General Ltd. Is a Japanese multinational corporation. It was established on January 15, 1936. Fujitsu is in the Development, manufacture, sales, and service of products and components in the air conditioners and telecommunications businesses.
Sharp Corporation is a Japanese company founded in the year 1912 by Tokuji Hayakawa. It is headquartered in Osaka, Japan. Sharp designs and manufactures consumer electronics and consumer durable products.
Mitsubishi Electric Corp. was launched in the year 1921 as part of the larger Mitsubishi group which was founded in 1870 by Yataro Iwasaki as a shipping firm. They specialise in manufacturing electronics and electrical equipment.
Other South Korea Air conditioner market key players are LG Corporation, Samsung Electronics Co. Ltd., Panasonic Holdings Corporation, Daikin Industries, Ltd., Haier Group Corp., and Johnson Controls International Plc among others.
REPORT FEATURES | DETAILS |
Base Year | 2023 |
Historical Period | 2018-2023 |
Forecast Period | 2024-2032 |
Scope of the Report |
Historical and Forecast Trends, Industry Drivers and Constraints, Historical and Forecast Market Analysis by Segment:
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Breakup by Type |
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Breakup by Size |
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Breakup by End Use |
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Breakup by Distribution Channel |
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Market Dynamics |
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Competitive Landscape |
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Companies Covered |
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*While we strive to always give you current and accurate information, the numbers depicted on the website are indicative and may differ from the actual numbers in the main report. At Expert Market Research, we aim to bring you the latest insights and trends in the market. Using our analyses and forecasts, stakeholders can understand the market dynamics, navigate challenges, and capitalize on opportunities to make data-driven strategic decisions.
1 Preface
2 Report Coverage – Key Segmentation and Scope
3 Report Description
3.1 Market Definition and Outlook
3.2 Properties and Applications
3.3 Market Analysis
3.4 Key Players
4 Key Assumptions
5 Executive Summary
5.1 Overview
5.2 Key Drivers
5.3 Key Developments
5.4 Competitive Structure
5.5 Key Industrial Trends
6 Market Snapshot
7 Opportunities and Challenges in the Market
8 Global Air Conditioners Market Overview
8.1 Key Industry Highlights
8.2 Asia Pacific Air Conditioners Historical Market (2018-2023)
8.3 Asia Pacific Air Conditioners Market Forecast (2024-2032)
8.4 Asia Pacific Air Conditioners Market Share by Region
8.4.1 China
8.4.2 Japan
8.4.3 India
8.4.4 ASEAN
8.4.5 Australia
8.4.6 South Korea
8.4.7 Others
9 South Korea Air Conditioners Market Overview
9.1 Key Industry Highlights
9.2 South Korea Air Conditioners Historical Market (2018-2023)
9.3 South Korea Air Conditioners Market Forecast (2024-2032)
10 South Korea Air Conditioners Market by Type
10.1 Window AC
10.1.1 Historical Trend (2018-2023)
10.1.2 Forecast Trend (2024-2032)
10.2 Central AC
10.2.1 Historical Trend (2018-2023)
10.2.2 Forecast Trend (2024-2032)
10.3 Mini Split AC
10.3.1 Historical Trend (2018-2023)
10.3.2 Forecast Trend (2024-2032)
10.4 Others
11 South Korea Air Conditioners Market by Size
11.1 <12K BTU
11.1.1 Historical Trend (2018-2023)
11.1.2 Forecast Trend (2024-2032)
11.2 12K-36K BTU
11.2.1 Historical Trend (2018-2023)
11.2.2 Forecast Trend (2024-2032)
11.3 36K-60K BTU
11.3.1 Historical Trend (2018-2023)
11.3.2 Forecast Trend (2024-2032)
11.4 60K+ BTU
11.4.1 Historical Trend (2018-2023)
11.4.2 Forecast Trend (2024-2032)
12 South Korea Air Conditioners Market by End Use
12.1 Commercial
12.1.1 Historical Trend (2018-2023)
12.1.2 Forecast Trend (2024-2032)
12.2 Residential
12.2.1 Historical Trend (2018-2023)
12.2.2 Forecast Trend (2024-2032)
13 South Korea Air Conditioners Market by Distribution Channel
13.1 Hypermarkets/Supermarkets
13.1.1 Historical Trend (2018-2023)
13.1.2 Forecast Trend (2024-2032)
13.2 Specialty Stores
13.2.1 Historical Trend (2018-2023)
13.2.2 Forecast Trend (2024-2032)
13.3 Online Channels
13.3.1 Historical Trend (2018-2023)
13.3.2 Forecast Trend (2024-2032)
13.4 Others
14 Market Dynamics
14.1 SWOT Analysis
14.1.1 Strengths
14.1.2 Weaknesses
14.1.3 Opportunities
14.1.4 Threats
14.2 Porter’s Five Forces Analysis
14.2.1 Supplier’s Power
14.2.2 Buyer’s Power
14.2.3 Threat of New Entrants
14.2.4 Degree of Rivalry
14.2.5 Threat of Substitutes
14.3 Key Indicators of Demand
14.4 Key Indicators of Price
15 Trade Data Analysis (HS Code – 841583)
15.1 Major Exporting Countries
15.1.1 By Value
15.1.2 By Volume
15.2 Major Importing Countries
15.2.1 By Value
15.2.2 By Volume
16 Competitive Landscape
16.1 Market Structure
16.2 Company Profiles
16.2.1 Carrier Global Corporation
16.2.1.1 Company Overview
16.2.1.2 Product Portfolio
16.2.1.3 Demographic Reach and Achievements
16.2.1.4 Certifications
16.2.2 Fujitsu General Ltd.
16.2.2.1 Company Overview
16.2.2.2 Product Portfolio
16.2.2.3 Demographic Reach and Achievements
16.2.2.4 Certifications
16.2.3 LG Corporation
16.2.3.1 Company Overview
16.2.3.2 Product Portfolio
16.2.3.3 Demographic Reach and Achievements
16.2.3.4 Certifications
16.2.4 Sharp Corporation
16.2.4.1 Company Overview
16.2.4.2 Product Portfolio
16.2.4.3 Demographic Reach and Achievements
16.2.4.4 Certifications
16.2.5 Daikin Industries, Ltd.
16.2.5.1 Company Overview
16.2.5.2 Product Portfolio
16.2.5.3 Demographic Reach and Achievements
16.2.5.4 Certifications
16.2.6 Haier Group Corp.
16.2.6.1 Company Overview
16.2.6.2 Product Portfolio
16.2.6.3 Demographic Reach and Achievements
16.2.6.4 Certifications
16.2.7 Samsung Electronics Co. Ltd.
16.2.7.1 Company Overview
16.2.7.2 Product Portfolio
16.2.7.3 Demographic Reach and Achievements
16.2.7.4 Certifications
16.2.8 Panasonic Holdings Corporation
16.2.8.1 Company Overview
16.2.8.2 Product Portfolio
16.2.8.3 Demographic Reach and Achievements
16.2.8.4 Certifications
16.2.9 Johnson Controls International Plc
16.2.9.1 Company Overview
16.2.9.2 Product Portfolio
16.2.9.3 Demographic Reach and Achievements
16.2.9.4 Certifications
16.2.10 Mitsubishi Electric Corp.
16.2.10.1 Company Overview
16.2.10.2 Product Portfolio
16.2.10.3 Demographic Reach and Achievements
16.2.10.4 Certifications
16.2.11 Others
17 Key Trends and Developments in the Market
List of Key Figures and Tables
1. Asia Pacific Air Conditioners Market: Key Industry Highlights, 2018 and 2032
2. South Korea Air Conditioners Market: Key Industry Highlights, 2018 and 2032
3. South Korea Air Conditioners Historical Market: Breakup by Type (USD Million), 2018-2023
4. South Korea Air Conditioners Market Forecast: Breakup by Type (USD Million), 2024-2032
5. South Korea Air Conditioners Historical Market: Breakup by Size (USD Million), 2018-2023
6. South Korea Air Conditioners Market Forecast: Breakup by Size (USD Million), 2024-2032
7. South Korea Air Conditioners Historical Market: Breakup by End Use (USD Million), 2018-2023
8. South Korea Air Conditioners Market Forecast: Breakup by End Use (USD Million), 2024-2032
9. South Korea Air Conditioners Historical Market: Breakup by Distribution Channel (USD Million), 2018-2023
10. South Korea Air Conditioners Market Forecast: Breakup by Distribution Channel (USD Million), 2024-2032
11. South Korea Air Conditioners Historical Market: Breakup by Region (USD Million), 2018-2023
12. South Korea Air Conditioners Market Forecast: Breakup by Region (USD Million), 2024-2032
13. Major Exporting Countries by Value
14. Major Importing Countries by Value
15. Major Exporting Countries by Volume
16. Major Importing Countries by Volume
17. South Korea Air Conditioners Market Structure
The market is projected to grow at a CAGR of 3.8% between 2024 and 2032.
Factors driving the air conditioner demand include the introduction of new-generation products and rising average temperatures throughout the region.
The market is categorised according to type, which includes window air conditioners, central air conditioners, mini split air conditioners among others.
The market key players are Carrier Global Corporation, Fujitsu General Ltd., Sharp Corporation, Mitsubishi Electric Corp., LG Corporation, Samsung Electronics Co. Ltd., Panasonic Holdings Corporation, Daikin Industries, Ltd., Haier Group Corp., and Johnson Controls International Plc among others.
The market based on distribution channel may be divided into hypermarkets/supermarkets, specialty stores, and online channels among others.
Based on end use the market is divided into commercial and residential use cases.
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