Air Conditioner Remote Control Market: Overview
Over the last two decades, the technology in the electronic industry has made an impressive progress and consumer preferences toward energy efficient electronic products have undergone a considerable shift. These days’ consumers demand built-in consumer electronics and home appliances to save floor space. Besides, the air conditioner market has witnessed significant growth in the last couple of years. This growth of the air conditioner market is expected to positively impact the growth of the global air conditioner remote control market in the forthcoming years. Moreover, the construction industry is growing worldwide along with the growing demand for energy-efficient air conditioners, which in turn has increased the need of air conditioner remote controls. In addition to this, rapid urbanization in developing countries is likely to propel the construction activities, specifically in India, China, Brazil, Russia, Mexico and gulf countries, contributing to the growth of the global air conditioner remote control market.
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Air Conditioner Remote Control Market: Drivers and Challenges
The major growth drivers of the global air conditioner remote control market include the penetration of air conditioners in countries where temperature goes high in summer. In addition, the growing construction activities in developing economies coupled with rising population and per capita income are also expected to be the strong factors for the growth of the market over the forecast period. Moreover, the proliferation of new air conditioner systems in commercial and industrial premises is increasing the demand for the air conditioner remote controls across the world.
In the present scenario, fluctuating requirements in the electrical and utility industries is the challenging factor in the market growth. Furthermore, competition from local players in developing countries is disrupting the growth of the air conditioner remote control market.
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Air Conditioner Remote Control Market: Segmentation
Segmentation of the air conditioner remote control market on the basis of use in air conditioner type:
- In Slit Air Conditioner
- In Window Air Conditioner
- In Centralized Air Conditioner
- In Packaged Air Conditioner
In 2017, the largest market share was accumulated by the in split air conditioner segment and it is expected to grow with a high CAGR during the forecast period. The high growth of this segment is attributed by the increasing proliferation of slit air conditioners in new real estate spaces, both residential and commercial.
Segmentation of the air conditioner remote control market on the basis of end users:
The residential segment accounted for major market share of the global air conditioner remote control market in 2017. The growth of residential segment is attributed to the adoption of air conditioners in developing countries such as India, China, Brazil, and Russia. Moreover, the commercial segment is projected to register a CAGR of more than 6.5% during the forecast period.
Segmentation of the air conditioner remote control market on the basis of sales channel:
- Organized Retail Stores
- Unorganized Retail Stores
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