New Delhi, November 29, 2018: Growing number of middle-class households, rising urbanization, increasing demand from hospitality and commercial sectors such as hotels, offices and hospitals, and rising disposable income to drive Vietnam air conditioners market through 2023
According to TechSci Research report, “Vietnam Air Conditioners Market By Product Type, By End Use Sector, Competition Forecast & Opportunities, 2013 – 2023”,Vietnam air conditioners market is projected to grow at a CAGR of 10.6%during 2018-2023, backed by rising demand for air conditioners from commercial and hospitality sectorsin addition to rising per capita income of the country.The tropical climate of the region makes air conditioners one of the most popular consumer products in the country.Rising government investments in construction sector, increasing online sales of air conditioners and expanding production capacity of air conditioner companies in the country are expected to positively influence the market over the next five years.
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Panasonic Vietnam Co., Ltd., Daikin Air Conditioning Vietnam JSC, LG Electronics Vietnam Haiphong Co., Ltd., Carrier Vietnam Air Conditioning Co., Ltd. and Sharp Electronics (Vietnam) Company Limited are some of the leading players in Vietnam air conditioners market. South Vietnam dominated the country’s air conditioners market in 2017 and is expected to maintain its market dominance during the forecast period as well. Owing to relatively higher concentration of population and rising number of commercial and residential projects in the region compared with other regions, demand for air conditioners in South Vietnam is expected to continue growing during the forecast period.Air conditioners market can be broadly categorized into splits air conditioners, windows air conditioners, chillers air conditioners and VRFs air conditioners, based on type. Splits air conditioners accounts for the largest market share, owing to changing consumer preference, growing number of middle-class households and convenience factor associated with this category of air conditioners.
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“Vietnam air conditioners market is majorly import driven. Around 75% of air conditioners are imported from Malaysia, Thailand, Japan and China. Daikin, Panasonic and LG have established their production facilities in the country after realizing that there is a growing demand for air conditioners in the country. Huge demand from hospitality and commercial sectors is expected to provide lucrative growth opportunities to players operating in the country’s air conditioners market over the course of next five years.”, said Mr. Karan Chechi, Research Director with TechSci Research, a research based global management consulting firm.
“Vietnam Air Conditioners Market By Product Type, By End Use Sector, Competition Forecast & Opportunities, 2013 – 2023” has evaluated the future growth potential of Vietnam air conditioners market and provides statistics and information on market structure, size, share and future growth. The report is intended to provide cutting-edge market intelligence and help decision makers to take sound investment decisions. Besides, the report also identifies and analyzes the emerging trends along with essential drivers, challenges and opportunities in Vietnam air conditioners market.
Corporate Comm India(CCI Newswire)
