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After a volatile year around the world, the market contracted by 11% compared to 2008 and reached to $63.2 billion in 2009. The market is expected to see a slow recovery in 2010 with an expected growth rate of around 5%, by value.
Asia-Pacific remains the largest world region in terms of air conditioning sales, accounting for 49% of the total market by value, followed by the Americas region and Europe. The Chinese market is not only the largest market in Asia, but also the biggest market by value in the world; representing approximately 66% of the world air conditioning units in terms of production in 2009. This represents a 7% increase in production compared to 2008. The Japanese market follows closely after the market leader with a value of US$10.5 billion. The last year's number two; the US market became the third largest market with $8.7 billion in 2009. The US market is expected to regain its second position in 2013.
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