Accelerating Urban Development and Increased Local Manufacturing Fueling the Mexico’s Air Conditioner Market
In North America’s air conditioning market Mexico is one of the key revenue contributing country. Mexico’s economy has been backed by its strong industrial sector which accounts for approximately 28% of the total GDP.
According to 6Wresearch Mexico’s Air Conditioner market is projected to grow at a CAGR of 5.69% during 2016-22. During 2015-15 air conditioning market in Mexico registered negative CAGR owing to declining construction market and depreciating country’s currency. However the market conditions are expected to improve over the next six years which would spur the growth of the market. As per Mexican government National Infrastructure Program 2014-18 projects worth of $600 billion in private and public sectors are anticipated.
According to Rajat Kharbanda Senior Consultant Research and Consulting 6Wresearch “Split air conditioners accounted for the highest revenue share in the overall Mexico’s air conditioners market. This was primarily due to the presence of inverter technology and changing building infrastructures.”
“Moreover rising disposable income and increasing energy consumption concerns have resulted in installation of new energy efficient split air conditioners. Also new commercial building projects such as Paradox Tower Metropolitan Centre Tower and Reforma Office Tower etc. would drive the growth of ductless air conditioner market” Rajat further added.
According to Sathi Paul Research Analyst Research and Consulting 6Wresearch “The Central region being the most developed region is the key revenue contributor in the Mexico air conditioner market owing to large retail network as well as the presence of high rise buildings in the region. The region is proposed with construction of more than 100 new building projects which would further fuel growth of the market”.
“Residential and retail sectors are the key market contributors and would maintain their dominance owing to the construction of around 500000 new houses worth $25 million in Mexico” Sathi concluded.
Some of the major players in the air conditioner market include – Carrier Mexico S.A. de C.V. Trane S.A. de C.V. Daikin Air-conditioning Mexico S. de R.L. de C.V. PIMS S.A de C.V. Whirlpool Mexico S.A. de C.V. LG Electronics Mexicali S.A. de C.V. Controladora Mabe S.A. de C.V. Lennox International Inc. Hitaircon S.A. de C.V. and Haier America lnc.