Philippines Air Conditioning Market - Forecast(2021 - 2026)
Overview The air conditioning market in the Philippines reached $8.45 billion in 20018, growing at a CAGR of 4.55% during 2019-2025. The changing tropical weather coupled with rising heat and humidity in the Philippines is the key driving factor for the air conditioning market. During 2015-19, the average temperature in the Philippines from April to July has increased by 28%. In addition to this, a significant proportion of untapped household has kept the opportunity to open for a low-cost air conditioner in this country. In 2018, 23%-27% of total household in the Philippines was not using any air conditioner. Similarly, the Philippines is likely to witness a revision in Minimum Energy Performance Standards (MEPS) policy, as the same policy has not been revised since 2002. Thus, government and regulatory bodies in the Philippines have started initiating to set up new MEPS policy for air conditioning products to meet emerging emission and energy efficiency requirement. This will be lik...