Global Split Air Conditioning Systems Market Report Highlights Growth Trends and Market Dynamics

Market Values and Forecast:

The Global Split Air Conditioning Systems Market, valued at US$ 25.66 billion in 2022, is projected to reach US$ 36.13 billion by 2029, demonstrating a CAGR of 5.01% during the forecast period.

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Report Scope and Research Methodology:

In-depth insights into the impact of COVID-19 lockdown on market leaders, followers, and disruptors are included in the comprehensive report. Regional variations in lockdown implementations have led to diverse impacts, detailed short-term and long-term market analyses, aiding decision-makers in strategic planning. The report encompasses market dynamics, profiling key players, and offering strategic perspectives for future investments.

Market Drivers:

The increasing demand for split air conditioning systems is driven by their transition from luxury to essential products. The rising middle-class population in developing countries such as China, India, and Brazil has significantly contributed to this surge. Additionally, government initiatives promoting energy-saving models have led to a notable market share increase. The adoption of green technology and the growth of smart homes further drive market expansion.

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Market Restraints:

Despite the positive outlook, fluctuations in raw material prices pose a challenge to market growth. Government hesitancy to invest in advanced technology over existing models may limit market expansion during the forecast period.

Regional Insights:

The Asia Pacific dominates the global split air conditioning system market, with China leading the way. Factors such as a hot climate, increased disposable income, changing lifestyles, and residential construction growth contribute to the region's market dominance. Japan and India are also key players, poised for increased market share during the forecast period.

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Segmentation

by Equipment Type

Mini-split
Multi-split
VRF
Floor Ceiling

by Application

Residential
Commercial

The residential region is expected to witness a rise in demand for split air conditioning systems over the forecast period, based on application. Due to their space-saving installation and independent management, multi-split and mini-split air conditioning systems are the most common equipment types. These units are mostly used in residential applications, where demand for them is predicted to increase. Split air conditioners are more common in India's room air conditioner market than window air conditioners. Split air conditioners now account for 85.0% of the market, up from 42.0% in FY06 to FY18. In India, the percentage of rooms with air conditioning was 4.0% in FY18.

by Distribution Channel

1.Online
2.Offline
2.1Conventional Stores
2.1.1.DIY Stores
2.1.2.Specialty Stores
2.1.3.Supermarket
2.2.Company-owned Stores
2.2.1.Dealers
2.2.2.Installers

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Key Players:

1.Daikin Industries, Ltd.
2.United Technologies Corp.
3.Hitachi, Ltd.
4.Panasonic Corporation
5.Electrolux AB
6.Mitsubishi Electric Corporation
7.Midea Group Co., Ltd.
8.Samsung Electronics Co., Ltd.
9.Sharp Corporation
10.Lennox International Inc.
11.Samsung Electronics Co. Ltd.
12.Mitsubishi Corporation
13.LG Electronics Inc.
14.Siemens AG
15.Carrier Corporation
16.Toshiba Corporation
17.Denso Corporation

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