Split Air Conditioning Market Size 2023 - 2030

The global split air conditioning market size is predicted to go from USD 251.09 billion registering a CAGR of 4.43% to reach USD 354. 62 billion during 2023 - 2030. 

A split air condition system consists of an outdoor and an indoor unit. Latest and new split air conditioning systems are made available easily with energy-saving features decreasing the carbon footprint. 

MARKET DRIVERS

Developing economies have an increasing middle-class population accepting the split air conditioner systems driving the market demand. Increasing residential construction across countries like India, China, and the U.S fuel the market demand. Manufacturers are upgrading to energy-efficient options in AC units. 

Moreover, manufacturers in the split ac market are rising their efforts to improve an extended product lineup providing an appropriate match of performance and style to any interior space. The rising urban population and consumers inclined to purchase new and innovative items escalate the market development.

MARKET RESTRAINTS

However, the biggest disadvantage of the market is its high cost to purchase and install. Issues bounded by the energy consumption and environmental impacts affect the sales of the split air conditioner systems destroying the market growth.

Segmentation Analysis

Split Air Conditioning Market - By Capacity:

• Less than 1ton
• 1 ton to 1.5 ton
• 1.5 ton to 2 ton
• More than 2 ton

1 ton to 1.5-ton capacity segment is elevating the split air conditioning system. The capacity of the AC depends on the size of the room and the increasing middle-class population driving the market demand. 

Split Air Conditioning Market - By Product Type:

• Mini-split
• Multi-split
• VRF
• Floor Ceiling

The mini-split product segment is scheduled to grow with the highest share. Ductless systems are known as mini-split systems. Multi-split and mini-split air ACs can heat and cool multiple rooms or areas in a home. 

Split Air Conditioning Market - By Installation Price:

• Freestanding
• Wall Mounted

The wall-mounted segment is said to grow with higher demand in the split ac market. 

Split Air Conditioning Market - By Distribution Channel:

• Offline
• Online

The online distribution channel sweeps away the market with increasing e-commerce usage. The growing internet penetration, and rising use of smartphones fuels the market.

Split Air Conditioning Market - By End-User:

• Residential
• Commercial

By end-user, the residential segment is leading the split ac market.

Regional Analysis

Asia-Pacific is commanding the market with the largest share in terms of revenue. The market in APAC owes to the growing average temperature due to the worst climatic conditions and incrementing discretionary expenses among the appearing countries. 

Europe is the second-largest region in the split air conditioning market. The split air conditioner is divided into mini split air conditioners as mini-split air conditioners play a major role in Europe.

Russia is the largest air conditioning market in Europe followed by the UK, France, Italy, Spain. 

North America plays a small character in the Split AC market. Canada is expected to have lion's share in the split air conditioner market. 

Latin America is the smallest region across the globe. Brazil is spearheading the region.

The Middle East and Africa are the 4th largest in the air-conditioning market globally. GCC and Nigeria are leading the region with the maximum share. 

Major companies involved n the market

1. Daikin Industries, Ltd.,

2. Mitsubishi Electric Corporation

3. Midea Group Co., Ltd

4. Samsung Electronics Co., Ltd

6. Electrolux AB

7. Panasonic Corporation

8. United Technologies Corp

9. Hitachi, Ltd

10. Sharp Corporation

11. Lennox International Inc.

COVID-19 Impact On Split Air Conditioning Market

The sudden outbreak of the novel coronavirus (COVID-19) has created a significant impact on the global air conditioners market. With the sudden emergence of the infectious disease, nationwide governments have imposed severe lockdown and strict measures like maintaining social distancing and wearing a mask have become mandatory. Those who were found without wearing a mask wear punished in the form of penalties.

During the lockdown period, the AC manufacturing plants were temporarily closed due to the shortage of labor and also to avoid the virus from spreading. People stopped using Air conditioners during the pandemic period, as the virus spreads through the cooling surfactants. Later, once the pandemic has come to a stage, manufacturers have started producing the products, and consumers have inclined to purchase new products as per their disposable income.

Recent Market Developments

• On February 18, 2022, Daikin Airconditioning India Pvt. Ltd. introduced a new wide range of split room ACs natively abstracted and manufactured for sensitive Indian consumers.

• On January 10, 2022, Samsung, a South Korean electri=oonic brand, introduced a new range of air conditioners with a total of 40 devices including Wind-Free AC 2.0 and Wi-Fi capability and On/Off Split ACs.

• On April 23, 2022, Panasonic Corporation acquired Blue Yonder. With this procurement, Panasonic accentuates autonomous supply chain management.