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 2022 - 2028.
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.
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.
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.
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.
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.
The wall-mounted segment is said to grow with higher demand in the split ac market.
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.
By end-user, the residential segment is leading the split ac market.
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, 2020, 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, 2021, Panasonic Corporation acquired Blue Yonder. With this procurement, Panasonic accentuates autonomous supply chain management.
Chapter 1. Global Split Air Conditioning Market – Scope & Methodology
1.1. Market Segmentation
1.3. Research Methodology
1.4. Primary Sources
1.5. Secondary Sources
Chapter 2. Global Split Air Conditioning Market – Executive Summary
2.1. Market Size & Forecast – (2021 – 2027) ($M/$Bn)
2.2. Key Trends & Insights
2.3. COVID-19 Impact Analysis
2.3.1. Impact during 2022 - 2027
2.3.2. Impact on Supply – Demand
Chapter 3. Global Split Air Conditioning Market – Competition Scenario
3.1. Market Share Analysis
3.2. Product Benchmarking
3.3. Competitive Strategy & Development Scenario
3.4. Competitive Pricing Analysis
3.5. Supplier - Distributor Analysis
Chapter 4. Global Split Air Conditioning Market Entry Scenario
4.1. Case Studies – Start-up/Thriving Companies
4.2. Regulatory Scenario - By Region
4.3 Customer Analysis
4.4. Porters Five Force Model
4.4.1. Bargaining Power of Suppliers
4.4.2. Bargaining Powers of Customers
4.4.3. Threat of New Entrants
4.4.4. Rivalry among Existing Players
4.4.5. Threat of Substitutes
Chapter 5. Global Split Air Conditioning Market - Landscape
5.1. Value Chain Analysis – Key Stakeholders Impact Analysis
5.2. Market Drivers
5.3. Market Restraints/Challenges
5.4. Market Opportunities
Chapter 6. Global Split Air Conditioning Market – By Capacity
6.1. Less than 1ton
6.2. 1 ton to 1.5 ton
6.3. 1.5 ton to 2 ton
6.4. More than 2 Ton
Chapter 7. Global Split Air Conditioning Market – By Product Type
7.4. Floor Ceiling
Chapter 8. Global Split Air Conditioning Market – By Installation Price
8.2. Wall Mounted
Chapter 9. Global Split Air Conditioning Market – By End-User
Chapter 10. Global Split Air Conditioning Market, By Geography - Market Size, Forecast, Trends & Insights
10.1. North America
10.2.7. Rest of Europe
10.3. Asia Pacific
10.3.2. South Korea
10.3.5. Australia & New Zealand
10.3.6. Rest of Asia-Pacific
10.4. Rest of the World
10.4.1. Middle East
10.4.3. South America
Chapter 11. Global Split Air Conditioning Market – Company Profiles – (Overview, Product Portfolio, Financials, Developments)
11.1. Company 1
11.2. Company 2
11.3. Company 3
11.4. Company 4
11.5 Company 5
11.6. Company 6
11.7. Company 7
11.8. Company 8
11.9. Company 9
11.10. Company 10
Primary & Secondary Sources to Collect & Validate Data
Utilization of Both Top Down & Bottom Up Approach
Holistic Research Methodology
Scope & Introductory Research
In the initial stage of research, the scope for market is defined. In order to better understanding of the market, secondary focus is on different segmentations of the market. Preliminary research involves identifying key data points related to the market under consideration to estimate the market sizes to the best extent.
Based on the scope of the market and the key data points, a number of secondary sources are considered. This data collection stage consists of a team of analysts who gather data from various secondary resources, accessing proprietary databases and primary research by reaching out to key market participants and opinion leaders.
At this stage, collected data using several sources is arranged in structured format. The sources include industry participants, in-house models, key opinion leaders in the market ecosystem and databases. Historical data trends are established at this point, and compared to the current scenario. Based on the macro- and micro-factor prevailing in various geographies, proprietary data models are used to analyze key market countries. Key players in this market are listed based on their capabilities in revenue, sales, and development. The study also involves the identification of companies in the category of 'new entrants' and their potential effects on the market.
At this stage, the analyst team moves on to understand how the market has changed over the years. The total size of the market is gathered after an study of different business segments and end-users is done. An impact research is also done to see what factors will/may influence the market in the years ahead. The effect of various variables on the industry is often taken into account when forecasting market sizes.
Data verification is conducted at all research levels, however this stage is dedicated to more rigorous checking of the data points. At this stage, the estimated data is triangulated with company revenues and checked with industry experts including several senior executives and key opinion leaders in the market. The data is then summarized, and the findings are derived from the same for the report.
Quality Assurance & Report Preparation
Holistic research methodology is followed with combination of Top Down and Bottom Up approach to undertake the estimation and forecasting task in order to ensure quality of data. At this stage of the research process, a dedicated QA team checks the data and approves after several predefined checks. Each section is checked and questioned to make the report accurate and reliable. In case of discrepancy, a team of analysts reviews the issue, and the whole process is repeated again. That significantly improves the report's quality. After approval, all the parts of the report are brought together and is formatted by highly trained team thus making it ready to dispatch.