Split Air Conditioning Systems Market (By Product: Mini Split Ac, Multi Split AC, VRF, Floor Ceiling; By Distribution Channel: Online, Offline; By Application: Commercial, Residential; By Pricing: Low, Medium, High; By Installation: Wall Mounted, Freestanding; By Capacity: Less than 1 Ton, 1 Ton to 1.5 Ton, 1.5 Ton to 2.0 Ton, More than 2.0 Ton) - Global Industry Analysis, Size, Share, Growth, Trends, Regional Outlook, and Forecast 2023-2032
The global split air conditioning systems market size was estimated at USD 266.5 billion in 2022 and is anticipated to reach USD 400.2 billion by 2032, registering grow at a CAGR of 4.2% over the forecast period 2023 to 2032.
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A split air conditioning system comprises of two separate units which includes a compressor which is located inside and outside air outlet unit. Unlike a system that requires a series of ducts to be networked throughout the ceiling, the split air conditioner depends on a set of pipes to connect outdoor unit to the indoor unit. Owing to the advancement in air conditioning technology, the energy efficiency of the split air conditioners is spurring in recent years. Moreover, the increasing number of middle-class populations in developing economies including India, China, Brazil and others coupled with the rising disposable income has become one of the prime factors for growing adoption of a split air conditioning system in the market during the forecast year.
| Report Coverage | Details |
| Market Size in 2023 |
USD 276.36 Billion |
| Market Size by 2032 |
USD 400.2 Billion |
| Growth Rate from 2023 to 2032 | CAGR of 4.2% |
| Base Year | 2022 |
| Forecast Period | 2023 to 2032 |
| Segments Covered | Product, Distribution Channel, Application, Pricing, Installation, Capacity, and Geography |
| Companies Mentioned | Daikin Industries, Ltd., GREE Electric Appliances Inc., Haier Group Corporation, Lennox International Inc., LG Electronics Inc., Mitsubishi Electric Corporation, Panasonic Corporation, Samsung Electronics Co., Ltd., Toshiba Corporation, Voltas Limited. |
The rising demand for saving energy has become one of the integral factors, which has increased the demand for split air conditioning system in the market. Additionally, government guidance for energy-efficient models has led to the substitution of the existing split air conditioning systems with energy-saving systems in the developed regions such as Europe and North America. From the past few years, the electricity utilization of split air conditioning system has been surged in the market globally. Therefore, the key producers of split air conditioning system are accepting green & modern technologies, thus generating energy-saving system.
The rapid growth of urban population coupled with rise in the middle-class population in developing countries of Asia-Pacific region is expected to spur the demand for split air conditioning systems during the forecast period. Furthermore, with rise in the disposable income & enhanced lifestyle, consumers are looking for trendy and innovative electronic devices which further promote the growth of the overall market in the region.
COVID-19 IMPACT
During the pandemic, factors like pent-up demand and work-from-home are rising the growth of the market. Due to the rising temperatures and humidity levels around the world as well as the growing acceptance of split air conditioning systems as a utility rather than a luxury item. Through the forecast period, it is also estimated that the advent of technologically sophisticated air conditioners, like air conditioners with inverter technology and air purification technologies, will have a beneficial impact on the Split air conditioning systems market. The market for Split air conditioning systems in particular, along with many other air conditioner industry segments, will grow in the upcoming years. The market for split air conditioning systems is estimated to be driven by the growing popularity of Split air conditioners that can transform traditional remote-controlled AC into smart gadgets.
On the basis of product type, the market is segmented into Mini Split Ac, Multi Split AC, VRF, and Floor Ceiling. The multi-split air conditioning systems segment is a major revenue-generating segment in the split air conditioning systems market and is also expected to be the fastest growing segment during the forecast years. Multi split system has various indoor units which provide contended air conditioning atmosphere in the room. Moreover, the consumers can also control temperature in various rooms in order to perfectly befit the requirement of various family members and switch off the cooling completely in an unutilized area to retain power. Thus, the fact has driven the adoption of multi-split system across the globe which in turn is propelling the growth of the overall market in terms of value sales.
On the basis of application, the market categories into commercial and residential. Depending on the application, the residential segment accounted for the largest market shar e in the year 2022. The market has witnessed rapid demand through specialty store channels. The residential segment is witnessing a significant market growth due to the rising usage in residential rooms and small halls.
However, the commercial sector is anticipated to witness rapid market growth owing to the increasing government and private organizations investments in commercializing the developing as well as developed countries.
On the basis of distribution channel, the market is segmented into online and offline. At the beginning of the summer all over the globe, increasing demand for split ACs including Voltas and Bluestar is the most searched brands across the globe. For Example, according to Just Dial, split ACs in Tier-II cities are seen to be higher than in Tier-I. The split ACs rising the demand as well as nearly 90 % of the increasing searches for ACs.
According to the Consumer Electronics and Appliances Manufacturers Association, the whole month of May in 2021, which is a period for the highest sales of cooling products, was almost a failure for the industry. At that time only 15 % of the market is open and footfalls at stores were negligible. Therefore, companies innovate the smooth purchase experience for partners and consumers across offline and online channels. The manufacturing companies influence offline brand conditions on online sales of niche brands.
Split Air Conditioning Systems Market Share, By Region, 2022 (%)
| Regions | Revenue Share in 2022 (%) |
| North America | 43% |
| Asia Pacific | 20.80% |
| Europe | 27.50% |
| Latin America | 5.50% |
| MEA | 3.20% |
North America led the market owing to the high consumer disposable income in the region. Consumers in the U.S. and Canada are progressively spending in replacing conventional air conditioning system with split air conditioning systems to improve the air conditioning system and mitigate the total electricity utilization contributing to market growth.
The growing number of corporate buildings in various Asia-Pacific nations, such as China, Japan and India are anticipated to support the split air conditioning system market growth during the forecast years. Presently, Contractors are also deploying split air conditioning system in buildings in order to mitigate the consumption of electricity and improve the energy efficiency of the buildings which in turn is fueling the market in the Asia Pacific region.
Additionally, the growing number of projects of building residential infrastructure majorly in countries like Germany, France, and Russia is anticipated to drive the growth of market during the forecast years. However, the recent impact of COVID19 pandemic in major European countries, including France, UK, Italy, and Russia has restricted the market growth in 2020.
Furthermore, the market in Middle East & African countries is experiencing a significant growth owing to the rise in the urban area population and expansion in private sector investment in the development of commercial buildings. Furthermore, the surge in the number of buildings in countries like UAE is expected to offer immense growth opportunities for the market during the forecast years.
Segments Covered In The Report
By Product
By Distribution Channel
By Application
By Pricing
By Installation
By Capacity
By Geography
Chapter 1. Introduction
1.1. Research Objective
1.2. Scope of the Study
1.3. Definition
Chapter 2. Research Methodology
2.1. Research Approach
2.2. Data Sources
2.3. Assumptions & Limitations
Chapter 3. Executive Summary
3.1. Market Snapshot
Chapter 4. Market Variables and Scope
4.1. Introduction
4.2. Market Classification and Scope
4.3. Industry Value Chain Analysis
4.3.1. Raw Material Procurement Analysis
4.3.2. Sales and Distribution Analysis
4.3.3. Downstream Buyer Analysis
Chapter 5. COVID 19 Impact on Split Air Conditioning Systems Market
5.1. COVID-19 Landscape: Split Air Conditioning Systems Industry Impact
5.2. COVID 19 - Impact Assessment for the Industry
5.3. COVID 19 Impact: Global Major Government Policy
5.4. Market Trends and Opportunities in the COVID-19 Landscape
Chapter 6. Market Dynamics Analysis and Trends
6.1. Market Dynamics
6.1.1. Market Drivers
6.1.2. Market Restraints
6.1.3. Market Opportunities
6.2. Porter’s Five Forces Analysis
6.2.1. Bargaining power of suppliers
6.2.2. Bargaining power of buyers
6.2.3. Threat of substitute
6.2.4. Threat of new entrants
6.2.5. Degree of competition
Chapter 7. Competitive Landscape
7.1.1. Company Market Share/Positioning Analysis
7.1.2. Key Strategies Adopted by Players
7.1.3. Vendor Landscape
7.1.3.1. List of Suppliers
7.1.3.2. List of Buyers
Chapter 8. Global Split Air Conditioning Systems Market, By Product
8.1. Split Air Conditioning Systems Market, by Product, 2023-2032
8.1.1. Mini Split Ac
8.1.1.1. Market Revenue and Forecast (2021-2032)
8.1.2. Multi Split AC
8.1.2.1. Market Revenue and Forecast (2021-2032)
8.1.3. VRF
8.1.3.1. Market Revenue and Forecast (2021-2032)
8.1.4. Floor Ceiling
8.1.4.1. Market Revenue and Forecast (2021-2032)
Chapter 9. Global Split Air Conditioning Systems Market, By Distribution Channel
9.1. Split Air Conditioning Systems Market, by Distribution Channel, 2023-2032
9.1.1. Online
9.1.1.1. Market Revenue and Forecast (2021-2032)
9.1.2. Offline
9.1.2.1. Market Revenue and Forecast (2021-2032)
Chapter 10. Global Split Air Conditioning Systems Market, By Application
10.1. Split Air Conditioning Systems Market, by Application, 2023-2032
10.1.1. Commercial
10.1.1.1. Market Revenue and Forecast (2021-2032)
10.1.2. Residential
10.1.2.1. Market Revenue and Forecast (2021-2032)
Chapter 11. Global Split Air Conditioning Systems Market, By Pricing
11.1. Split Air Conditioning Systems Market, by Pricing, 2023-2032
11.1.1. Low
11.1.1.1. Market Revenue and Forecast (2021-2032)
11.1.2. Medium
11.1.2.1. Market Revenue and Forecast (2021-2032)
11.1.3. High
11.1.3.1. Market Revenue and Forecast (2021-2032)
Chapter 12. Global Split Air Conditioning Systems Market, By Installation
12.1. Split Air Conditioning Systems Market, by Installation, 2023-2032
12.1.1. Wall Mounted
12.1.1.1. Market Revenue and Forecast (2021-2032)
12.1.2. Freestanding
12.1.2.1. Market Revenue and Forecast (2021-2032)
Chapter 13. Global Split Air Conditioning Systems Market, By Capacity
13.1. Split Air Conditioning Systems Market, by Capacity, 2023-2032
13.1.1. Less than 1 Ton
13.1.1.1. Market Revenue and Forecast (2021-2032)
13.1.2. 1 Ton to 1.5 Ton
13.1.2.1. Market Revenue and Forecast (2021-2032)
13.1.3. 1.5 Ton to 2.0 Ton
13.1.3.1. Market Revenue and Forecast (2021-2032)
13.1.4. More than 2.0 Ton
13.1.4.1. Market Revenue and Forecast (2021-2032)
Chapter 14. Global Split Air Conditioning Systems Market, Regional Estimates and Trend Forecast
14.1. North America
14.1.1. Market Revenue and Forecast, by Product (2021-2032)
14.1.2. Market Revenue and Forecast, by Distribution Channel (2021-2032)
14.1.3. Market Revenue and Forecast, by Application (2021-2032)
14.1.4. Market Revenue and Forecast, by Pricing (2021-2032)
14.1.5. Market Revenue and Forecast, by Installation (2021-2032)
14.1.6. Market Revenue and Forecast, by Capacity (2021-2032)
14.1.7. U.S.
14.1.7.1. Market Revenue and Forecast, by Product (2021-2032)
14.1.7.2. Market Revenue and Forecast, by Distribution Channel (2021-2032)
14.1.7.3. Market Revenue and Forecast, by Application (2021-2032)
14.1.7.4. Market Revenue and Forecast, by Pricing (2021-2032)
14.1.8. Market Revenue and Forecast, by Installation (2021-2032)
14.1.8.1. Market Revenue and Forecast, by Capacity (2021-2032)
14.1.9. Rest of North America
14.1.9.1. Market Revenue and Forecast, by Product (2021-2032)
14.1.9.2. Market Revenue and Forecast, by Distribution Channel (2021-2032)
14.1.9.3. Market Revenue and Forecast, by Application (2021-2032)
14.1.9.4. Market Revenue and Forecast, by Pricing (2021-2032)
14.1.10. Market Revenue and Forecast, by Installation (2021-2032)
14.1.11. Market Revenue and Forecast, by Capacity (2021-2032)
14.1.11.1.
14.2. Europe
14.2.1. Market Revenue and Forecast, by Product (2021-2032)
14.2.2. Market Revenue and Forecast, by Distribution Channel (2021-2032)
14.2.3. Market Revenue and Forecast, by Application (2021-2032)
14.2.4. Market Revenue and Forecast, by Pricing (2021-2032)
14.2.5. Market Revenue and Forecast, by Installation (2021-2032)
14.2.6. Market Revenue and Forecast, by Capacity (2021-2032)
14.2.7.
14.2.8. UK
14.2.8.1. Market Revenue and Forecast, by Product (2021-2032)
14.2.8.2. Market Revenue and Forecast, by Distribution Channel (2021-2032)
14.2.8.3. Market Revenue and Forecast, by Application (2021-2032)
14.2.9. Market Revenue and Forecast, by Pricing (2021-2032)
14.2.10. Market Revenue and Forecast, by Installation (2021-2032)
14.2.10.1. Market Revenue and Forecast, by Capacity (2021-2032)
14.2.11. Germany
14.2.11.1. Market Revenue and Forecast, by Product (2021-2032)
14.2.11.2. Market Revenue and Forecast, by Distribution Channel (2021-2032)
14.2.11.3. Market Revenue and Forecast, by Application (2021-2032)
14.2.12. Market Revenue and Forecast, by Pricing (2021-2032)
14.2.13. Market Revenue and Forecast, by Installation (2021-2032)
14.2.14. Market Revenue and Forecast, by Capacity (2021-2032)
14.2.14.1.
14.2.15. France
14.2.15.1. Market Revenue and Forecast, by Product (2021-2032)
14.2.15.2. Market Revenue and Forecast, by Distribution Channel (2021-2032)
14.2.15.3. Market Revenue and Forecast, by Application (2021-2032)
14.2.15.4. Market Revenue and Forecast, by Pricing (2021-2032)
14.2.16. Market Revenue and Forecast, by Installation (2021-2032)
14.2.16.1. Market Revenue and Forecast, by Capacity (2021-2032)
14.2.17. Rest of Europe
14.2.17.1. Market Revenue and Forecast, by Product (2021-2032)
14.2.17.2. Market Revenue and Forecast, by Distribution Channel (2021-2032)
14.2.17.3. Market Revenue and Forecast, by Application (2021-2032)
14.2.17.4. Market Revenue and Forecast, by Pricing (2021-2032)
14.2.18. Market Revenue and Forecast, by Installation (2021-2032)
14.2.18.1. Market Revenue and Forecast, by Capacity (2021-2032)
14.3. APAC
14.3.1. Market Revenue and Forecast, by Product (2021-2032)
14.3.2. Market Revenue and Forecast, by Distribution Channel (2021-2032)
14.3.3. Market Revenue and Forecast, by Application (2021-2032)
14.3.4. Market Revenue and Forecast, by Pricing (2021-2032)
14.3.5. Market Revenue and Forecast, by Installation (2021-2032)
14.3.6. Market Revenue and Forecast, by Capacity (2021-2032)
14.3.7. India
14.3.7.1. Market Revenue and Forecast, by Product (2021-2032)
14.3.7.2. Market Revenue and Forecast, by Distribution Channel (2021-2032)
14.3.7.3. Market Revenue and Forecast, by Application (2021-2032)
14.3.7.4. Market Revenue and Forecast, by Pricing (2021-2032)
14.3.8. Market Revenue and Forecast, by Installation (2021-2032)
14.3.9. Market Revenue and Forecast, by Capacity (2021-2032)
14.3.10. China
14.3.10.1. Market Revenue and Forecast, by Product (2021-2032)
14.3.10.2. Market Revenue and Forecast, by Distribution Channel (2021-2032)
14.3.10.3. Market Revenue and Forecast, by Application (2021-2032)
14.3.10.4. Market Revenue and Forecast, by Pricing (2021-2032)
14.3.11. Market Revenue and Forecast, by Installation (2021-2032)
14.3.11.1. Market Revenue and Forecast, by Capacity (2021-2032)
14.3.12. Japan
14.3.12.1. Market Revenue and Forecast, by Product (2021-2032)
14.3.12.2. Market Revenue and Forecast, by Distribution Channel (2021-2032)
14.3.12.3. Market Revenue and Forecast, by Application (2021-2032)
14.3.12.4. Market Revenue and Forecast, by Pricing (2021-2032)
14.3.12.5. Market Revenue and Forecast, by Installation (2021-2032)
14.3.12.6. Market Revenue and Forecast, by Capacity (2021-2032)
14.3.13. Rest of APAC
14.3.13.1. Market Revenue and Forecast, by Product (2021-2032)
14.3.13.2. Market Revenue and Forecast, by Distribution Channel (2021-2032)
14.3.13.3. Market Revenue and Forecast, by Application (2021-2032)
14.3.13.4. Market Revenue and Forecast, by Pricing (2021-2032)
14.3.13.5. Market Revenue and Forecast, by Installation (2021-2032)
14.3.13.6. Market Revenue and Forecast, by Capacity (2021-2032)
14.4. MEA
14.4.1. Market Revenue and Forecast, by Product (2021-2032)
14.4.2. Market Revenue and Forecast, by Distribution Channel (2021-2032)
14.4.3. Market Revenue and Forecast, by Application (2021-2032)
14.4.4. Market Revenue and Forecast, by Pricing (2021-2032)
14.4.5. Market Revenue and Forecast, by Installation (2021-2032)
14.4.6. Market Revenue and Forecast, by Capacity (2021-2032)
14.4.7. GCC
14.4.7.1. Market Revenue and Forecast, by Product (2021-2032)
14.4.7.2. Market Revenue and Forecast, by Distribution Channel (2021-2032)
14.4.7.3. Market Revenue and Forecast, by Application (2021-2032)
14.4.7.4. Market Revenue and Forecast, by Pricing (2021-2032)
14.4.8. Market Revenue and Forecast, by Installation (2021-2032)
14.4.9. Market Revenue and Forecast, by Capacity (2021-2032)
14.4.10. North Africa
14.4.10.1. Market Revenue and Forecast, by Product (2021-2032)
14.4.10.2. Market Revenue and Forecast, by Distribution Channel (2021-2032)
14.4.10.3. Market Revenue and Forecast, by Application (2021-2032)
14.4.10.4. Market Revenue and Forecast, by Pricing (2021-2032)
14.4.11. Market Revenue and Forecast, by Installation (2021-2032)
14.4.12. Market Revenue and Forecast, by Capacity (2021-2032)
14.4.13. South Africa
14.4.13.1. Market Revenue and Forecast, by Product (2021-2032)
14.4.13.2. Market Revenue and Forecast, by Distribution Channel (2021-2032)
14.4.13.3. Market Revenue and Forecast, by Application (2021-2032)
14.4.13.4. Market Revenue and Forecast, by Pricing (2021-2032)
14.4.13.5. Market Revenue and Forecast, by Installation (2021-2032)
14.4.13.6. Market Revenue and Forecast, by Capacity (2021-2032)
14.4.14. Rest of MEA
14.4.14.1. Market Revenue and Forecast, by Product (2021-2032)
14.4.14.2. Market Revenue and Forecast, by Distribution Channel (2021-2032)
14.4.14.3. Market Revenue and Forecast, by Application (2021-2032)
14.4.14.4. Market Revenue and Forecast, by Pricing (2021-2032)
14.4.14.5. Market Revenue and Forecast, by Installation (2021-2032)
14.4.14.6. Market Revenue and Forecast, by Capacity (2021-2032)
14.5. Latin America
14.5.1. Market Revenue and Forecast, by Product (2021-2032)
14.5.2. Market Revenue and Forecast, by Distribution Channel (2021-2032)
14.5.3. Market Revenue and Forecast, by Application (2021-2032)
14.5.4. Market Revenue and Forecast, by Pricing (2021-2032)
14.5.5. Market Revenue and Forecast, by Installation (2021-2032)
14.5.6. Market Revenue and Forecast, by Capacity (2021-2032)
14.5.7. Brazil
14.5.7.1. Market Revenue and Forecast, by Product (2021-2032)
14.5.7.2. Market Revenue and Forecast, by Distribution Channel (2021-2032)
14.5.7.3. Market Revenue and Forecast, by Application (2021-2032)
14.5.7.4. Market Revenue and Forecast, by Pricing (2021-2032)
14.5.8. Market Revenue and Forecast, by Installation (2021-2032)
14.5.8.1. Market Revenue and Forecast, by Capacity (2021-2032)
14.5.9. Rest of LATAM
14.5.9.1. Market Revenue and Forecast, by Product (2021-2032)
14.5.9.2. Market Revenue and Forecast, by Distribution Channel (2021-2032)
14.5.9.3. Market Revenue and Forecast, by Application (2021-2032)
14.5.9.4. Market Revenue and Forecast, by Pricing (2021-2032)
14.5.9.5. Market Revenue and Forecast, by Installation (2021-2032)
14.5.9.6. Market Revenue and Forecast, by Capacity (2021-2032)
Chapter 15. Company Profiles
15.1. Daikin Industries, Ltd.
15.1.1. Company Overview
15.1.2. Product Offerings
15.1.3. Financial Performance
15.1.4. Recent Initiatives
15.2. GREE Electric Appliances Inc.
15.2.1. Company Overview
15.2.2. Product Offerings
15.2.3. Financial Performance
15.2.4. Recent Initiatives
15.3. Haier Group Corporation
15.3.1. Company Overview
15.3.2. Product Offerings
15.3.3. Financial Performance
15.3.4. Recent Initiatives
15.4. Lennox International Inc.
15.4.1. Company Overview
15.4.2. Product Offerings
15.4.3. Financial Performance
15.4.4. Recent Initiatives
15.5. LG Electronics Inc.
15.5.1. Company Overview
15.5.2. Product Offerings
15.5.3. Financial Performance
15.5.4. Recent Initiatives
15.6. Mitsubishi Electric Corporation
15.6.1. Company Overview
15.6.2. Product Offerings
15.6.3. Financial Performance
15.6.4. Recent Initiatives
15.7. Panasonic Corporation
15.7.1. Company Overview
15.7.2. Product Offerings
15.7.3. Financial Performance
15.7.4. Recent Initiatives
15.8. Samsung Electronics Co., Ltd.
15.8.1. Company Overview
15.8.2. Product Offerings
15.8.3. Financial Performance
15.8.4. Recent Initiatives
15.9. Toshiba Corporation
15.9.1. Company Overview
15.9.2. Product Offerings
15.9.3. Financial Performance
15.9.4. Recent Initiatives
15.10. Voltas Limited
15.10.1. Company Overview
15.10.2. Product Offerings
15.10.3. Financial Performance
15.10.4. Recent Initiatives
Chapter 16. Research Methodology
16.1. Primary Research
16.2. Secondary Research
16.3. Assumptions
Chapter 17. Appendix
17.1. About Us
17.2. Glossary of Terms
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