Split Air Conditioner Market by Product and Geography - Forecast and Analysis 2020-2024
- Published: Jan 2020
- Pages: 152
- SKU: IRTNTR40846
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The global split air conditioner (AC) market size has the potential to grow by USD 34.66 billion during 2020-2024, and the market’s growth momentum will accelerate during the forecast period.
This report provides a detailed analysis of the market by geography (APAC, Europe, MEA, North America, and South America) and product (ductless, VRF, and ducted). Also, the report analyzes the market’s competitive landscape and offers information on several market vendors, including Daikin Industries Ltd., Fujitsu Ltd., Hitachi Ltd., Johnson Controls International Plc, LG Electronics Inc., Midea Group Co. Ltd., Mitsubishi Electric Corp., Panasonic Corp., Samsung Electronics Co. Ltd., and Zhuhai Gree Electric Appliance Co. Ltd.
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Market Competitive Analysis
The market is fragmented, and the degree of fragmentation will increase during the forecast period. Mitsubishi Electric Corp., Panasonic Corp., and Samsung Electronics Co. Ltd. are some of the major market participants. Although the accelerating growth momentum will offer immense growth opportunities, the high cost of split ACs will challenge the growth of the market participants. To make the most of the possibilities, market vendors should focus more on the growth prospects in the fast-growing segments, while maintaining their positions in the slow-growing segments.
To help clients improve their market position, this split air conditioner market forecast report provides a detailed analysis of the market leaders and offers information on the competencies and capacities of these companies. The report also covers details on the market’s competitive landscape and provides information on the products offered by various companies. Moreover, this split air conditioner market analysis report also includes information on the upcoming trends and challenges that will influence market growth. This will help companies create strategies to make the most of their future growth opportunities.
This report provides information on the production, sustainability, and prospects of several leading split air conditioner market companies, including:
- Daikin Industries Ltd.
- Fujitsu Ltd.
- Hitachi Ltd.
- Johnson Controls International Plc
- LG Electronics Inc.
- Midea Group Co. Ltd.
- Mitsubishi Electric Corp.
- Panasonic Corp.
- Samsung Electronics Co. Ltd.
- Zhuhai Gree Electric Appliance Co. Ltd.
Split Air Conditioner Market: Segmentation by Region
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APAC accounted for the largest split air conditioner market share in 2019, and the region will offer several growth opportunities to market vendors during the forecast period. The increasing number of construction activities, rising population, and changing climatic conditions will influence the growth of the split air conditioner market size.
Over 74% of the market’s growth will originate from APAC during the forecast period. Indonesia and India are the key markets for split air conditioners in APAC. Market growth in this region will be faster than the growth of the market in MEA, North America, and South America.
Split Air Conditioner Market: Segmentation by Product
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Ductless standard split ACs are the most commonly used ACs as they have an outdoor unit that contains the compressor and condenser, as well as an indoor unit mounted on the wall. These ACs are highly preferred in commercial and residential spaces as these are easy to install, do not need any air ducts, and maintain temperature independently.
However, market growth in this segment will be slower than the growth of the market in the VRF segment. This report provides an accurate prediction of the contribution of all the segments to the growth of the split air conditioner market size.
Split Air Conditioner Market: Key Drivers and Trends
The increasing consumer preference for split ACs over traditional ACs is due to multiple benefits, such as ease of installation, simultaneous heating and cooling effect, precise temperature control, and energy efficiency. Moreover, the maintenance of split ACs is easy, and there is no need for a wooden frame for installation. Furthermore, split ACs make less noise as the compressor and fan are embedded in the outdoor unit, which is generally placed in a shady and airy area, which enables good airflow in the room. Owing to this, split ACs consume less energy, and are cheaper than widow ACs.
Additionally, government organizations are also imposing stringent regulations and policies and regulations related to the emission and control of GHGs and the consumption of electricity. Therefore, split ACs are highly preferred as it emits less GHGs than window ACs. This will subsequently influence the growth of the global split air conditioner market during the forecast period.
- The use of ACs has increased owing to the rise in the disposable income of individuals and lifestyle changes.
- With the rising development of smart homes and IoT devices, there is increasing popularity of smart gadgets across the globe.
- Vendors in the market are integrating new technologies, such as Wi-Fi and voice assistance, to enhance the functions and features of ACs.
- The emergence of smart ACs is one of the vital split air conditioner market trends as it can be managed using mobile devices such as smartphones or tablets from anywhere and at any time.
- During 2020-2024, the market will grow at a CAGR of almost 6%.
Split Air Conditioner Market: Key Highlights of the Report for the Forecast Period 2020-2024
- CAGR of the market during the forecast period 2020-2024
- Detailed information on factors that will accelerate the split air conditioner market growth during the next five years
- Precise estimation of the global split air conditioner market size and its contribution to the parent market
- Accurate predictions on upcoming trends and changes in consumer behavior
- The growth of the split air conditioner industry across APAC, Europe, MEA, North America, and South America
- A thorough analysis of the market’s competitive landscape and detailed information on vendors
- Comprehensive details of factors that will challenge the growth of split air conditioner vendors
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Technavio presents a detailed picture of the market by way of study, synthesis, and summation of data from multiple sources. The analysts have presented the various facets of the market with a particular focus on identifying the key industry influencers. The data thus presented is comprehensive, reliable, and the result of extensive research, both primary and secondary.
- Market size and forecast
- Market segmentation
- Geographical insights
- Competitive landscape
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