Global Split AC Market (2023-2028) Competitive Analysis, Impact of Covid-19, Ansoff Analysis

The new age split Air conditioners are known for using less energy while giving optimum cooling

• A split air conditioner, also known as a ductless air conditioner or mini-split system, is a type of air conditioning system that consists of two main components: an outdoor unit and an indoor unit. Unlike traditional central air conditioning systems that use ductwork to distribute cool air throughout a building, split air conditioners do not require ducts.
• Unlike traditional central air conditioning systems, split air conditioners are known for their energy efficiency. They use variable-speed compressors and inverter technology, which allows the units to adjust their cooling capacity based on the required load. This energy-efficient operation helps reduce electricity consumption and lower utility bills, making split air conditioners attractive to consumers.
• Split air conditioners offer flexibility in installation as they do not require ductwork. This makes them suitable for various applications, such as retrofitting existing buildings or rooms where duct installation is challenging or not feasible. Installing multiple indoor units connected to a single outdoor unit provides zoning capabilities, allowing different rooms or areas to be cooled independently, further enhancing their appeal.
• Emerging economies, such as India, China, Brazil, and Southeast Asian countries, are experiencing rapid urbanization, rising disposable incomes, and a growing middle class. These factors contribute to increased demand for split air conditioners as people seek to improve their living conditions and cope with higher temperatures. The expanding consumer base in these regions presents significant growth opportunities for manufacturers and suppliers of split air conditioners.
• Split air conditioners are widely used in commercial spaces, such as offices, retail stores, restaurants, and hotels. With the growing commercial sector globally, the demand for efficient and cost-effective cooling solutions is increasing. Split air conditioners offer benefits like zone cooling, precise temperature control, and ease of installation, making them a preferred choice for commercial applications. The expanding commercial sector presents opportunities for market players to provide tailored solutions and capture a larger market share.
• Though there are many opportunities and growth in Split Air Conditioner market, some restraints and challenges are faced.
• Split air conditioners often cost more upfront than other air conditioning systems, such as window units or portable air conditioners. The cost of purchasing and installing multiple indoor units and the, outdoor unit and refrigerant lines can be a barrier for some consumers, particularly in price-sensitive markets. The initial investment required for split air conditioners can challenge widespread adoption, especially in regions with lower income levels.
• In certain regions, especially in developing countries, there may be a lack of awareness about the benefits and availability of split air conditioners. Consumers may be more familiar with traditional cooling systems or lack the necessary infrastructure for split air conditioners, such as a reliable electricity supply or proper installation support. Overcoming the lack of awareness and building the necessary infrastructure can challenge market players seeking to penetrate such markets.

Market Segmentations

• The Global Split AC Market is segmented based on Type, Equipment Type, Distribution Channel, Applications, and Geography.
• By Type, the market is classified into Ceiling Mounted, Duct Connected, Floor Standing, and Wall Mounted.
• Among the different types of split air conditioners, the wall-mounted type is generally the most popular and hence, dominates the market. Wall-mounted split air conditioners are characterized by their compact size and easy installation on walls. They are typically installed at a higher level on interior walls, allowing the cool air to be evenly distributed throughout the room.
• By Equipment Type, the market is classified into Mini Split, Multi Split and VRF.
• The multi-split AC segment is predicted to dominate the global market due to its ability to link numerous interior units to a single outdoor unit in the coming years. This system enables zoned cooling in various rooms or areas of a building by allowing each indoor unit to be independently controlled. The system enables independent temperature controls for each zone or room. Being able to cool only the rooms that are being used rather than the entire building can result in greater energy efficiency.
• By Applications, the market is classified into Commercial and Residential.
• The residential sector is more likely to dominate in the global split air conditioning systems market during the forecast period due to the rise in the number of households in every region. Split air conditioning systems are reportedly one of the most essential consumer goods that the majority of households own. Due to consumer lifestyle changes, rising disposable income, and an increase in smart homes, this system has become more widely adopted, opening up opportunities for the split air conditioning systems market in the residential sector compared to the commercial sector.
• By Distribution Channel, the market is classified into Online and Retail Stores.
• Retail stores are expected to be the largest segment owing to a large number of organized retail shops globally. However, the online retail segment is expected to be the fastest-growing owing to the increasing global population of internet users.
• By Geography, the market is classified into Americas, Europe, Middle East & Africa, and Asia-Pacific.
• Asia Pacific is expected to dominate the global market during the period of the forecast due to its prominence as a manufacturing hub for consumer goods and electronics. The expansion of residential construction and the region's hot climate are driving up demand for split air conditioning systems. New, advanced, and fashionable solutions are being adopted in many developing countries in the Asia Pacific as a result of rising disposable income and changes in consumer lifestyles. Additionally, a rising middle-class and urban population is anticipated to increase demand for split air conditioning systems in the region.

Recent Development

• Voltas Ltd announced its new range of convertible inverter ACs with built-in air purification systems. The company has extended its AC portfolio by launching a new range of ACs in India. The new air conditioner, which is designed to purify the air in the room while also cooling it, has a HEPA filter, a PM 1.0 sensor, and an AQI indication. - April 7, 2023
• LG Electronics Inc. announced the launch of Al Dual Inverter air conditioners and expanded its product line-up. The latest air conditioner, powered by Al, comes with multiple in-built sensors and dual rotary compressor technology, which offers better cooling. The all-new 2022 range of LG air conditioners is equipped with an anti-virus protection filter. - February 18, 2022

Company Profiles

Countries Studied

• America (Argentina, Brazil, Canada, Chile, Colombia, Mexico, Peru, United States, Rest of Americas)
• Europe (Austria, Belgium, Denmark, Finland, France, Germany, Ireland, Italy, Luxemburg, Netherlands, Norway, Poland, Russia, Spain, Sweden, Switzerland, United Kingdom, Rest of Europe)
• Middle-East and Africa (Egypt, Israel, Qatar, Nigeria, Saudi Arabia, South Africa, United Arab Emirates, Rest of MEA)
• Asia-Pacific (Australia, Bangladesh, China, India, Indonesia, Japan, Malaysia, Philippines, Singapore, South Korea, Sri Lanka, Thailand, Taiwan, Rest of Asia-Pacific)

Competitive Quadrant

Ansoff Analysis

• The report presents a detailed Ansoff matrix analysis for the Global Split AC Market. Ansoff Matrix, also known as Product/Market Expansion Grid, is a strategic tool used to design strategies for the growth of the company. The matrix can be used to evaluate approaches in four strategies viz. Market Development, Market Penetration, Product Development and Diversification. The matrix is also used for risk analysis to understand the risk involved with each approach.
• The publisher analyses the Global Split AC Market using the Ansoff Matrix to provide the best approaches a company can take to improve its market position.
• Based on the SWOT analysis conducted on the industry and industry players, the publisher has devised suitable strategies for market growth.

Why buy this report?

• ● The report offers a comprehensive evaluation of the Global Split AC Market. The report includes in-depth qualitative analysis, verifiable data from authentic sources, and projections about market size. The projections are calculated using proven research methodologies.
• ● The research report also provides a detailed market size analysis and projections in volume and value terms. The projections are calculated using verified research methodologies.
• ● Excel data sheet for the market size will also be provided with the report.
• ● The report has been compiled through extensive primary and secondary research. The primary research is done through interviews, surveys, and observation of renowned personnel in the industry.
• ● The report includes an in-depth market analysis using Porter’s 5 forces model, PESTLE Analysis, and the Ansoff Matrix. In addition, the impact of COVID-19 on the market is also featured in the report.
• ● The report includes the regulatory scenario in the industry, which will help you make a well-informed decision. The report discusses major regulatory bodies and major rules and regulations imposed on this sector across various geographies.
• ● The report includes Self-Assessment Form, which helps customers evaluate their position in the market compared to their competitors
• ● The report offers customized research - tailored uniquely to our customers with a quick turnaround time. We offer a 15% customization option at no extra charge to all our clients for any of our syndicated reports.

Report Highlights:

• ● A complete analysis of the market, including the parent industry
• ● Important market dynamics and trends
• ● Impact Analysis - a comprehensive assessment to confront risk and make strategic & operational decisions to counter the changes in the market environment.
• ● Market segmentation
• ● Competitive Analysis: Comparative analysis of competitor
• ● Historical, current, and projected size of the market based on value and volume
• ● Market size of the US states
• ● Market shares and strategies of key players
• ● Recommendations to companies for strengthening their foothold in the market