Posted By TMR Research Insights
Posted on August 30, 2021
Split Air Conditioning Systems Market: Introduction
Transparency Market Research delivers key insights on the global split air conditioning systems market. In terms of revenue, the global split air conditioning systems market is estimated to expand at a CAGR of 6.1% during the forecast period, owing to numerous factors, regarding which TMR offers thorough insights and forecasts in its report on the global split air conditioning systems market.
Companies are heavily investing in R&D to launch an exclusive collection of split air conditioning systems. Manufacturers are expanding their product lines to meet the increasing demand for split air conditioning systems. Moreover, the growing demand from the commercial segment is expected to boost the market during the forecast period.
Split Air Conditioning Systems Market: Key Segments
In terms of product type, mini-split air conditioning systems are anticipated to be the most popular product category globally in terms of revenue, units sold, and CAGR. Mini-split air conditioning systems have lower installation costs and an easier installation process than multi-split air conditioning systems, which is expected to boost their demand during the forecast period.
Based on installation, wall mounted split air conditioning systems are anticipated to be the most popular installation type across the globe during the forecast period. Freestanding split air conditioning systems, on the other hand, are anticipated to expand at the fastest CAGR globally during the projected period.
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In terms of capacity, 1.0 ton to 1.5 ton segment is expected to hold highest CAGR in terms of value and volume during the forecast period, followed by 1.5 ton to 2.0 ton split air conditioning systems. The average room size is increasing in developed countries; in developing countries, people are preferring homes which are bigger in size due to increase in disposable income and standard of living which is driving the demand for 1.0 to 1.5 ton split air conditioners, as it is suitable for majority of homes in developing and developed countries.
In terms of end use, majority of split air conditioning systems is expected to be sold to the residential sector compared to the commercial sector during the forecast period. However, the commercial sector too is projected to expand at a high CAGR during the forecast period. The increasing usage of split air conditioning systems in sectors such as construction, hotels and tourism, hospitals, clinics, and healthcare is expected to propel the demand for the product during the forecast period.
In term of pricing, the medium price segment accounted for largest share in 2020. Weighted average price of the middle price segment is US$ 1,745. Majority of end users prefers to purchase products in this range as a result of availability of products in local markets.
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In terms of distribution channel, it is expected that bulk of split air conditioning systems are likely to be sold through the offline channel of distribution. Major reason for selection of offline channels is that returns are easier and offline shopping saves on shipping costs. Furthermore, people like to touch, feel, and check split air conditioning systems and see how these air conditioners function before making the final purchase.
Split Air Conditioning Systems Market: Prominent Regions
The market in Asia Pacific is expected to expand at the highest CAGR and become an upcoming market for split air conditioning systems. The region has predominantly developing countries, which are witnessing growth of their commercial sector. Furthermore, the average per capita income of people residing in the region has been increasing year on year, which further leads to the increase in disposable income. Asia Pacific is projected to be followed by Europe, in terms of split air conditioning system sales during the forecast period.
As compared to other regions, the split air conditioning systems market in Middle East & Africa and South America is expected to witness slower growth rate during the forecast period.
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