Market outlook of the split air conditioning market
Technavio's market research analyst predicts the global split air conditioning market to grow steadily at a CAGR of nearly 6% by 2020. Rising global population coupled with the high demand for air conditioners from residential and commercial buildings will foster the prospects for market growth during the predicted period.
The recent increase in construction activities is the key driver for the growth of this market. Recently, it has been observed that construction activities in both the residential and commercial markets have grown significantly owing to the rapid increase in urbanization, especially in the developing economies. The augmented sale of residential buildings and commercial buildings, and the construction of new skyscrapers across the world will bolster the demand for air conditioners during the forecast period.
Product-based segmentation of the split air conditioning market
Unducted standard VRF US ducted Ducted standard Technavio market research analysts have estimated the unducted standard split AC segment to account for more than 70% of the total market share by the end of 2020. This AC's high-energy efficiency coupled with its ease of installation will result in its augmented adoption during the forecast period.
Geographical segmentation and analysis of the split air conditioning market
Americas APAC EMEA APAC accounts for 57% of the market, with countries like China and India being the largest contributors. The market in this region is expected to grow at a CAGR of 7% during the forecast period. Much of this region's growth can be attributed to the strong focus on infrastructural development, which results in the high demand for air conditioning units. Additionally, the rising population pressure in this geography will lead to the high demand for residential buildings, which in turn will hike the demand for split ACs during the forecast period.
Competitive landscape and key vendors
The presence of well-established international, as well as local players, makes the global split AC market highly fragmented and competitive. The competitive environment of this market is expected to intensify in the future with an increase in R&D innovations and integration of IoT devices with the split ACs.
The top vendors in the market include -
Daikin Gree Midea Mitsubishi Electric Toshiba Carrier Other prominent vendors in the market include Airwell Group, Dwyer Instruments, Haier Consumer Electronics Group, Lennox International, Samsung Electronics, Siemens, Toshiba, Voltas, Whirlpool, Ingersoll-Rand, Johnson Controls, LG Electronics, and Panasonic.
Key questions answered in the report include
What will the market size and the growth rate be in 2020? What are the key factors driving the global the split air conditioning market? What are the key market trends impacting the growth of the global split air conditioning market? What are the challenges to market growth? Who are the key vendors in this market space? What are the market opportunities and threats faced by the vendors in the global split air conditioning market? Trending factors influencing the market shares of the Americas, APAC, and EMEA. What are the key outcomes of the five forces analysis of the global split air conditioning market? Technavio also offers customization on reports based on specific client requirement.
Global Residential Air Conditioners Market 2015-2019 Non-Residential Air Conditioners Market in Europe 2015-2019
Technavio Announces the Publication of its Research Report – Global Split Air Conditioning Market 2016-2020
Technavio recognizes the following companies as the key players in the Global Split Air Conditioning Market: Daikin, Gree, Midea, Mitsubishi Electric and Toshiba Carrier
Other Prominent Vendors in the market are: Airwell Group, Dwyer Instruments, Haier Consumer Electronics Group, Lennox International, Samsung Electronics, Siemens, Toshiba, Voltas, Whirlpool, Ingersoll-Rand, Johnson Controls, LG Electronics, and Panasonic.
Commenting on the report, an analyst from Technavio’s team said: “Cost-consciousness and environmental awareness are the key factors that influence consumer preferences and spending. This has compelled market vendors to introduce more energy-efficient models, thereby facilitating the growth of the market. As poor indoor air quality causes health hazards, consumers are increasingly opting for ACs that can alter room temperature, as well as regulate and enhance the air quality in a room.”
According to the report, construction activities in both the residential and commercial markets have grown significantly after the recovery of the global economy from the 2008 recession. The sales of homes and commercial buildings and the construction of new skyscrapers worldwide have led to an increase in the demand for ACs. In the Americas, the revival of Mexico’s housing sector has fueled the demand for residential ACs.
Further, the report states that the global split AC market is very capital intensive and price sensitive. Any fluctuation in the prices of raw materials will lead to a rise in manufacturing costs, affecting the profit margins of vendors.
Daikin, Gree, Midea, Mitsubishi Electric, Toshiba Carrier, Airwell Group, Dwyer Instruments, Haier Consumer Electronics Group, Lennox International, Samsung Electronics, Siemens, Toshiba, Voltas, Whirlpool, Ingersoll-Rand, Johnson Controls, LG Electronics, and Panasonic.