The global split air conditioner (AC) market is expected to grow by USD 34.66 billion during 2020-2024 according to the latest market research report by Technavio. Request a free sample report
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Technavio has announced its latest market research report titled global split air conditioner (AC) market 2020-2024. (Graphic: Business Wire)
Split ACs offer several benefits over traditional window ACs such as energy efficiency, simultaneous heating and cooling functionalities, ease of installation, and precise temperature control. The compressor and fan of split ACs are embedded in the outdoor unit. As a result, they make less noise in comparison to window ACs. Split ACs are considered cheaper in the long run, as they emit less GHGs, and consume less energy than window ACs. Thus, the increasing preference for split ACs over traditional window ACs will boost the growth of the split AC market during the forecast period.
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As per Technavio, the emergence of smart split ACs will have a positive impact on the market and contribute to its growth significantly over the forecast period. This research report also analyzes other significant trends and market drivers that will influence market growth over 2020-2024.
Global Split Air Conditioner (AC) Market: Emergence of Smart Split ACs
The rise in disposable income of individuals and changes in their lifestyles have led to an increase in the purchase of split ACs in developing countries. The emergence of smart ACs that can be controlled using mobile devices such as tablets and smartphones has further propelled the adoption of split ACs. The need for smart gadgets such as smart split ACs is increasing due to growth in the adoption of smart homes and IoT devices. Thus, with the emergence of smart split ACs, the market for split AC is expected to showcase a positive outlook during the forecast period.
“The increase in the use of R32 refrigerant in split ACs and rising demand for VRF systems are some other major factors that will boost market growth during the forecast period,” says a senior analyst at Technavio.
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Global Split Air Conditioner (AC) Market: Segmentation Analysis
This market research report segments the global split air conditioner (AC) market by product (ductless, VRF and ducted) and geographic segmentation (APAC, Europe, MEA, North America and South America).
The APAC region led the split air conditioner (AC) in 2019, followed by Europe, North America, MEA and South America. During the forecast period, the APAC is expected to register the highest incremental growth due to factors such as the change in climatic conditions and presence of major vendors.
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Some of the key topics covered in the report include:
- North America
- South America
- Vendors covered
- Vendor classification
- Market positioning of vendors
- Competitive scenario
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