Description:
The increasing global temperature, changes in weather and climatic conditions, increase in the adoption of novel smart home systems and solutions, powered through internet of things or IoT technologies, and the rising construction of commercial infrastructure are some of the leading drivers for the growth within the global split air conditioning systems market. However, the fluctuating prices of raw materials as well as the high cost associated with the maintenance may hinder the growth in the global split air conditioning systems market in coming years.
The manufacturers and players operational in the global split air conditioning systems market offered two major types of products, namely, multi-split air conditioners as well as mini split air conditioners. These products in the global split air conditioning systems market can be installed by two methods, i.e. freestanding as well as wall mounted. The products offered by the manufacturers and players operational in the global split air conditioning systems market can be divided based on their capacity into products with capacity less than 1 ton, 1 ton to 1.5 ton, 1.5 ton to 2 ton, and products featuring capacity more than 2 ton.
The products and solutions in the global split air conditioning systems market can be applied in both commercial as well as residential infrastructures. These products in the global split air conditioning systems market are available at three different price points, i.e. low, high, and medium. Key distribution channels for marketing of the products and solutions in the global split air conditioning systems market include offline distribution channels (such as specialty stores, retail based stores, hyper markets and super markets, and factory outlets, among others) as well as online distribution channels (such as company owned websites as well as e-Commerce websites).
Competition in Split Air Conditioning Systems Market Likely to Intensify in Near Future
The major incumbent manufacturers and players working within the landscape of the global split air conditioning systems market include GREE Electric Appliances, Inc., Lennox International Inc., Mitsubishi Electric Corporation, Samsung Electronics Co., Ltd., Voltas Limited, Daikin Industries, Ltd., Haier Group Corporation, LG Electronics, Inc., Panasonic Corporation, and Toshiba Corporation, among others. The landscape of the global split air conditioning systems market is considered to be fragmented, owing to the presence of a large number of players and vendors in the industry. Furthermore, the studies project that the competition in the global split air conditioning systems market is most likely to intensify over the next few years, owing to the entry of new regional players in the industry.
New product development as well as product innovation remain the dominant strategies adopted by the manufacturers and vendors in the global split air conditioning systems market. Additionally, the leading players in the global split air conditioning systems market are also focused on expanding their regional reach in order to attract a larger pool of consumers. Some other strategies employed by the vendors and participants in the global split air conditioning systems market include collaborations as well as mergers and acquisitions. For instance, a premier player in the end to end digital fulfilment platform sector, Blue Yonder, was acquired by the Panasonic Corporation in April of 2021.
Asia Pacific Draws Significant Demand in Split Air Conditioning Systems Market
The geographical assessment of the global split air conditioning systems market provides valuable information pertaining to the major regions and economies operational under the large umbrella of the industry. Some of the major regions and nations in the global split air conditioning systems market include Europe (including the United Kingdom, Germany, France, and rest of the Europe), Middle East and Africa (including South Africa, the Gulf Cooperation Council countries, and rest of the Middle East and Africa), North America (including Canada, the United States, and rest of the North America), Asia Pacific (including India, China, Japan, and rest of the Asia Pacific), and South America (including Brazil as well as the rest of the South America).
Asia Pacific region records the prominent share of demands in the global split air conditioning systems market, owing to the presence of a large volume of regional population. Additionally, the rising number of middle class as well as urban population are opting for novel solutions in the global split air conditioning systems market.
Source: Transparency Market Research