Multi-split Air Conditioning Systems Market Opportunity, Growth Drivers, Industry Trend Analysis, and Forecast 2024 – 2032
The Global Multi-Split Air Conditioning Systems Market was valued at USD 21.3 billion in 2023, and projections indicate a CAGR of 4.8% from 2024 to 2032. As the trend of smart homes rises, HVAC manufacturers are adapting designing systems that integrate effortlessly with IoT platforms. Inverter technology is revolutionizing the HVAC landscape, particularly in multi-split systems. Unlike their traditional counterparts with fixed-speed compressors, inverter-driven compressors adjust their speed based on cooling needs. This not only guarantees accurate temperature regulation but also results in significant energy savings.
Moreover, the newest multi-split systems are being designed for seamless integration with renewable energy sources, especially solar power. The overall industry is divided into product type, capacity, number of indoor units, price range, end-use, distribution channel, and region. In 2023, the wall-mounted multi-split systems segment was valued at approximately USD 10.1 billion, with projections reaching USD 15.6 billion by 2032. Wall-mounted units, celebrated for their compactness and subtle design, are favored in both residential and commercial arenas. Their allure lies in balancing space constraints with aesthetic considerations.
Designed for properties with diverse temperature needs, these systems provide targeted cooling for specific areas or rooms. In 2023, the residential segment accounted for roughly 63% of the market share, with expectations to rise to 64% by 2032. As homeownership rates climb, homeowners are increasingly opting for advanced HVAC systems to enhance comfort and energy efficiency. Multi-split systems, with their ability to control multiple zones independently, are becoming popular in both newly built homes and renovations. Notably, renovation projects often emphasize HVAC upgrades for improved efficiency and comfort.
In 2023, the Asia Pacific held a dominant 43% share of the multi-split air conditioning systems market, with projections to surpass USD 14.3 billion by 2032. The Asia Pacific is witnessing rapid urbanization, marking a significant shift from rural to urban lifestyles. This transition amplifies the demand for advanced cooling solutions in both residential and commercial domains. Multi-split systems are gaining prominence in urban areas where space is at a premium and populations are dense.
Moreover, the newest multi-split systems are being designed for seamless integration with renewable energy sources, especially solar power. The overall industry is divided into product type, capacity, number of indoor units, price range, end-use, distribution channel, and region. In 2023, the wall-mounted multi-split systems segment was valued at approximately USD 10.1 billion, with projections reaching USD 15.6 billion by 2032. Wall-mounted units, celebrated for their compactness and subtle design, are favored in both residential and commercial arenas. Their allure lies in balancing space constraints with aesthetic considerations.
Designed for properties with diverse temperature needs, these systems provide targeted cooling for specific areas or rooms. In 2023, the residential segment accounted for roughly 63% of the market share, with expectations to rise to 64% by 2032. As homeownership rates climb, homeowners are increasingly opting for advanced HVAC systems to enhance comfort and energy efficiency. Multi-split systems, with their ability to control multiple zones independently, are becoming popular in both newly built homes and renovations. Notably, renovation projects often emphasize HVAC upgrades for improved efficiency and comfort.
In 2023, the Asia Pacific held a dominant 43% share of the multi-split air conditioning systems market, with projections to surpass USD 14.3 billion by 2032. The Asia Pacific is witnessing rapid urbanization, marking a significant shift from rural to urban lifestyles. This transition amplifies the demand for advanced cooling solutions in both residential and commercial domains. Multi-split systems are gaining prominence in urban areas where space is at a premium and populations are dense.
Report Content
CHAPTER 1 METHODOLOGY & SCOPE
1.1 Market scope & definitions
1.2 Research design
1.2.1 Research approach
1.2.2 Data collection methods
1.3 Base estimates & calculations
1.3.1 Base year calculation
1.3.2 Key trends for market estimation
1.4 Forecast model
1.4.1 Primary research and validation
1.4.2 Primary sources
1.4.3 Data mining sources
CHAPTER 2 EXECUTIVE SUMMARY
2.1 Industry 360° synopsis, 2021-2032
CHAPTER 3 INDUSTRY INSIGHTS
3.1 Industry ecosystem analysis
3.1.1 Factors affecting the value chain
3.1.2 Profit margin analysis
3.1.3 Disruptions
3.1.4 Future outlook
3.1.5 Manufacturers
3.1.6 Distributors
3.1.7 Retailers
3.2 Key news & initiatives
3.3 Regulatory landscape
3.4 Impact forces
3.4.1 Growth drivers
3.4.1.1 Growing demand for residential comfort
3.4.1.2 Technological advancements
3.4.2 Industry pitfalls & challenges
3.4.2.1 High initial costs
3.5 Growth potential analysis
3.6 Porter’s analysis
3.7 PESTEL analysis
CHAPTER 4 COMPETITIVE LANDSCAPE, 2023
4.1 Introduction
4.2 Company market share analysis
4.3 Competitive positioning matrix
4.4 Strategic outlook matrix
CHAPTER 5 MARKET ESTIMATES & FORECAST, BY PRODUCT TYPE, 2021-2032 (USD BILLION) (MILLION UNITS)
5.1 Key trends
5.2 Wall-Mounted Multi-Split systems
5.3 Ceiling Cassette Multi-Split systems
5.4 Floor Standing Multi-Split systems
5.5 Concealed Duct Multi-Split systems
5.6 Others (Universal Outdoor Units, Etc)
CHAPTER 6 MARKET ESTIMATES & FORECAST, BY NUMBER OF INDOOR UNITS, 2021-2032 (USD BILLION) (MILLION UNITS)
6.1 Key trends
6.2 2 Indoor unit
6.3 3 Indoor unit
6.4 4 Indoor unit
6.5 5 Indoor unit
6.6 6 Indoor unit
6.7 Above 6 Indoor unit
CHAPTER 7 MARKET ESTIMATES & FORECAST, BY CAPACITY, 2021-2032 (USD BILLION) (MILLION UNITS)
7.1 Key trends
7.2 Less than 2 Tons
7.3 2 to 5 Tons
7.4 Above 5 Tons
CHAPTER 8 MARKET ESTIMATES & FORECAST, BY PRICE RANGE, 2021-2032 (USD BILLION) (MILLION UNITS)
8.1 Key trends
8.2 Low
8.3 Medium
8.4 High
CHAPTER 9 MARKET ESTIMATES & FORECAST, BY END-USE, 2021-2032 (USD BILLION) (MILLION UNITS)
9.1 Key trends
9.2 Residential
9.2.1 Single-family homes
9.2.2 Multi-family homes
9.3 Commercial
9.3.1 Offices
9.3.2 Retail stores
9.3.3 Hotels and hospitality
9.3.4 Others (Educational Institutes, Etc)
9.4 Industrial
9.4.1 Factories
9.4.2 Warehouses
9.4.3 Others (Data centers, etc)
CHAPTER 10 MARKET ESTIMATES & FORECAST, BY DISTRIBUTION CHANNEL, 2021-2032 (USD BILLION) (MILLION UNITS)
10.1 Key trends
10.2 Online
10.3 Offline
CHAPTER 11 MARKET ESTIMATES & FORECAST, BY REGION, 2021-2032 (USD BILLION) (MILLION UNITS)
11.1 Key trends
11.2 North America
11.2.1 U.S.
11.2.2 Canada
11.3 Europe
11.3.1 UK
11.3.2 Germany
11.3.3 France
11.3.4 Italy
11.3.5 Spain
11.3.6 Rest of Europe
11.4 Asia Pacific
11.4.1 China
11.4.2 India
11.4.3 Japan
11.4.4 South Korea
11.4.5 Indonesia
11.4.6 Malaysia
11.4.7 Rest of Asia Pacific
11.5 Latin America
11.5.1 Brazil
11.5.2 Mexico
11.5.3 Rest of Latin America
11.6 MEA
11.6.1 South Africa
11.6.2 Saudi Arabia
11.6.3 UAE
11.6.4 Rest of MEA
CHAPTER 12 COMPANY PROFILES
12.1 Carrier Global Corporation
12.2 Daikin Industries Ltd.
12.3 Fujitsu General Ltd.
12.4 Gree Electric Appliances Inc.
12.5 Hitachi, Ltd.
12.6 Johnson Controls International plc
12.7 Lennox International Inc.
12.8 LG Electronics Inc.
12.9 Midea Group
12.10 Mitsubishi Electric Corporation
12.11 Panasonic Corporation
12.12 Samsung Electronics Co., Ltd.
12.13 Toshiba Carrier Corporation
12.14 Trane Technologies plc
12.15 York International Corporation
CHAPTER 1 METHODOLOGY & SCOPE
1.1 Market scope & definitions
1.2 Research design
1.2.1 Research approach
1.2.2 Data collection methods
1.3 Base estimates & calculations
1.3.1 Base year calculation
1.3.2 Key trends for market estimation
1.4 Forecast model
1.4.1 Primary research and validation
1.4.2 Primary sources
1.4.3 Data mining sources
CHAPTER 2 EXECUTIVE SUMMARY
2.1 Industry 360° synopsis, 2021-2032
CHAPTER 3 INDUSTRY INSIGHTS
3.1 Industry ecosystem analysis
3.1.1 Factors affecting the value chain
3.1.2 Profit margin analysis
3.1.3 Disruptions
3.1.4 Future outlook
3.1.5 Manufacturers
3.1.6 Distributors
3.1.7 Retailers
3.2 Key news & initiatives
3.3 Regulatory landscape
3.4 Impact forces
3.4.1 Growth drivers
3.4.1.1 Growing demand for residential comfort
3.4.1.2 Technological advancements
3.4.2 Industry pitfalls & challenges
3.4.2.1 High initial costs
3.5 Growth potential analysis
3.6 Porter’s analysis
3.7 PESTEL analysis
CHAPTER 4 COMPETITIVE LANDSCAPE, 2023
4.1 Introduction
4.2 Company market share analysis
4.3 Competitive positioning matrix
4.4 Strategic outlook matrix
CHAPTER 5 MARKET ESTIMATES & FORECAST, BY PRODUCT TYPE, 2021-2032 (USD BILLION) (MILLION UNITS)
5.1 Key trends
5.2 Wall-Mounted Multi-Split systems
5.3 Ceiling Cassette Multi-Split systems
5.4 Floor Standing Multi-Split systems
5.5 Concealed Duct Multi-Split systems
5.6 Others (Universal Outdoor Units, Etc)
CHAPTER 6 MARKET ESTIMATES & FORECAST, BY NUMBER OF INDOOR UNITS, 2021-2032 (USD BILLION) (MILLION UNITS)
6.1 Key trends
6.2 2 Indoor unit
6.3 3 Indoor unit
6.4 4 Indoor unit
6.5 5 Indoor unit
6.6 6 Indoor unit
6.7 Above 6 Indoor unit
CHAPTER 7 MARKET ESTIMATES & FORECAST, BY CAPACITY, 2021-2032 (USD BILLION) (MILLION UNITS)
7.1 Key trends
7.2 Less than 2 Tons
7.3 2 to 5 Tons
7.4 Above 5 Tons
CHAPTER 8 MARKET ESTIMATES & FORECAST, BY PRICE RANGE, 2021-2032 (USD BILLION) (MILLION UNITS)
8.1 Key trends
8.2 Low
8.3 Medium
8.4 High
CHAPTER 9 MARKET ESTIMATES & FORECAST, BY END-USE, 2021-2032 (USD BILLION) (MILLION UNITS)
9.1 Key trends
9.2 Residential
9.2.1 Single-family homes
9.2.2 Multi-family homes
9.3 Commercial
9.3.1 Offices
9.3.2 Retail stores
9.3.3 Hotels and hospitality
9.3.4 Others (Educational Institutes, Etc)
9.4 Industrial
9.4.1 Factories
9.4.2 Warehouses
9.4.3 Others (Data centers, etc)
CHAPTER 10 MARKET ESTIMATES & FORECAST, BY DISTRIBUTION CHANNEL, 2021-2032 (USD BILLION) (MILLION UNITS)
10.1 Key trends
10.2 Online
10.3 Offline
CHAPTER 11 MARKET ESTIMATES & FORECAST, BY REGION, 2021-2032 (USD BILLION) (MILLION UNITS)
11.1 Key trends
11.2 North America
11.2.1 U.S.
11.2.2 Canada
11.3 Europe
11.3.1 UK
11.3.2 Germany
11.3.3 France
11.3.4 Italy
11.3.5 Spain
11.3.6 Rest of Europe
11.4 Asia Pacific
11.4.1 China
11.4.2 India
11.4.3 Japan
11.4.4 South Korea
11.4.5 Indonesia
11.4.6 Malaysia
11.4.7 Rest of Asia Pacific
11.5 Latin America
11.5.1 Brazil
11.5.2 Mexico
11.5.3 Rest of Latin America
11.6 MEA
11.6.1 South Africa
11.6.2 Saudi Arabia
11.6.3 UAE
11.6.4 Rest of MEA
CHAPTER 12 COMPANY PROFILES
12.1 Carrier Global Corporation
12.2 Daikin Industries Ltd.
12.3 Fujitsu General Ltd.
12.4 Gree Electric Appliances Inc.
12.5 Hitachi, Ltd.
12.6 Johnson Controls International plc
12.7 Lennox International Inc.
12.8 LG Electronics Inc.
12.9 Midea Group
12.10 Mitsubishi Electric Corporation
12.11 Panasonic Corporation
12.12 Samsung Electronics Co., Ltd.
12.13 Toshiba Carrier Corporation
12.14 Trane Technologies plc
12.15 York International Corporation
