The two-, three-, and four-channel mapping multiplexing technique (MMT) is demonstrated to increase the data capacity of multilevel intensity-modulated transmission formats to 2, 3, and 4 bits/symbol with a substantial reduction in power penalty. This paper outlines the $N$-channel MMT design metric consideration influence on the performance enhancement of higher order amplitude modulated systems in terms of power penalty, receiver sensitivity, and spectral efficiency. The signal space model has been developed for $N$-channel MMT, where the average electrical and optical power expressions are derived. Transmission of 2, 3, and 4 bits/symbol using MMT system shows better performance in terms of the average optical power penalty, in comparison with pulse amplitude modulation (M-PAM) formats, with respect to the information capacity. The proposed scheme can be considered as an alternative to M-PAM systems with enhanced power efficiency.