Portable Air Cooler Market Unveiling Trends and Growth in the A Forecast from 2023 to 2030"
Global Portable Air Cooler Market Overview:
The Portable Air Cooler Market is poised for substantial growth, with a projected development rate of 6.45% from 2020 to 2030, aiming to achieve a market worth of USD 1.90 billion by the end of 2030. The market is characterized by various types of portable air coolers, and the consumer demand for these coolers is heavily influenced by product features, properties, and appearance. Market players are actively diversifying their product offerings, providing a spectrum of portable air coolers with different designs and cooling capacities, thereby offering consumers a wide array of options to align with their specific needs. This diversity in product offerings is expected to propel the global portable air cooler market's growth.
The global portable air cooler market is anticipated to experience a substantial growth rate of 6.1% from 2019 to 2024, reaching a market value of USD 1.65 Billion by the end of 2024. The demand for various types of portable air coolers, coupled with the proliferation of air-cooling devices, presents lucrative opportunities for market players, fostering a climate of continuous product innovation.
The segmentation of the global portable air cooler market is based on category, end user, and distribution channel. In terms of category, the market distinguishes between automatic and semi-automatic portable air coolers. The semi-automatic segment is expected to dominate the market during the forecast period due to its affordability and ease of operation. However, the automatic segment is projected to register a higher Compound Annual Growth Rate (CAGR) as consumers increasingly favor features such as remote control and weather monitoring. The growth of the automatic segment is further fueled by the rising per capita disposable income in developing countries.
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The end-user segmentation comprises residential and commercial segments. The residential segment is expected to dominate the market and witness a higher CAGR, given the widespread use of portable air coolers in residential spaces. Various types of portable air coolers designed specifically for residential use, such as tower coolers, window coolers, and room coolers, contribute to the segment's dominance. The commercial segment is expected to grow significantly, particularly in places like hotels, restaurants, and hospitals, where larger air coolers with higher cooling capacities are utilized.
The distribution channel segmentation includes store-based (supermarkets, hypermarkets, specialty stores) and non-store-based (e-commerce platforms). Store-based channels are poised to dominate the market, generating the highest revenue due to strong distribution networks and established brand value. However, the non-store-based segment is expected to register a higher CAGR, driven by technological advancements in e-commerce and the growing preference for online shopping among consumers.
Recent industry developments include Carrier Corporation's opening of a new technology development center in Haryana, India, aimed at developing innovative heating, ventilating, and air conditioning (HVAC) products. This reflects a commitment to technological advancement and energy efficiency in the portable air cooler industry.
Regionally, the Asia-Pacific portable air cooler market is anticipated to lead the global market during the forecast period. The affordability and efficiency of air coolers compared to air conditioning devices make them popular in the region. Market players actively promote their brands through advertising media and e-commerce platforms, contributing to increased awareness and driving market growth.
The Rest of the World (RoW) portable air cooler market is expected to witness the fastest growth from 2019 to 2024. The hot and dry climate in this region fuels a high demand for air cooling systems, and continuous product innovation, especially those with remote control systems, contributes to the regional market's rapid growth.
Key players portable air cooler market include LG Electronics Inc., Olimpia Splendid S.p.A., Electrolux AB, Havells India Ltd., De'Longhi S.p.A, Carrier Corporation, Honeywell International Inc., The Whirlpool Corporation, Symphony Limited, NewAir, Bajaj Electricals Ltd, Usha International Ltd, WHYNTER LLC, Panasonic Corporation, and Orient Electric. These players are crucial in shaping the market landscape through their innovation, product offerings, and strategic initiatives.
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