(MENAFN- GetNews) Portable Air Cooler Market Size, Share Research Report: by Category (Automatic and Semi-Automatic), End User (Residential and Commercial), Distribution Channel (Store-Based [Supermarkets and Hypermarkets, Specialty Stores and others] and Non-Store-Based) and Region (North America, Europe, Asia-Pacific and Rest of the World) Global Industry Forecast till 2024
Market Highlights
The Global Portable Air Cooler Market Size is projected to register a significant growth rate of 6.1% from 2019 to 2024 to reach a market value of USD 1.65 Billion by the end of 2024. The demand for different types of portable air coolers and other air-cooling devices are offering lucrative business opportunities to the market players, encouraging product innovation. There are different types of portable air coolers available in the market. The demand for portable air coolers relies on the preference of customers which are based on product features, properties, and appearance. Market players are offering a variety of portable air coolers with different designs and cooling capacity which provides customers a range of options to choose from as per their needs. These factors are expected to boost the growth of the global portable air cooler market.
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Industry Segmentation:
The global portable air cooler market has been segmented based on category, end user, and distribution channel.
Based on category, the global portable air cooler market has been segmented into automatic and semi-automatic. The semi-automatic segment is expected to dominate the global portable air cooler market during the forecast period. Semi-automatic portable air coolers are affordable and easy to operate as compared to automatic ones which is expected to lead to the growth of the segment. Additionally, semi-automatic portable air coolers are used by most of the customers, and these coolers are widely available in stores; this assists the growth of semi-automatic portable air cooler segment. However, the automatic segment is expected to register the higher CAGR during the forecast period. The popularity of automatic portable air cooler equipped with remote control and weather monitoring feature is increasing among the customers, which is driving the growth of the automatic portable air cooler segment. Increasing per capita disposable income is encouraging the customers of the developing countries to purchase automatic air coolers, thereby boosting the growth of automatic portable air cooler segment.
Based on end user, the GlobalPortable Air Cooler Markethas been segmented into residential and commercial. The residential segment is expected to dominate the global portable air cooler market and register the higher CAGR during the assessment period. Portable air coolers are widely used in by consumers in residential spaces. Tower coolers, window coolers, and room coolers are mainly designed for residential uses. Different types of portable air coolers available in the market for residential uses of customers are influencing the market for portable air cooler globally. The commercial segment is expected to witness significant growth during the assessment period. In most of the commercial places, there is a popularity of split air conditioners, ductless mini-split systems and the central air conditioner. But in some commercial places such as hotels, some restaurants, and hospitals still air coolers are in use, particularly designed for commercial uses. These coolers are bigger in size and have more cooling capacity.
Based on distribution channel, the global portable air cooler market has been divided into store-based and non-store-based. The store-based segment has been further segmented into supermarkets and hypermarkets, specialty stores, and others. This segment is expected to dominate the global market by generating the highest revenue owing to strong distribution networks and high brand value created by the market players. The non-store-based segment is expected to register the higher CAGR during the assessment period owing to technological advancements across the e-commerce industry and growing customer preference for online shopping.
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Latest Industry Updates
October 2018: Carrier Corporation opened a new technology development center, in Haryana, India. The new energy-efficient facility features a state-of-the-art laboratory and testing facility to aid the development of Carrier's heating, ventilating and air conditioning (HVAC) products and serving as an engineering hub in the region. Through this development center, Carrier Corporation is expected to channelize its resources to develop innovative products using the latest technologies and deliver better products to meet the region's demand for high energy-efficiency.
Regional Analysis
The global portable air cooler market has been segmented, by region, into North America, Europe, Asia-Pacific, and the rest of the world.
The Asia-Pacific portable air cooler market is expected to dominate the global portable air cooler market during the forecast period. As compared to air conditioning devices, air coolers are affordable and efficient to use by most of the customers in the region. This factor is likely to influence the regional portable air cooler market during the forecast period. Through advertising media and e-commerce platforms, market players are continuously trying to create brand awareness among customers, which is further expected to drive the growth of portable air cooler market in the region.
The portable air cooler market in RoW is projected to grow at the fastest rate from 2019 to 2024. Due to the hot and dry climate, there is a high demand for air cooling systems in this region, which is expecting to boost the regional growth of portable air cooler during the forecast period. Product innovation by market players with a focus on air coolers with remote control system and continuous growth in retail sector is further boosting the regional market growth.
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Leading Key Players
Some of the key players in the global portable air cooler market are LG Electronics Inc. (South Korea), Olimpia Splendid S.p.A. (Italy), Electrolux AB (Sweden), Havells India Ltd. (India), De'Longhi S.p.A (Italy), Carrier Corporation (US), Honeywell International Inc. (US), The Whirlpool Corporation (US), Symphony Limited. (India), NewAir (US), Bajaj Electricals Ltd (India), Usha International Ltd (India), WHYNTER LLC (Canada), Panasonic Corporation (Japan), Orient Electric (India).
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