According to Market Research Store, the global portable air cooler market is anticipated to reach the total valuation of USD 1.65 Billion at a CAGR of 6.1% during the forecast period, 2019-2024.
Increasing per capita disposable income encourages customers in developing nations to buy cooling appliances, spurring the demand for portable air coolers. Portable air coolers are widely used by consumers in living spaces. Tower, window, and room air coolers are primarily designed for residential use. Diverse types of portable air coolers available in the market for individual customer applications affect the global portable air cooler market. growing customer preference for online shopping and technological advancements in the e-commerce industry has provided momentum to the portable air cooler market.
Through advertising media and e-commerce platforms, market participants are constantly striving to increase their customers' brand awareness, which should further stimulate the growth of the portable air cooler market in the region. The climate in the region escalates the demand for air cooling systems, which should stimulate the regional growth of the portable air coolers during the evaluation period.
Also Read : https://www.marketwatch.com/press-release/portable-air-cooler-market-global-covid-19-outbreak-and-industry-size-is-projected-to-register-a-significant-growth-rate-of-61-from-2020-to-2024-2020-08-25
The global portable air cooler market has been segmented on the basis of category, end-user, and distribution channel.
Based on the category, the global portable air cooler market is classified into semi-automatic and automatic. The semi-automatic segment is forecasted to lead the global portable air cooler market during the evaluation period. Its affordability and easy to operate as in contrast to automatic coolers are some of the factors expected to lead to the growth of the segment. The development of automatic portable air coolers with weather monitoring and the remote-control features is driving the momentum of the global portable air cooler market.
On the basis of end-user, the global Portable Air Cooler Market Size is diversified into commercial and residential. The residential segment is predicted to take over the leading position in the global portable air cooler market with a higher CAGR. The commercial segment is anticipated to show a significant growth trend throughout the forecast period.
The global portable air cooler market is widely bifurcated on the basis of distribution channels into store-based and non-store-based. The specialty stores, supermarkets, and hypermarkets and others are the subsegments of store-based distribution. The store-based distribution segment is predicted to lead the global market by creating the highest revenue due to high brand value created and strong distribution networks in the market players.
Region-wise, the Asia Pacific is anticipated to lead the global portable air cooler market. The expected growth is attributed to shifting preference to air coolers that are portable over air conditioning devices that expensive and complex to handle. A growing manufacturer base in the region dedicated to air coolers is predicted to boost the growth of the portable air cooler market in the Asia Pacific market. Portable air coolers are affordable and efficient to use and are highly demanded by customers. This factor is likely to affect the regional portable air cooler market during the forecast period. Product innovation by market players focused on remote-controlled air-cooled and weather monitoring, as well as the continued growth of retail trade, further stimulate growth in the regional market.
Other regional markets such as the Americas and Europe are expected to show sluggish growth owing to extreme weather conditions and high preference for high-power air-conditioning systems with heating facilities.
Moreover, the Middle East and Africa are expected to create lucrative growth opportunities for the portable air cooler manufacturers due to extreme hot weather conditions and lack of infrastructure for power generation in some regions.
Industry giants are aggressively focusing on new strategies to stay competitive in the race to acquire market dominance. Some of the global leaders in the portable air cooler market include Olimpia Splendid S.p.A., Symphony Limited., LG Electronics Inc., Orient Electric, The Whirlpool Corporation, Carrier Corporation, Honeywell International Inc., Bajaj Electricals Ltd, WHYNTER LLC, Panasonic Corporation, Electrolux AB, and De'Longhi S.p.A, and Usha International Ltd.
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