Heated Jacket Market in Good Shape in 2019;COVID-19 to Affect Future Growth Trajectory
The heated jacket market is projected to grow at a massive CAGR of 16.8% during the forecast period (2019-2029). A significant increase in consumer demand for recreational winter sports, and military, industrial, and construction equipment in cold regions are essential factors driving the sales of heated jackets. Key players are also targeting online sales platforms, in a bid to increase product availability and to widen their consumer base. Incentives of discounts and affordable product options from multiple brands will continue to boost growth of heated jacket market, reveals Future Market Insights (FMI).
"The 7 - 20 volt heated jacket segment is expected to widen at a high CAGR, driven by superior capabilities for faster heating than other types of heated jackets," says the FMI analyst.
Heated Jacket Market - Key Takeaways
- The 5 - 7-volt heated jacket segment will remain a leading product in the market, driven by the demand from consumers interested in outdoor winter sports.
- The 7 - 20-volt segment will display a higher CAGR, on the basis of heating capability.
- The men's heated jacket segment will account for a large market share, in terms of consumer demographic.
- North America will hold a leading position in the global market share, while East Asia will display high growth opportunities.
Heated Jacket Market - Key Driving Factors
- Water and wind resistance innovations in modern heated jackets is a major growth driver.
- Innovative promotional activities and marketing campaigns remain major growth influencers.
- Rising consumer participation in biking, rock climbing, skiing, and hiking activities supports overall market growth.
- Emergence of new players in developing countries is also a driver for global market growth.
Heated Jacket Market - Key Constraint
- The need for portable power sources such as detachable power banks are essential to recharge heated jackets, which remains a key challenge for users, limiting adoption rates.
Anticipated Market Impact by Coronavirus Outbreak
In the present scenario, the covid-19 outbreak is expected to result in a downturn in the heated jackets market. Affected countries such as India, China, and the United States will be some of the key victims of the rising pandemic, owing to the dependence of stakeholders on the disrupted supply chain.
As people are increasingly forced to stay a large portion of their days indoors, owing to the quarantine the demand for heated jackets is expected to remain sluggish in the near future. However, the long-term outlook of the market remains positive as manufacturers push to set up business continuity plans. The heightened scope of application among civilians will sustain avenues of revenue through the forecast period.
Competition Landscape
Key players in the heated jacket market are Ravean, Milwaukee Electric Tool Corporation, PROsmart Heated Clothing Company, Kelvin Coats, Redder, Ororo, Xiaomi Corporation, DEWALT, Pau1hami1ton, H2C Brands, Knap Energy Heated Jacket, Venture Heated Clothing Company, Climix Heated Jackets Company, Robert Bosch Tool Corporation, Fieldsheer Company, Heated Wear Gerbing Gyde Company, Comfortwear International Inc., Dragon Heatwear Company, Adirpro, and Outcool. Majority of these players are investing in research and development activities to develop comfortable, low weight, and high-power product offerings. Moreover, substantial lucrative opportunities in the industry are expected to arise with collaborations with regional vendors and innovations in marketing strategy.
More About the Report
The FMI's market research report of 300 pages offers comprehensive insights on heated jacket market. The market is analyzed on the basis of end user (men and women), power type (below 5 volt, 5-7 volt, and 7-20 volt), size (small, medium, large, XL, and 2 XL), application (leisure, industrial/construction, DIY, and others) and sales channel (wholesalers/distributors, hypermarkets/supermarkets, multi-brand stores, exclusive stores, independent small stores, online retailers, and others) across seven key regions (North America, Latin America, Europe, East Asia, South Asia, Oceania, and MEA).
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About Future Market Insights (FMI)
Future Market Insights (FMI) is a leading provider of market intelligence and consulting services, serving clients in over 150 countries. FMI is headquartered in London, the global financial capital, and has delivery centers in the U.S. and India. FMI's latest market research reports and industry analysis help businesses navigate challenges and take critical decisions with confidence and clarity amidst breakneck competition.
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