Owing to using low power and therefore being environment friendly, portable air coolers will see demand growth. These air cooling systems make use of pads soaked in water to make the surroundings cool. With many variants available in the market, more options are available for consumers, fueling growth further.
The global portable air cooler market is, therefore, expected to register a steady CAGR (compound annual growth rate) in the period 2019 to 2027, reaching a significant market worth.
Besides, there is a notable improvement in the standard of living of people. It is creating demand for these coolers – tower type, desert type, and window type.
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Global Portable Air Cooler Market: Notable Developments
A slew of development is taking place in the portable air cooler space. Some of these are paving way for future growth and creating a more intense competitive landscape. One such development is mentioned below.
- 2019: Symphony launched India’s first commercial air cooler range that goes by the name of ‘Movicool’. This rugged range of portable air coolers can be used for large spaces – outdoor as well as indoor. At the same time, they do not use too much water or electricity in its functioning. The efficient use and superior cooling range makes it a perfect choice for banquet halls, farm houses, factories and so on. With no organized sector players in the commercial cooler space, Symphony is currently on its way to explore and develop a virgin market. The company aims to launch the range in the global portable air cooler sphere in mid-2020. Another consequence of Symphony’s ‘Movicool’ launch will be more players joining in the playfield.
The global portable air cooler market is fairly segmented and is marked by the presence of quite a few established market players. The most prominent ones are mentioned below:
Key Players:
- Olimpia Splendid S.p.A. (Italy)
- Electrolux AB (Sweden)
- LG Electronics Inc. (South Korea)
- Havells India Ltd. (India)
- Symphony Limited. (India)
- Orient Electric (India)
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Global Portable Air Cooler Market: Key Trends and Drivers
Drivers and trends in the global portable cooler market are many. To understand how the market is bound to progress, a couple of these are spelled out below:
- Due to a varied application landscape, the demand for portable air coolers is set to see an uptick. Currently used in hotels, hospitals, shops, restaurants, farmhouses and even residential spaces, the projections are all positive. To add to this, the constant improvement in products is leading to variants with features like remote control, weather monitoring system, etc. promoting further growth.
- Another major driver marking growth in the global portable air cooler market future is an observable change in lifestyle. With more people adopting outdoor activities for recreation, travel, etc, the demand in the market will see an upward rise. More people need portable coolers, especially ones that are insect repellent.
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Global Portable Air Cooler Market: Geographical Analysis
The Asia Pacific (APAC) region is predicted to hold a large slice of the global portable air cooler market growth in the period 2019 to 2027. One of the most crucial factors dominating this rise is the preference of consumers in this space for air cooler. It is primarily because since portable air coolers provide a cost-effective alternative to air conditioners. With incomes not enough to allow for an increase in demand for ACs, market tilts heavily toward coolers. Countries that would steer the global portable sir cooler market ahead are India, Japan and China.
On the hand, the rest of the world will experience a stellar compound annual growth rate in the period forecasted. It may be pertinent to make note of another region in terms of market growth. The African and Middle East market have a competitive landscape with multinational players flanking the market. The dry and hot climate is a major booster in demand generation. To contribute to the growth story are organized and retail stores.
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