Portable Air Conditioner Market to Grow at 2.9% CAGR by 2027
According to a recent report by Future Market Insights (FMI), the portable air conditioner market is expected to surpass a valuation of US$ ~1.1 Bn in 2021 and at a CAGR of approximately ~2.9% through 2027.
Technological advancements have become a necessity in today’s world. The innovation of environment-friendly products is essential, as the governments of most countries have introduced regulations pertaining to the conservation of the environment. Moreover, consumers are also aware of the importance of using energy-efficient products.
Portable air conditioners are environment-friendly products as they consume less energy. Dual-hose and single-hose ventilation systems are primarily used in portable air conditioners. Portable air conditioners make less noise as compared to the window or split air conditioning systems. Some portable air conditioners also act as dehumidifiers, which help in cooling as well as removing excess moisture from the air, and this feature is boosting their popularity in the market.
The demand for portable air conditioners is increasing due to growth in disposable income, which is making portable air conditioners affordable. The flexibility factor on the part of air conditioning systems and the demand for energy-efficient & environmental-friendly devices are boosting the usage of portable air conditioners.
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Key Takeaways from the Portable air conditioner Market Study
- As per analysis, 11,000-15,000 BTUs ranging from portable air conditioners are to witness maximum growth rate with a CAGR of over 3.6%. Portable air conditioners ranging within the mentioned BTUs are energy-efficient, lightweight, and are effective for the designed area of use, which is driving the demand and is growing in terms of sales.
- Residential sectors are highly lucrative for the portable air conditioner market majorly due to the fact that individuals are keen on working at different locations and thus, require products that are easily moveable and can be transported at a minimal cost.
- Multi-brand Stores offers customers a large variety of product range and thus, customers purchase according to their needs. However, online retailers are likely to witness a high growth rate because of various reasons such as the availability of various seasonal discounts and offers. Moreover, such platforms allow a customer with a unique exchange rule, and thus, in return, a huge discount is provided on the new product.
“Continuous innovation in the existing products, the addition of various in-built wireless features like Wi-Fi, Bluetooth and others in air conditioner have improved the user experience. Moreover, growing concerns regarding depletion of natural source of energy is creating such environment that manufacturers are keen to produce products that use less energy, therefore growing the portable air conditioner market,” says an FMI analyst.
Impact of COVID-19 on the Market
The COVID-19 pandemic had drastically affected industries worldwide and had put a temporary stop to the production, movement of individuals. In addition, the lack of trading between countries had changed the functioning and therefore, individuals adopted new and alternative methods to survive.
Several countries throughout the world relaxed lockdown regulations in the latter months of 2020, resulting in an increase in demand for portable air conditioners. In addition, the restart of trading between countries and the relaunch of e-commerce websites resulted in steady growth. And the healthcare sector had led to the rise in demand for new locations with well-equipped amenities and thus, demand for portable air conditioners had risen.
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Who is winning?
Leading manufacturers of portable air conditioners are investing in technological advancements and are advertising them globally to drive sales of portable air conditioners globally.
Major players present in the portable air conditioner market are De’Longhi S.p.A, Electrolux AB, LG Electronics Inc., Midea Group, Olimpia Splendid, Haier Group Corporation, Honeywell International Inc., Carrier Corporation, The Whirlpool Corporation, NewAir, Whynter, Gree Electric Appliances Inc., Panasonic Corporation, Frigidaire, and Friedrich among others.
Get More Valuable Insights
Future Market Insights, in its new offering, provides an unbiased analysis of the global portable air conditioner market, presenting historical demand data (2013-2027) and forecast statistics for the period from 2022-2027. The study divulges compelling insights on the portable air conditioner market based on the capacity (5,000-10,000 BTUs, 11,000-15,000 BTUs, 16,000-20,000 BTUs, 20,00 & Above BTUs), by end-use (residential & commercial), by sales channel (wholesalers/ distributors, hypermarkets/ supermarkets, specialty stores, multi-brand stores, online retailers, and other sales channel), across each of the seven major regions.
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Future Market Insights (FMI) is a leading provider of market intelligence and consulting services, serving clients in over 150 countries. FMI is headquartered in Dubai, and has delivery centers in the UK, U.S. and India. FMI’s latest market research reports and industry analysis help businesses navigate challenges and make critical decisions with confidence and clarity amidst breakneck competition. Our customized and syndicated market research reports deliver actionable insights that drive sustainable growth. A team of expert-led analysts at FMI continuously tracks emerging trends and events in a broad range of industries to ensure that our clients prepare for the evolving needs of their consumers.
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