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Air Coolers Products Market Size, Share, & Trends Analysis Report (2023 – 2030)
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Report Overview
The global air coolers products market was valued at USD 8.1 billion in 2022 and is projected to expand at a CAGR of 5.5% from 2023 to 2030. Air coolers are gaining popularity as an effective and economical cooling solution in residential and commercial spaces. The growing demand for energy-efficient cooling solutions, such as air coolers, is expected to drive the market growth during the forecast period. Air coolers are gaining traction due to their superior energy efficiency, cost-effectiveness, portability, and ease of use.
Furthermore, the rising temperature and lack of access to air conditioners are leading to an increase in the usage of air coolers in hot and humid climates, particularly in developing countries. In addition, the growing focus on energy conservation and the development of advanced cooling systems are boosting the demand for air coolers. Moreover, the introduction of innovative and efficient air coolers by market participants is expected to drive the market growth further. For instance, in March 2021, Symphony launched an air cooler with a cooling area of 40 square meters and a cooling capacity of up to 3.2 kW. The air cooler also features a dust filter and a water level indicator.
The rising demand for eco-friendly air coolers is expected to drive the market growth further. Manufacturers are launching eco-friendly air coolers to meet the growing demand from environmentally conscious consumers. For instance, in January 2021, Havells launched an air cooler with an energy-saving mode, inverter compatibility, and intelligent speed control. The air cooler is powered by an energy-efficient motor and a high-efficiency honeycomb pad. Moreover, the air cooler is equipped with a multi-stage air filter and a dust filter to reduce dust and bacteria.
The increasing demand for personal air coolers is also expected to drive the market growth. Personal air coolers are portable and can be easily moved from one room to another. Furthermore, the rising disposable income and changing lifestyle of consumers are expected to drive the demand for personal air coolers. For instance, in April 2021, Maharaja Whiteline launched a personal air cooler with a cooling area of up to 40 square meters. The air cooler also features a 3-speed fan, mosquito net, water level indicator, and dust filter.
Product Insights
The residential segment is estimated to account for the largest share of the market in 2022. The increasing demand for air coolers in residential applications is attributed to their low energy consumption and cost-effectiveness. Moreover, the increasing adoption of air coolers in residential applications due to the development of advanced and stylish air coolers is boosting the demand for air coolers. According to an article published by the BEE (Bureau of Energy Efficiency) in India, air coolers are 75% more energy efficient than air conditioners.
The commercial segment is projected to register the fastest CAGR of 8.2% during the forecast period. The growing demand for air coolers from commercial applications such as restaurants, hotels, and offices is driving the growth of the market. The rising trend of air coolers in commercial spaces is attributed to their cost-effectiveness and low energy consumption as compared to air conditioners. Furthermore, the increasing disposable income is also contributing to the growth of the market.
Distribution Channel Insights
The supermarkets and hypermarkets segment is anticipated to have the largest share of the air coolers product market in 2022. The growth of the segment is mainly attributed to the rising number of supermarkets & hypermarkets offering a wide range of cooling products. Moreover, these outlets provide customers with the convenience of touch and feel of the products before purchase. Besides, the increasing number of integrated shopping centers is likely to drive the growth of the segment.
The online segment is expected to expand at the highest CAGR of 19.2% during the forecast period. The growth of this segment can be attributed to the rising adoption of e-commerce platforms for air coolers product purchases. Moreover, the presence of online retailers, such as Amazon, Flipkart, and eBay, is anticipated to drive the growth of this segment. Additionally, the growing number of online shoppers, along with the increasing popularity of cash-on-delivery (COD) services, is projected to create a positive impact on the segment’s growth.
Type Insights
The personal air coolers segment accounted for the largest revenue share of 75.2% in the year 2022. This is attributed to the rise in the demand for personal air coolers in residential applications, owing to their low cost, portability, and energy efficiency. Moreover, the increasing demand for technologically advanced personal air coolers with features such as remote control, digital display, and timer function is driving the growth of the personal air coolers segment.
The commercial air coolers segment is anticipated to expand at the highest CAGR of 8.1% over the forecast period. This is attributed to the surge in the demand for air coolers in commercial applications such as offices, restaurants, and commercial complexes. The growing construction activities, coupled with the increasing disposable incomes of people and the changing lifestyle of people, are also boosting the demand for commercial air coolers. Manufacturers are introducing advanced commercial air coolers with features such as auto water-level indicator and auto-defrost functions. This is further driving the growth of the commercial air coolers segment.
Regional Insights
Asia Pacific is expected to dominate the market and is projected to account for the largest revenue share of over 34.2% by 2022. This is due to an increase in the demand for air coolers in countries such as India, China, and Japan. Rising temperatures due to global warming, along with a growing need for cost-effective cooling solutions, are some of the factors driving the growth of the air coolers market in this region. Furthermore, the presence of leading air cooler manufacturers in this region is further expected to contribute to the growth of the market.
North America is expected to be the second-largest market for air coolers and is projected to witness the highest CAGR of 5.9%. Rising demand for air coolers in the region is due to increasing awareness about the product and its benefits among consumers. Furthermore, the presence of prominent market players in this region, such as Whirlpool Corporation and Honeywell International Inc., is expected to contribute to the growth of the market.
Financial Projections
In this part of the Air Coolers Products business plan, we will provide a detailed breakdown of all income and expense categories of the business. These forecasts include cash flow projections and capital requirements for your Air Coolers Products business. Usually, these projections are drafted for a 5-year period.
Revenue Assumptions
The main source of revenues for an Air Coolers Products business comes from the sale of air coolers and related components. Here you will find a list with a description of each of them and other possible sources of profit such as after-sales service, installation and repair services, and the sale of replacement parts.
Projecting Expenses
In this section, all the regular expenses related to keeping the Air Coolers Products business running will be described. The list of operating expenses includes rent and utilities, wages, advertising, insurance policies, purchasing materials, and others.
Key companies & market share insights
Some of the key companies operating in the air coolers market are increasingly focusing on product launches and expansion of the distribution channel to gain prominent visibility among consumers. Some of the initiatives are:
– In May 2022, Symphony Limited launched the Symphony Xplorer air cooler, featuring an innovative air throw technology to provide cooler air at a faster rate.
– In June 2022, Bajaj Electricals launched the Bajaj Platini Torque Pro air cooler, featuring a powerful motor and an optimized air delivery system.
– In July 2022, Crompton Greaves Consumer Electricals launched the Crompton Ozone air cooler, featuring an advanced air purification system.
Some of the prominent players in the air coolers market include:
– Symphony Limited
– Bajaj Electricals
– Crompton Greaves Consumer Electricals
– Havells India Limited
– Usha International
– Voltas Limited
– Whirlpool Corporation
– Orient Electric Limited
– Maharaja Whiteline
– Kenstar
Global Air Coolers Market Segmentation
This report forecasts growth at global, regional, and country levels and provides an analysis of the latest industry trends in each of the sub-segments from 2017 to 2030. For this study, Grand View Research has segmented the global air coolers products market based on product, distribution channel, type, and region:
1. Product Outlook (Revenue, USD Million, 2017 – 2030)
– Personal Air Coolers
– Industrial Air Coolers
– Commercial Air Coolers
2. Distribution Channel Outlook (Revenue, USD Million, 2017 – 2030)
– Supermarkets & Hypermarkets
– Online
– Others
3. Type Outlook (Revenue, USD Million, 2017 – 2030)
– Portable Air Coolers
– Window Air Coolers
– Others
4. Regional Outlook (Revenue, USD Million, 2017 – 2030)
– North America
– Europe
– Asia Pacific
– Central & South America
– Middle East & Africa
Frequently Asked Questions
[Q]: What are the Factors Driving the Air Coolers Market?
[A]: Key factors driving the air coolers market are growing awareness about the environmental impact of air conditioners and rising disposable incomes in emerging countries. The increasing availability of efficient air coolers that operate with minimal energy consumption is expected to further drive market growth. Furthermore, the growing demand for air coolers from the commercial sector is expected to create a huge potential for market growth over the forecast period.
[Q]: Who are the Key Players in the Air Coolers Market?
[A]: Major players in the air coolers market include Symphony Ltd, Havells India Ltd, Crompton Greaves Consumer Electricals Ltd, Midea Group, NewAir, Sunpentown International Inc., Whynter LLC, and GREE Electric Appliances.
[Q]: What are the Different Types of Air Coolers?
[A]: The air coolers market is segmented into evaporative air coolers, room air coolers, and personal air coolers. Evaporative air coolers are the most popular type of air cooler and are commonly used in commercial and residential settings. Room air coolers are designed for smaller spaces, such as bedrooms and offices, and personal air coolers are designed for individual use.
[Q]: What is the Potential of Product Innovation?
[A]: Innovation in air coolers has been increasing in recent years, with manufacturers introducing new features and technologies to make air coolers more energy efficient and user friendly. Advanced features such as Wi-Fi connectivity and remote control are becoming more common in air coolers, allowing users to control their air cooler from a distance. In addition, the introduction of air coolers with built-in air purifiers is expected to create significant potential for innovation in the air coolers market.
Research Methodology
Impact Analytix employs a comprehensive and iterative research methodology focused on minimizing deviance in order to provide the most accurate estimates and forecasts possible. The company utilizes a combination of bottom-up and top-down approaches for segmenting and estimating quantitative aspects of the market. In Addition, a recurring theme prevalent across all our research reports is data triangulation which looks market from three different perspectives. Critical elements of the methodology employed for all our studies include:
Preliminary data mining
Raw market data is obtained and collated on a broad front. Data is continuously filtered to ensure that only validated and authenticated sources are considered. In addition, data is also mined from a host of reports in our repository, as well as a number of reputed paid databases. For a comprehensive understanding of the market, it is essential to understand the complete value chain and in order to facilitate this; we collect data from raw material suppliers, distributors as well as buyers.
Technical issues and trends are obtained from surveys, technical symposia, and trade journals. Technical data is also gathered from an intellectual property perspective, focusing on white space and freedom of movement. Industry dynamics with respect to drivers, restraints, and pricing trends are also gathered. As a result, the material developed contains a wide range of original data that is then further cross-validated and authenticated with published sources.
Statistical model
Our market estimates and forecasts are derived through simulation models. A unique model is created and customized for each study. Gathered information for market dynamics, technology landscape, application development, and pricing trends are fed into the model and analyzed simultaneously. These factors are studied on a comparative basis, and their impact over the forecast period is quantified with the help of correlation, regression, and time series analysis. Market forecasting is performed via a combination of economic tools, technological analysis, industry experience, and domain expertise.
Econometric models are generally used for short-term forecasting, while technological market models are used for long-term forecasting. These are based on an amalgamation of the technology landscape, regulatory frameworks, economic outlook, and business principles. A bottom-up approach to market estimation is preferred, with key regional markets analyzed as separate entities and integration of data to obtain global estimates. This is critical for a deep understanding of the industry as well as ensuring minimal errors. Some of the parameters considered for forecasting include:
Market drivers and restraints, along with their current and expected impact
Raw material scenario and supply v/s price trends
Regulatory scenario and expected developments
Current capacity and expected capacity additions up to 2030
We assign weights to these parameters and quantify their market impact using weighted average analysis, to derive an expected market growth rate.
Primary validation
This is the final step in estimating and forecasting our reports. Exhaustive primary interviews are conducted, face to face as well as over the phone to validate our findings and assumptions used to obtain them. Interviewees are approached from leading companies across the value chain including suppliers, technology providers, domain experts, and buyers so as to ensure a holistic and unbiased picture of the market. These interviews are conducted across the globe, with language barriers overcome with the aid of local staff and interpreters. Primary interviews not only help in data validation but also provide critical insights into the market, current business scenario, and future expectations and enhance the quality of our reports. All our estimates and forecast are verified through exhaustive primary research with Key Industry Participants (KIPs) which typically include:
Market-leading companies
Raw material suppliers
Product distributors
Buyers
The key objectives of primary research are as follows:
To validate our data in terms of accuracy and acceptability
To gain an insight into the current market and future expectations
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