Porland,OR, Feb. 01, 2023 (GLOBE NEWSWIRE) -- According to the report published by Allied Market Research, the global Portable HVAC Equipment market size was valued at $3.5 billion in 2021 and is expected to reach $5.5 billion by 2031, expanding at a 5% CAGR from 2022 to 2031. The report examines changing market dynamics, major segments, the value chain, the competitive scenario, and the regional landscape. This research provides valuable guidance to market leaders, investors, shareholders, and startups in developing strategies for long-term growth and gaining a competitive advantage.
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Report coverage & details:
| Report Coverage | Details |
| Forecast Period | 2022–2031 |
| Base Year | 2021 |
| Market Size in 2021 | $3.5 billion |
| Market Size in 2031 | $5.5 billion |
| CAGR | 5.0% |
| No. of Pages in Report | 400 |
| Segments covered | Product Type, End-user, Distribution Channel, and Region. |
| Drivers | The rise in industrial applications of the portable air conditioner The emergence of HCFC alternatives to influence manufacturing strategies The rise in popularity of smart and Wi-Fi-enabled portable HVAC |
| Opportunities | Rise in demand for portable devices |
| Restraints | Rise in energy consumption and increase in electricity prices |
Covid-19 Scenario:
- The COVID-19 pandemic outbreak positively impacted the global Portable HVAC Equipment market's growth. The increase in the purchase of portable fans and ACs during the summer months of the pandemic led to an increase in the market size.
- During the pandemic, the availability of portable HVAC equipment with limited capability through online channels boosted the market to an extent. Furthermore, increased demand during the summer months in the lockdown for portable fans and ACs helped the market grow during the pandemic.
The research provides detailed segmentation of the global Portable HVAC Equipment market based on product type, end-user, distribution channel, and region. The report uses tables and figures to discuss segments and their sub-segments in depth. Market participants and investors can strategize based on the report's top revenue-generating and fastest-growing segments.
The portable fans segment accounted for more than 60% of the global Portable HVAC Equipment market share and is expected to maintain its leadership position during the forecast period. However, the portable heaters segment is expected to grow at the fastest rate of 5.5% between 2022 and 2031.
Residential end users accounted for the largest share in 2021, accounting for more than 75% of the global Portable HVAC Equipment market and is expected to maintain its revenue lead during the forecast period. However, the commercial segment is expected to grow the fastest between 2022 and 2031.
Based on distribution channels, the hypermarkets and supermarkets segment led the market in 2021, accounting for 31.7% of the portable HVAC equipment market share, and is expected to maintain this position throughout the forecast period. The online retail segment is expected to grow at the fastest CAGR of 5.9% during the forecast period.
In terms of region, North America held the largest share in 2021, accounting for more than 30% of the global portable HVAC equipment market, and is expected to maintain its dominance in 2031. Furthermore, the Asia-Pacific region is expected to exhibit the fastest CAGR of 6.0% during the forecast period. The study also looks at regions such as Europe and Latin America.
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Leading market players of the global Portable HVAC Equipment market analyzed in the research include LG Electronics Inc., Blue Star Limited, AB Electrolux, Orient Electric Limited, Dyson Limited, Haier Group Corporation, Hitachi, Ltd, Emerson Electric Co., Carrier, Panasonic Corporation, Daikin Industries, Ltd., Crompton Greaves Consumer Electricals Limited, Honeywell International Inc., O2COOL, LLC, Midea Group Co., Ltd.
The report delves deeply into these key players in the global Portable HVAC Equipment market. These players have used various strategies such as new product launches, collaborations, expansion, joint ventures, agreements, and others to increase their market share and maintain dominant positions in multiple regions. The report highlights business performance, operating segments, product portfolio, and market players' strategic moves to demonstrate the competitive scenario.
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About Us:
Allied Market Research (AMR) is a full-service market research and business-consulting wing of Allied Analytics LLP based in Portland, Oregon. Allied Market Research provides global enterprises as well as medium and small businesses with unmatched quality of "Market Research Reports" and "Business Intelligence Solutions." AMR has a targeted view to provide business insights and consulting to assist its clients to make strategic business decisions and achieve sustainable growth in their respective market domain.
We are in professional corporate relations with various companies and this helps us in digging out market data that helps us generate accurate research data tables and confirms utmost accuracy in our market forecasting. Allied Market Research CEO Pawan Kumar is instrumental in inspiring and encouraging everyone associated with the company to maintain high quality of data and help clients in every way possible to achieve success. Each and every data presented in the reports published by us is extracted through primary interviews with top officials from leading companies of domain concerned. Our secondary data procurement methodology includes deep online and offline research and discussion with knowledgeable professionals and analysts in the industry.
