NEWARK, Del, Oct. 02, 2023 (GLOBE NEWSWIRE) -- The portable air conditioner market is likely to hold a valuation of US$ 1,589.84 million by 2033. As of 2023, the market value is US$ 1,171.6 million. As the average global temperature rises, the portable air conditioner market is expected to grow by 3.1% from 2023 to 2033.
According to an ongoing temperature analysis led by scientists at NASA’s Goddard Institute for Space Studies (GISS), the average global temperature on Earth has increased by at least 1.1° Celsius per decade since 1975. This has led to a surge in demand for personalized cooling appliances in areas along the coastlines and near the equator in recent years. These countries have also experienced heat waves that last up to six months, thus making portable air conditioners a necessary home appliance.
The presence of densely packed settlements, enclosed apartment spaces, and little to no vegetation has further amplified the effects of global warming in urban areas. Portable air conditioners are suitable for spaces like this as they save space and effectively cool small apartments and rooms. A lot of young professionals and city dwellers also prefer portable air conditioners because they are more cost-effective than traditional cooling solutions like central ACs and evaporators.
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Historically, the portable air conditioner market has been experiencing steady growth in recent years. The pandemic meant more people staying and working from their homes, which resulted in the rise of portable air conditioner sales. The market from 2017 to 2022 grew at a growth rate of 2.9% CAGR, generating a global revenue of US$ 1139.3 million in 2022.
The Asia Pacific region is the most affected by changing climatic conditions due to its proximity to the equator. The region has the most diverse topography, which includes deserts and arid regions in China, India, and Australia. Summer monsoons and prolonged heat waves are the main reasons for the market expansion of portable air conditioners in recent years.
“Technological integration of ACs with smart home setups like Amazon Alexa and Google Home will be a game-changing move for the portable air conditioner brands in the times to come," – Opines Sneha Verghese, Senior Consultant for Consumer Goods and Products at Future Market Insights (FMI).
Key Takeaways from the Portable Air Conditioner Market
- China may record a substantial share of 26.0% in the global portable air conditioner market, followed by the United States, Japan, and India.
- The Asia Pacific region showcases a 43.6% share of the global portable air conditioner market.
- Portable air conditioners find applications primarily for residential purposes. By end use, the residential segment dominates the market, holding a share of 82.6%.
- Portable air conditioners with a capacity of 16,000 to 20,000 BTUs are the most preferred choice of homeowners, with a global market share of 19%.
- With ongoing technological innovations, there is an influx of market opportunities for smart home appliances to integrate with portable air conditioners.
Competitive Landscape:
Continuous investments in technology for winter and summer air coolers that can be economical and easily transportable are fueling the market. Personalized air conditioners with low manufacturing and maintenance costs are gaining traction in the coastal regions.
In this industry, several market layers use methods to evaluate energy performance with HPHX devices for different climate zones.
Key Companies in the Portable Air Conditioner Market
- LG Electronics
- Haier Group
- Danby Appliances
- Honeywell International
- De'Longhi
- Whynter
- Frigidaire (Electrolux)
- Black+Decker
- EdgeStar
- Soleus Air
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Recent Developments in the Portable Air Conditioner Market
- Sensibo's primary product, called 'Sensibo Air, is a device designed to enhance traditional air conditioning systems by transforming them into smart systems. This is achieved by gathering extensive data, understanding user preferences, and identifying energy-saving possibilities.
- In June 2023, British Columbia, a province in Canada, allocated US$ 10 million to BC Hydro, a publicly owned utility company. This funding aimed to distribute portable air conditioners to communities that face the threat of severe heat waves.
Global Portable Air Conditioner Industry by Category
By Capacity:
- 5,000 to 10,000 BTUs
- 11,000 to 15,000 BTUs
- 16,000 to 20,000 BTUs
- 20,000 and above BTUs
By End Use:
- Residential
- Commercial
By Sales Channel:
- Wholesalers/ Distributors
- Hypermarket/Supermarkets
- Specialty Stores
- Multi-brand Stores
- Online Retailers
- Other Sales Channel
By Region:
- North America
- Latin America
- Europe
- Asia Pacific
- The Middle East and Africa
Author
Sneha Varghese (Senior Consultant, Consumer Products & Goods) has 6+ years of experience in the market research and consulting industry. She has worked on 200+ research assignments pertaining to Consumer Retail Goods.
Her work is primarily focused on facilitating strategic decisions, planning and managing cross-functional business operations, technology projects, and driving successful implementations. She has helped create insightful, relevant analysis of Food & Beverage market reports and studies that include consumer market, retail, and manufacturer research perspective. She has also been involved in several bulletins in food magazines and journals.
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USA & Canada Portable Air Conditioner Market Size: The USA & Canada portable air conditioner market is estimated to top nearly US$ 231.2 million in 2022 and is projected to reach US$ 319.7 million by 2032 at a CAGR of 3.3% from 2017 to 2021.
Desert Air Cooler Market Share: The desert air cooler market is likely to record a CAGR of 10.2% during the forecast period. As per FMI analysis, the market is anticipated to hold a share of US$ 1.47 billion in 2023 while it is expected to cross a value of US$ 3.90 billion by 2033.
Air Coolers Market Trends: The air coolers market is expected to be worth US$ 1.8 Billion in 2022 and reach US$ 5.4 Billion by 2032, exhibiting a CAGR of 11.6% from 2022 to 2032. Top air cooler manufacturers across the globe generated nearly 12% to 15% of their share in the global market.
Air Purifier Market Demand: The global air purifier market is anticipated at US$ 11.5 Billion in 2021. The sector is gaining pace as companies provide technologically improved air purifiers with various wireless technologies. Thereby, garnering US$26.0 Billion in 2032, recording a CAGR of 7.8% from 2022-2032.
Back Bar Coolers Market Analysis: The back bar coolers market size is estimated to expand to a valuation of US$ 5.7 billion in 2023 and is projected to exhibit a compound annual growth rate (CAGR) of 5.2% from 2023 to 2033 and reach US$ 11.02 billion in 2033.
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