NEWARK, Del, Jan. 09, 2023 (GLOBE NEWSWIRE) — According to Future Market Insights, the global air cooler market is expected to reach $5.4 Bn by 2032 based on a valuation of $1.8 Bn in 2022. The market is expected to grow exponentially from 2022 to 2032 by exhibiting 11.6% CAGR.
Air coolers are considered widespread and classic cooling products. They are mainly used in the domestic segment, commercial kitchens and warehouses. As a result, the residential segment is expected to witness significant demand for air coolers, especially tower air coolers, throughout the projected period.
However, other types of air coolers are also expected to find continued demand in the market, as they can be installed on walls and therefore take up less space. Moreover, air coolers have reasonable prices, making them the best choice for households and small businesses.
The installation of air coolers in data centers is a developing trend in the air cooler industry, and the increase in disposable income is expected to contribute significantly to the increase in demand for air coolers over the next ten years. Solar powered coolers are another rising trend in the air cooler market. The falling cost of solar modules and growing awareness of the environmental benefits of using renewable resources are likely to encourage their use in place of traditional air cooler systems.
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Key Findings from Air Cooler Market Research
- Leading air cooler manufacturers around the world generated nearly 12%-15% of the global market share in 2021.
- During the historical period (2017-2021), the global air cooler market recorded approximately 7.8% CAGR.
- The Chinese air cooler market is expected to grow at a CAGR of around 10.8% over the estimated period.
- Based on the application, the residential category saw a CAGR of nearly 6.1% from 2017 to 2021.
- The US air cooler market is estimated to grow at a CAGR of approximately 8.4% in the next ten years.
“To meet the strong consumer demand for air coolers, manufacturers are developing new technology products in various categories. Introduction of energy-efficient inverter air coolers and awareness of CFCs are propelling the air cooler market,” says IMF analyst.
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Competition Landscape: Air Cooler Market
Key players in the global market are keen to expand internationally by entering specialty areas through mergers and acquisitions and joint ventures. Symphony, for example, purchased Munters Keruilai Air Treatment Equipment Co., Ltd. to expand its presence in China.
Manufacturers are also focusing on increasing their research and development (R&D) spending for product innovation and manufacturing smaller, streamlined and fashionable air coolers. Additionally, producers ensure that their products are effective enough for huge rooms, as well as an outdoor environment.
The major players present in the air cooler market are Voltas Ltd., Bajaj Electricals Limited, Daikin Industries Ltd., Symphony Limited, Seeley International Pty Ltd., Havels India Limited, AirGroup, Honeywell International Inc., Intex Technologies, Aolan (Fujian) Industry. Co., Ltd., Haier Inc. and Luma Comfort, among others.
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1.1. Global Market Outlook
1.2. Demand Side Trends
1.3. Supply-side trends
1.4. Technology roadmap
1.5. Analysis and recommendations
2. Market Overview
2.1. Market Coverage / Taxonomy
2.2. Market Definition / Scope / Limits
3. Key Market Trends
3.1. Key trends impacting the market
3.1.1. Portfolio innovations and extensions leading to product premiumization
3.1.2. Increase the disposable income of the middle class population
3.1.3. Rising Global Warming Fuels Market Growth
3.2. Product Innovation / Development Trends
3.3. The Top 10 in 2022
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Gain more valuable insights into the Air Cooler Market
Future Market Insights, in its new offering, provides an unbiased analysis of the Air Cooler market, showcasing historical demand data (2017-2021) and forecast statistics for the period 2022-2032. The study discloses compelling insights into the Air Cooler Market by Product Type (Dessert Coolers, Tower Coolers and Others), by Application (Residential and Commercial), by Sales Channel (Wholesalers/Distributors, Hypermarkets/ supermarkets, multi-brand store, independent small stores, department stores, online retailers, other sales channels) and the region.
About Consumer Products Division at Future Market Insights
Future Market Insights’ consumer products team provides all the information and advisory analysis needed to meet the unique business intelligence needs of clients around the world. With a catalog of over 500 reports relating to the latest consumer products industry statistics and analysis, the team is happy to meet any business intelligence research and consulting requirements.
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