The global air coolers market is expected to reach USD 2.5 billion by end of 2025 with a CAGR of 10.8%, according to a new report published by Million insights. Growing demand for energy-efficient, eco-friendly, and less power consuming products, with effective cooling, are projected to augment the market growth in the forthcoming years. Furthermore, the air coolers has various advantages as compared to the air conditioner, such as cost-effectiveness, portability, low power consumption, and ease of deployment, which are expected to boost the product demand during the forecast period from 2019 to 2025. The manufacturers are continuously developing products with enhanced features such as multi-stage air purification, high-performance cooling pads, anti-bacterial tanks, and automated touch control panels. Thus, projected to boost the product demand over the forecast period.
Air coolers are compact, require less maintenance cost, and can be installed anywhere. Furthermore, with the increasing number of distribution channels such as e-commerce, specialty, supermarket and convenience stores, product availability is likely to become easier, which, in turn, is expected to boost product demand over the forecast period. In addition, increasing technical advancements of products such as remote control settings, low noise, high cooling efficiency, and easy maneuverability are expected to boost the growth of air cooler market in the forthcoming years. Moreover, innovative cooling pads such as Honeycomb minimizes the maintenance costs and increases cooling efficiency. These types of advancements are expected to propel the market growth in the upcoming years.
The manufacturers are continuously increasing their investment in product development and launching a variety of innovative products. For instance, CK Birla Group has launched an inverter air cooler in March 2020, which is embedded with electronic commutated motor (ECM) technology and reduce 50% of electricity cost. Additionally, companies are also introducing smart air coolers, which are embedded with IoT and Wi-Fi technology. Thereby, anticipated to boost the market growth in the upcoming years. Furthermore, the growing number of marketing campaigns and advertisements activities are expected to increase the product awareness among the customers, which, in turn, anticipated to augment the market growth during the forecast period, 2019 to 2025.
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Further key findings from the report suggest:
• The residential segment has captured more than 85.0% of the air cooler market revenue share in 2018.
• The tower segment held the largest market revenue share in 2018 and anticipated to see the fastest growth during the forecast period, 2019 to 2025.
• The commercial segment is anticipated to see the fastest growth over the forecast period, 2019 to 2025, owing to product innovation and rising applications in gyms, restaurants and cafeterias.
• Asia Pacific has captured more than 55% of the revenue share in 2018, owing to rising temperature, high availability of products, continuous product innovation and the strong presence of domestic manufacturers.
Million Insights has segmented the global air coolers market on the basis of type, application, and region:
Air Coolers Type Outlook (Revenue, USD Million, 2015 - 2025)
Air Coolers Application Outlook (Revenue, USD Million, 2015 - 2025)
Air Coolers Regional Outlook (Revenue, USD Million, 2015 - 2025)
• North America
• Asia Pacific
• Central & South America
• Middle East & Africa