Air Cooler Market Outlook 2031
The global air cooler market size was valued at USD 1.48 billion in 2022 and is expected to reach USD 3.64 billion by 2031 The market is projected to expand at a CAGR of 10.5% during the forecast period, 2023 – 2031. The growth of the market is attributed to efficient cooling, affordability, usage in outdoor space, product innovation, and less power consumption as compared to air conditioners (ACs).
Air coolers function through the evaporation process. Air coolers do not use any harmful cooling agents such as HCFC and CFC that are used in ACs to cool the room, thus making it an eco-friendly option. It uses a simple air stirring technique that absorbs fresh air from the surroundings, and passes through wet cooling swabs that absorb the heat from the air and do not make it dry like ACs.
Air Cooler Market Trends, Drivers, Restraints, and Opportunities:
- Rising demand for low power-consuming, energy-efficient, and ecofriendly products is fueling the demand for air coolers.
- High energy consumption by ACs is changing the consumers preference towards air coolers.
- Consumers are unwilling to purchase air coolers, as they occupy space and do not match with the interiors of the house. This hampers the market growth.
- Air coolers cost 80% - 85% less than AC, thus makes it adaptable and affordable for the middle-class population all over the world.
- Air coolers are not suitable to be used in coastal and humid areas, which hinder the market growth.
- Advanced cooling pads such as honeycomb, also called as cellulose pads are reducing the maintenance cost and raising the cooling ability.
- Technological advancements are driving the market in emerging countries.
Scope of The Air Cooler Market Report:
The report on the global air coolers market includes an assessment of the market, trends, segments, and regional markets. Overview and dynamics have also been included in the report.
Attributes
|
Details
|
Report Title
|
Air Coolers Market - Global Industry Analysis, Growth, Share, Size, Trends, and Forecast
|
Base Year
|
2022
|
Historic Data
|
2016–2021
|
Forecast Period
|
2023–2031
|
Segmentation
|
Types (Desert, Tower, and Others), Applications (Commercial and Residential), and Regions
|
Regional Scope
|
Asia Pacific, North America, Latin America, Europe, and Middle East & Africa
|
Report Coverage
|
Company Share, Market Analysis and Size, Competitive Landscape, Growth Factors, and Trends, and Revenue Forecast
|
Key Players Covered
|
Bajaj Electricals Limited, Symphony Limited, Havels India Limited, Aolan (Fujian) Industry Co., Ltd., Honeywell International Inc., Seeley International Pty Ltd., Luma Comfort, Fujian Jinghui Environmental Technology Co., Ltd., AirGroup, and De’Longhi Appliances S.r.l.
|
Air Cooler Market Segment Insights:
The tower segment held a key market share in 2018
Based on types, the global air coolers market is segregated as tower, Desert, and others. The tower segment is anticipated to expand at a rapid CAGR during the forecast period, due to its compact size and stylish design. Consumers are attracted towards tower air coolers, as they are cost-effective and easily movable. Tower air coolers are compatible in humid as well as dry air, thus consumers prefer tower air coolers. A tower air cooler consumes less power, has a small water tank, and is inexpensive in nature. These coolers are compatible with inverters.
Desert and other air coolers such as window, personal, and mini air coolers are estimated to register substantial growth during the forecast period. These coolers need to be kept outside the room to sustain its cooling capacity. If they are kept inside the room, its cooling capacity is affected. High consumption of electricity by Desert air coolers as compared to tower coolers is expected to hinder the market growth of this segment.
The residential segment held a key market share of around 87.9% in 2018
On the basis of applications, the global air coolers market is bifurcated as commercial and residential. The residential segment is projected to show rapid growth during the forecast period. Increasing temperature and rising disposal income of the middle class people is anticipated to drive the market in the residential segment. Increasing income of rural population is raising the demand for air coolers, as they consume less power and are economical.
Product demand is rising in the commercial segment, due to its use in open air functions, where ACs cannot be fitted. These products are eco-friendly, as they do not cause any harm to the environment. Retailers and grocery stores have started showing interest in purchasing air coolers, owing to rising temperatures.
Market in Asia Pacific held more than 60% share of total revenue in 2018
In terms of regions, the global air coolers market is classified as Asia Pacific, North America, Latin America, Europe, and Middle East & Africa. The market in Asia Pacific is estimated to expand at a robust CAGR during the forecast period, due to rising temperature and climate change in the region. Demand is fueled by acceptance of air coolers in residential as well as commercial sections, due to changing preference towards cool working environment and availability of cost-effective products.
India held a major market share, due to large number of middle-class population in the country. The markets in South America, Africa, and Middle East regions are expected to grow at a rapid pace during the forecast period, owing to hot and dry climate. Air coolers are economical and eco-friendly in nature, thus driving the demand.
Segments
The global air coolers market has been segmented on the basis of
Types
Applications
Regions
- Asia Pacific
- North America
- Latin America
- Europe
- Middle East & Africa
Key Players
- Bajaj Electricals Limited
- Symphony Limited
- Havels India Limited
- Aolan (Fujian) Industry Co., Ltd.
- Honeywell International Inc.
- Seeley International Pty Ltd.
- Luma Comfort
- Fujian Jinghui Environmental Technology Co., Ltd.
- AirGroup
- De’Longhi Appliances S.r.l.
Competitive Landscape
Key players in the global air coolers market include Bajaj Electricals Limited, Symphony Limited, Havels India Limited, Aolan (Fujian) Industry Co., Ltd., Honeywell International Inc., Seeley International Pty Ltd., Luma Comfort, Fujian Jinghui Environmental Technology Co., Ltd., AirGroup, and De’Longhi Appliances S.r.l. Manufacturers are focusing on advancement in technology through mergers and acquisitions.