June 07, 2021
According to the business intelligence report titled ‘Global Portable Air Conditioner Market Size study, by Type (Small Room, Medium Room and Large Room), End-User (Residential and Commercial), Distribution Channel (Supermarket & Hypermarket, Specialty Store, Department Store and Others) and Regional Forecasts 2020-2027’, available with Market Study Report LLC, global portable air conditioner market was evaluated at USD 613.6 million in 2019 and is anticipated to reach USD 872.60 million by 2027, growing at an annual rate of 4.5% between 2020-2027.
Benefits like low power consumption and less noise generation, coupled with growing per capita income are key factors driving global portable air conditioner market growth. As per the data collected by World Bank, average per capita income across the world has risen from USD 11,385.553 in 2018 to 11,433.216 in 2019.
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For the unaware, portable air conditioners are light in weight and can be moved easily. They are mainly used in cities because of the convenience they offer.
Innovative product launches by manufacturers and companies will also facilitate industry expansion over the analysis timeframe. Citing an example, in 2018, Sony Group Corporation introduced a new portable air conditioner model ‘Reon Pocket’ which releases air through a small rear panel and can be worn on clothes.
While enhancement in standard of living and increasing adoption of smart home appliances will boost global portable air conditioner market growth, short lifespan of product and impracticality to be used in rooms, large halls, offices, or auditoriums are poised to hinder industry expansion.
Based on type, the industry is divided into small room, large room, and medium room. Speaking of end user spectrum, the market sphere is bifurcated into commercial and residential. Moving on to distribution channel, the industry is segregated into specialty store, supermarket & hypermarket, department store, and others.
Regionally speaking, Asia Pacific held majority of the worldwide portable air conditioner market share in the recent past due to hot climate, increasing adoption of electronic devices in households, and government initiatives. Furthermore, urbanization, enhancement in manufacturing infrastructure, and growing disposable income will accelerate product sales in Asia Pacific.
Key players profiled in global portable air conditioner market report are Electrolux AB, LG Electronics Inc., NewAir, Honeywell International Inc., De’Longhi S.p.A, Olimpia Splendid USA, Carrier Global Corporation, Midea Group, Whirlpool Corporation, and Haier Group Corporation.