According to a report by FMI, the USA Air Cooler Market is projected to witness a robust compound annual growth rate (CAGR) of approximately 8.4% during the forecast period. The market growth is attributed to the introduction of the latest generation of wall-mounted air coolers by manufacturers in the country.
The innovative wall-mounted air coolers come equipped with a 15-liter storage tank and eliminate the need for an external unit, unlike split air conditioners. With a power consumption of just 250 watts per hour, they are significantly energy-efficient, consuming only one-tenth of the energy consumed by a split AC, while effectively cooling an area of 100 square feet.
Traditionally, air coolers have occupied substantial floor space, but wall-mounted air coolers are designed to mimic the appearance of split AC units. These coolers require no floor space, employ automatic water refill technology, and can be easily hung on the wall. Not only do they add aesthetic appeal to any home, but they also offer versatile usage in various interior settings.
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Overview for the Growing Air Coolers Market
The global air coolers market is expected to reach US$ 5.4 Billion by 2032 from a valuation of US$ 1.8 Billion in 2022. The market is anticipated to witness exponential growth from 2022 to 2032 by exhibiting 11.6% CAGR.
Air coolers are considered to be a widespread and classic cooling products. They are mainly used in the home segment, commercial kitchens, and warehouses. As a result, the residential segment is expected to see significant demand for air coolers, particularly tower air coolers, throughout the projected period.
However, other types of air coolers are also projected to find continuous demand in the market as they may be put on walls and hence, take up less space. Further, air coolers have reasonable prices, which makes them the best choice in household and small-scale companies.
Installation of air coolers in data centers is a developing trend in the air cooler industry, and the expanding disposable income is expected to contribute considerably to increasing air cooler demand in 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 about the ecological advantages of using renewable resources are likely to encourage their usage in place of traditional air cooler systems.
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Key Takeaways from the Air Coolers Market Study
- Top air coolers manufacturers across the globe generated nearly 12%-15% of the global market share in 2021.
- During the historical period (2017-2021), the global air coolers market registered around 8% CAGR.
- China air coolers market is projected to develop at a CAGR of roughly 8% over the estimated time period.
- Based on application, the residential category witnessed a CAGR of almost 1% from 2017 to 2021.
- The U.S. air coolers market is estimated to develop at a CAGR of roughly 4% in the next ten years.
“To keep up with high consumer demand for air coolers, manufacturers are developing new technological products in a variety of categories. Introduction of energy-efficient, invertor air coolers and awareness about CFCs are propelling the air coolers market,” says an FMI analyst.
Competition Landscape: Air Coolers Market
Key players in the global market want to develop internationally by entering specialty areas via mergers & acquisitions and joint ventures. Symphony, for example, bought Munters Keruilai Air Treatment Equipment Co., Ltd. to extend its presence in China.
Manufacturers are also concentrating on boosting their research & development (R&D) expenditure for product innovation and manufacturing smaller, streamlined, and fashionable air coolers. Furthermore, producers are ensuring that their products are efficient enough for huge rooms, as well as an exterior environment.
Major players present in the air coolers 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.
Get More Valuable Insights into Air Coolers Market
Future Market Insights, in its new offering, provides an unbiased analysis of the air coolers market, presenting historical demand data (2017-2021) and forecast statistics for the period from 2022-2032.
The study divulges compelling insights on the air coolers market by product type (dessert coolers, tower cooler, and others), by application (residential & commercial), by sales channel (wholesalers/distributors, hypermarkets/supermarket, multi-brand store, independent small stores, departmental stores, online retailers, other sales channel), and region.
