New York, NY -- (ReleaseWire) -- 03/09/2020 --According to a new market report published by Industry Probe (www.industryprobe.com) titled 'Portable Air Conditioner Market (Type: Standard and Smart; Capacity: Up to 5000 BTU, 5001-10,000 BTU, 10,001-20,000 BTU, Above 20,001 BTU; End-use: Residential, Commercial, Industrial; Distribution Channel: Online, and Offline (Hypermarkets/Supermarkets, Specialty Stores, Brand Stores)) – Global Industry Dynamics 2018-19, Trends and Forecast, 2020–2027', the global portable air conditioner market was valued at US$ 5.76 Bn in 2018 and is expected to expand at a CAGR of 2.8% from 2019 to 2027.
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The report from Industry Probe anticipates that growing population, rapid urbanization, rise in expenditure on household appliances, and increasing attentiveness about indoor health and hygiene will boost the global portable air conditioner market in the near future. In terms of regional perspective, North America held a prominent share in the global portable air conditioner market in 2018 followed by Asia Pacific and Europe. Asia Pacific region is predicted to be a major upcoming market for portable air conditioners during the forecast period. Rise in disposable income and improvement of lifestyles, diverse weather conditions, and hotter summers are some of the factors responsible for the demand for portable air conditioners in developing countries.
Rising Building Construction Activities to Drive the Market
Industy Probe report states that the portable air conditioners for residential applications are anticipated to grow at a good growth rate during the forecast period due to indoor air quality concerns. Also, rising building construction activities and need for spot cooling are some of the factors driving the growth of the market. Economic growth and integration of technology is leading to a rise in demand for integrated systems and smart access controls. Residential segment has the highest demand for portable air conditioners due to its features such as easy installation, easy maintenance, and the most important feature of being portable and moved from one room to another. Expansion of the portable air conditioner market in emerging economies due to rise in income and changing consumer preference toward e-commerce are boosting the growth of the portable air conditioner market.
Portable Air Conditioners with Technologically Advanced Features to Lead the Market
The report has segmented the global portable AC market on the basis of type, capacity, end-use, distribution channel and region. In terms of type, standard portable air conditioners are mostly preferred by residential as well as commercial users due to their convenience and cost-effectiveness. Portable air conditioners having capacity of 5001-10,000 BTU accounted for major market share of 46% in 2018. Use of air conditioners and cooling systems is increasing in developed as well as developing countries and increasing sale of portable air conditioners with technologically advanced features is expected to drive the demand for portable air conditioners in the coming years.
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In terms of application, residential segment acquired major market share of approximately 52% in 2018. The segment is further anticipated to expand at a CAGR of 4.2% during the forecast period. In terms of distribution channel, the online distribution channel is expected to be the most attractive segment during the forecast period due to the inclination toward online shopping. In terms of region, North America holds a major share of the global portable air conditioner market, followed by Asia Pacific. In most cities of the U.S., houses have become old and electronic products are getting replaced. This provides opportunities for portable AC manufacturers to tap this market in the coming years.
The portable air conditioner market is dominated by several players who are focused on the development of new
products to cater to the rising and shifting consumer preferences.
The report includes the below mentioned pointers of major players operating in the portable air conditioner market:
o Competition Matrix
o Company Overview
o Product Profiling
o Market Share Analysis (2018)
o Product Innovation
o Product Comparison Analysis
o Business Strategies / Recent Developments
o Technological advancements
o Key mergers and acquisitions
o Expansion strategies
o Company Financials
Some of the major players operating in the portable AC market are included in this report to give a better competitive analysis of the market and these include Daikin Industries Ltd, De' Longhi Appliances S.r.l., Electrolux AB, Haier, Inc., Panasonic Corporation, Sharp Corporation, LG Electronics Inc., Blue Star, Whirlpool Corporation, and Honeywell International Inc.
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