The portable air conditioners is expected to reach US$1.1 Bn in 2022, likely to surge at a vigorous 2.9% CAGR during the assessment period.
In the modern world, technological improvements are now essential. Given that most governments have passed legislation aimed at preserving the environment, it is crucial to innovate environmentally friendly products. Customers are also conscious of the value of using energy-efficient items.
Because they use less energy, portable air conditioners are environmentally friendly goods. Portable air conditioners are the main application for dual-hose and single-hose ventilation systems.
Compared to window or split air conditioning systems, portable air conditioners are quieter. In addition to cooling the air, some portable air conditioners also function as dehumidifiers. This feature is increasing demand for these products in the market.
Because disposable income is rising and portable air conditioners are becoming more accessible, demand for them is rising. The use of portable air conditioners is increasing due to the flexibility of air conditioning systems and the demand for environmentally friendly and energy-efficient devices.
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Key Takeaways from the Portable air conditioner Market Study
- According to study, portable air conditioners between 11,000 and 15,000 BTUs will experience the fastest growth rate with a CAGR of more than 3.6%. Because they are lightweight, energy-efficient, and effective for the intended area of use, portable air conditioners with the aforementioned BTUs are in high demand and seeing increases in sales.
- Due to people’s desire to work from various locations and the consequent need for items that are readily transportable and can be moved for a reasonable price, the residential sector is particularly lucrative for the portable air conditioner industry.
Customers in multi-brand stores have access to a wide assortment of products, allowing them to customise their buying to satisfy their demands. But because of their anticipated quick rise, online stores - Customers can choose from a wide range of products at multi-brand stores, allowing them to customise their purchases to their specific needs. However, due to a number of factors, including the availability of numerous seasonal discounts and offers, online shops are anticipated to experience rapid development. Furthermore, these platforms give customers a special exchange policy, and in exchange, the new goods is given away cheaply.
Impact of COVID-19 on the Market
The COVID-19 epidemic had a significant impact on companies around the world and temporarily halted manufacturing and human movement. Additionally, the lack of international trade had altered how things worked, leading people to adopt novel and unconventional survival strategies.
In the last months of 2020, lockdown laws were loosened in a number of nations, which increased the demand for portable air conditioners. Additionally, sustained growth was produced by the resumption of international trade as well as the relaunch of e-commerce websites. Additionally, the demand for new spaces with high-quality facilities had increased as a result of the healthcare industry, which also contributed to the rise in demand for portable air conditioners.
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Who is winning?
Leading portable air conditioner producers are making investments in technology developments and promoting them internationally to increase sales of portable air conditioners.
De’Longhi S.p.A., Electrolux AB, LG Electronics Inc., Midea Group, Olimpia Splendid, Haier Group Corporation, Honeywell International Inc., Carrier Corporation, The Whirlpool Corporation, NewAir, Whynter, Gree Electric Appliances Inc., Panasonic Corporation, Frigidaire, and Friedrich are a few of the major companies operating in the portable air conditioner market.
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