Portable Air Conditioners - Market Share Analysis, Industry Trends & Statistics, Growth Forecasts 2020 - 2029

Portable Air Conditioners - Market Share Analysis, Industry Trends & Statistics, Growth Forecasts 2020 - 2029

The portable air conditioners market has generated a revenue of over USD 1.12 billion in the current year and is anticipated to register a CAGR of more than 4% for the forecast period.

Key Highlights

• The growth of the portable air conditioners market was primarily due to rapid urbanization, increased discretionary household expenditure, and technological advances leading to the introduction of more smart energy-efficient variants. Other factors driving the adoption of portable air conditioners include mobility, easy/flexible installation, and affordability as compared to other equivalents. There is growing demand for eco-friendly and energy-efficient portable air conditioners. The portable air conditioners are widely used in the regions of Asia-Pacific over others.
• During the initial stage of COVID-19, due to supply chain disruptions, the market has experienced losses due to stoppage in manufacturing and distribution services. Later, due to lockdowns and work-from-home culture, the demand for cooling systems has risen. Post-COVID, the market is experiencing gradual growth according to seasonal demand fluctuations.
• Consumer spending has observed a significant rise over the past two years. This creates an opportunity for portable Air Conditional players to expand their market share with advertisements and campaigns to occupy a share of increasing consumer spending.

Portable Air Conditioners Market Trends

Urbanization is Driving the Market

• Urbanization has been rapid over the years across the world. People shift from rural to urban areas due to the availability of resources and career growth. The people located in urban areas often shift their lifestyle preferences due to their work holic life.
• With the increase in urban populations, the demand for cooling systems is growing at a higher rate. High temperatures in urban areas are another demanding factor for portable air conditioners. Portable air conditioners are vital solutions for apartment dwellers who are not provided with building cooling systems.

Commercial Sector is Dominating the Market

• Supermarkets/hypermarkets, residential buildings, and commercial complexes are using portable air conditioners. Because of urbanization, the commercial building segment is growing rapidly, which is expected to increase demand for portable ACs during the forecast period.
• Portable air conditioners are mostly used for an attic, small disconnected rooms, and home offices. The growing number of restaurants is the main reason behind commercial segment dominance in the Portable Air Conditioners market.
• The mid to small-range companies, complexes, and public places are the main users of this standing type of air conditioner. Asia-Pacific is the dominant player in the usage of portable air conditioners in commercial places.

Portable Air Conditioners Industry Overview

The portable air conditioners market is fragmented, with many players with a large number of global players, which makes it quite difficult for small players to extract a share of economies of scale existing in the market. Despite this, with technologically innovative products and increasing online sales rising portable air conditioner market offers space to small players as well. The report covers major players operating in the Portable Air Conditioners market. Some of the major players in the Portable Air Conditioners market include LG Electronics, Haier, Daikin, Electrolux, and Panasonic, among others.

Additional Benefits:

• The market estimate (ME) sheet in Excel format
• 3 months of analyst support