Global Portable HVAC Equipment Market 2024-2031

Global Portable HVAC Equipment Market 2024-2031

Portable HVAC Equipment Market Size, Share & Trends Analysis Report by Distribution Channel (Hypermarkets and Supermarkets, Specialty Stores, Departmental Stores, and Online), by Product Type (Portable Fans, Portable Heaters, and Portable Air Conditioners), and by End-User (Residential, Commercial, and Industrial) Forecast Period (2024-2031)

Portable HVAC equipment market is anticipated to grow at a CAGR of 5.1% during the forecast period (2024-2031). Portable HVAC equipment includes portable heating, ventilation, and air conditioning equipment such as a fan, heater, and air conditioner. Portable HVAC equipment is widely used in residential and commercial places owing to its several advantages such as being easy to clean, and it is easy to move from one place to another place.

Market Dynamics

Incorporation of IoT and Product Innovations

Sales of heating, ventilation, and air conditioning (HVAC) systems are rapidly increasing as the global average temperature rises. Additionally, as urbanization increases in various nations, there is a rising need for adequate heating and ventilation systems, particularly among those who live in apartment buildings. The government's requirements for replacing outdated HVAC systems and developing the construction industry are two critical drivers of HVAC system sales. The increased energy demand from HVAC systems is a factor in rising electricity rates, so the HVAC industry is trying to make their products more energy efficient and give consumers the tools they need to monitor their energy use. A smart thermostat, an Internet of Things (IoT) device that gathers valid HVAC data and customizes it to a building's specific HVAC requirements, is one way to efficiently monitor electricity usage and create a more energy-efficient HVAC system.

Higher Demand for Energy-Efficient Devices

The global HVAC equipment market is projected to grow owing to the increasing demand for energy-efficient solutions and systems. The energy-efficient HVAC systems are designed to consume less energy as compared to traditional counterparts but provide the same or improved level of performance in terms of maintaining indoor room temperature and quality of air. They make use of advanced tools, such as variable speed motors, smart controls, and high-efficiency compressors to achieve a better rate of energy savings. High-efficiency air conditioners are one of the most commonly used HVAC equipment along with heat pumps and smart thermostats. Heat pumps use integrated mechanisms to cool or heat a setting using only a single tool. These are known to achieve excellent levels of efficiency when used with geothermal technology.

Market Segmentation

Our in-depth analysis of the global portable HVAC equipment market includes the following segments by distribution channel, product type, and end-users:

Based on distribution channel, the market is segmented into hypermarkets and supermarkets, specialty stores, departmental stores, online, and retail.

Based on product type, the market is segmented into portable fans, portable heaters, and portable air conditioners.

Based on end-users, the market is segmented into residential, commercial, and industrial.

Portable Fans is Projected to Emerge as the Largest Segment

Based on its wide usability & popularity among consumers portable fans are highly purchased by consumers. The easy availability of different portable fans to suit customer needs is further aiding the growth of this market segment. The portable fans segment includes desk fans, tower fans, pedestal fans, and others. With the increasing number of corporate offices and households, consumers are inclined towards portable fans which are easy to clean and move from one place to another place which is expected to propel the portable fans demand.

Commercial Sub-segment to Hold a Considerable Market Share

Hotels, restaurants, businesses, hospitals, commercial complexes, and offices make up the commercial component of the portable HVAC equipment market. The market's leading competitors are continuously changing how the business sector must meet its requirements by updating and improving current portable HVAC equipment. As a result, numerous product introductions have recently been made, particularly for the commercial market.

Regional Outlook

The global portable HVAC equipment market is further segmented based on geography including North America (the US, and Canada), Europe (UK, Italy, Spain, Germany, France, and the Rest of Europe), Asia-Pacific (India, China, Japan, South Korea, and Rest of Asia-Pacific), and the Rest of the World (the Middle East & Africa, and Latin America).

Asia-Pacific to Exhibit the Highest CAGR

Factors such as a growing population, rising urbanization, an increasing number of product launches targeting both rural and urban markets, along increasing dual-income families are major contributors to the regional growth. In addition to this, countries like Japan, India, and China are home to some of the largest manufacturing units across the globe and hence are in constant need of air ventilation for temperature control systems. Furthermore, the growing interest of Western companies to target the unexplored segment of Asian countries could lead to more growth.

North America Holds Major Market Share

North America holds a significant share of the portable HVAC equipment market in 2023. The demand for new and cutting-edge consumer electronics items is expected to increase due to the growing popularity of energy-efficient major household appliances as a result of the lowering energy consumption rate. The rising demand for energy-efficient devices drives the market for portable HVAC equipment in North America. The growing awareness of ENERGY STAR-certified products is augmenting the growth in the US. Furthermore, the regional market is estimated to witness substantial growth owing to the need to replace the traditional with smart connected portable HVAC equipment.

The major companies serving the global portable HVAC equipment market include Daikin Industries Ltd., Haier Group, Johnson Controls., Carrier Corp., and Lennox International Inc., among others. The market players are increasingly focusing on business expansion and product development by applying strategies such as collaborations, mergers and acquisitions among others to stay competitive in the market. For instance, in January 2023, Daikin Comfort Technologies North America, Inc., took over Williams Distributing, Co., a distribution powerhouse for heating, ventilation, and air conditioning (HVAC) equipment. Through this acquisition, Daikin would be able to strengthen its position in the Great Lakes region with the help of Williams's professional team members, focused customer service, and vast locations. Moreover, this acquisition would lead to another important step on the way to making Daikin the Prime indoor comfort solutions provider in North America.