The air coolers market is anticipated to be valued at US$ 1.8 billion in 2022 and is projected to reach US$ 5.4 billion by 2032, demonstrating a compound annual growth rate (CAGR) of 11.6% from 2022 to 2032. Top air cooler manufacturers worldwide accounted for approximately 12% to 15% of the market share globally.
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.
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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.
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.
- Business Growth Drivers:
- Increasing Demand for Energy-Efficient Cooling Solutions: With growing environmental concerns and rising energy costs, consumers and businesses are seeking energy-efficient alternatives to traditional air conditioning systems. Air coolers offer a more eco-friendly and cost-effective cooling solution, thereby driving their demand.
- Urbanization and Population Growth: Rapid urbanization, especially in emerging economies, is leading to higher demand for cooling solutions in residential, commercial, and industrial sectors. Air coolers provide a convenient and affordable option for cooling in regions where access to electricity or central air conditioning is limited.
- Technological Advancements: Ongoing advancements in air cooler technology are enhancing their efficiency, performance, and user-friendliness. Features such as smart controls, improved air purification, and portable designs are expanding the appeal of air coolers to a wider consumer base.
- Changing Weather Patterns: Climate change is causing more frequent heatwaves and rising temperatures in various parts of the world. This has heightened the need for effective cooling solutions, positioning air coolers as a viable option, especially in regions experiencing hot and dry climates.
- Cost-Effectiveness: Compared to traditional air conditioning systems, air coolers are generally more affordable to purchase, install, and operate. The lower initial investment and reduced energy consumption make air coolers an attractive choice for budget-conscious consumers and businesses.
- Industry Restraints:
- Limited Cooling Capacity: While air coolers are effective in dry and arid climates, their cooling capacity may be limited in areas with high humidity levels. In regions with humid conditions, air coolers may not provide the desired cooling effect, leading to lower demand or the need for supplementary cooling solutions.
- Seasonal Demand Variations: The demand for air coolers is often seasonal, peaking during the hotter months and declining during cooler periods. This seasonality can pose challenges for manufacturers and retailers in terms of production planning, inventory management, and revenue generation throughout the year.
- Competition from Alternatives: Air coolers face competition from various alternative cooling technologies, including traditional air conditioners, evaporative coolers, and fans. The availability of different cooling options and consumer preferences based on factors such as cooling efficiency, convenience, and upfront costs can impact the market share of air coolers.
- Infrastructure Limitations: In some regions, inadequate infrastructure, such as unreliable electricity supply or lack of proper ventilation systems, may hinder the widespread adoption of air coolers. Without sufficient infrastructure support, the effectiveness and performance of air coolers may be compromised, limiting their market reach.
- Environmental Regulations: Evaporative air coolers consume water as part of their cooling process, which can raise concerns regarding water usage and environmental impact, particularly in water-scarce regions. Stringent regulations or policies related to water conservation and environmental sustainability could pose challenges to the expansion of the air cooler market.
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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
- Symphony Limited
- Bajaj Electricals Limited
- Havels India Limited
- Honeywell International Inc.
- Aolan (Fujian) Industry Co., Ltd.
- Luma Comfort
- AirGroup
- Seeley International Pty Ltd.
- Daikin Industries Ltd.
- Haier Inc.
- Intex Technologies
- Voltas Ltd.
- Others (as per request)
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.
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Air Coolers Market Outlook by Category
By Product Type:
- Dessert Coolers
- Tower Coolers
- 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
By Region:
- North America
- Latin America
- Europe
- South Asia
- East Asia
- Oceania
- Middle East & Africa
Author
Sneha Varghese (Senior Consultant, Consumer Products & Goods) has 6+ years of experience in the market research and consulting industry. She has worked on 200+ research assignments pertaining to Consumer Retail Goods.
Her work is primarily focused on facilitating strategic decisions, planning and managing cross-functional business operations, technology projects, and driving successful implementations. She has helped create insightful, relevant analysis of Food & Beverage market reports and studies that include consumer market, retail, and manufacturer research perspective. She has also been involved in several bulletins in food magazines and journals.
About Future Market Insights (FMI)
Future Market Insights, Inc. (ESOMAR certified, recipient of the Stevie Award, and a member of the Greater New York Chamber of Commerce) offers profound insights into the driving factors that are boosting demand in the market. FMI stands as the leading global provider of market intelligence, advisory services, consulting, and events for the Packaging, Food and Beverage, Consumer, Technology, Healthcare, Industrial, and Chemicals markets. With a vast team of ~400 analysts worldwide, FMI provides global, regional, and local expertise on diverse domains and industry trends across more than 110 countries.
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