The air coolers market is expected to be worth USD 1.8 Billion in 2022 and reach USD 5.4 Billion by 2032, exhibiting a CAGR of 11.6% from 2022 to 2032. Top air cooler manufacturers across the globe generated nearly 12% to 15% of their share in the global market.
Due to rising temperatures and severe climate change throughout the region, the Asia Pacific market had the largest share in 2021 and is expected to grow significantly from 2022 to 2032. Furthermore, increased urbanization, technological advancement, and a rising number of sales channels will increase product accessibility.
This is also anticipated to increase demand for air coolers in the next ten years. Moreover, the prominent presence of local enterprises, together with high product demand and a rising number of overseas competitors, is projected to accelerate growth.
In Japan, on the other hand, technological advancements and product improvements are likely to provide significant potential opportunities for the sector in the forecast period. Furthermore, manufacturers are likely to provide a wide range of products with features such as multistage air filtration, an anti-bacterial tank, rapid cooling pads, and a touch digital control panel. Driven by this, sales in Japan are projected to increase at an 11% CAGR between 2022 and 2032.
As per Future Market Insights (FMI), the ability of air coolers to cool economically and efficiently by utilizing less electricity is anticipated to drive sales across the globe in the next ten years. High demand for low-power-consumption, energy-efficient, and flexible technologies would also propel the global market.
Key companies across the globe are launching innovative products and introducing unique marketing campaigns to attract a large consumer base. For instance, in June 2022, Symphony Limited, a multinational electronics company based in India, introduced a digital campaign for creating awareness about the need to protect and conserve the earth.
The company wants to educate the masses about the importance of being mindful of the environmental side effects of their choices. It also aims to help people better understand how eco-friendly methods of cooling can lead to a positive transformation on the planet.
| Attributes | Key Insights |
|---|---|
| Estimated Air Coolers Market Size (2022E) | USD 1.8 Billion |
| Projected Market Valuation (2032F) | USD 5.4 Billion |
| Value-based CAGR (2022 to 2032) | 11.6% |
| Collective Value Share: Top Players (2021) | 12% to 15% |
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Demand for air coolers is set to surge at a steady 11.6% CAGR, in comparison with the 7.8% CAGR registered between 2017 and 2021. Rising demand for low energy consumption and eco-friendly cooling solutions is driving the global market. Air coolers do not utilize any hazardous cooling chemicals such as hydrochlorofluorocarbon (HCFC), chlorofluorocarbon (CFC), and other toxic coolants used in air conditioners to cool the surroundings, making them more sustainable.
As customers become increasingly cautious about the power use of ACs, they are growing more intrigued with air coolers. In comparison with ACs, they save between 80% to 85% of the energy bill, making them more affordable and energy efficient.
Consumers are reluctant to utilize air coolers because they require more space and do not complement the decor of the establishment. Many companies have recognized this issue, and are producing air coolers that are sleek and aesthetic.
Companies are making their products much more efficient than their existing ranges to enable them to be used in big areas. They also include wheels in air coolers for making them easy to handle.
Additionally, the simplicity of portability and installation of air coolers over AC is increasing their demand. Air coolers are 75% to 80% less expensive than ACs, making them more affordable among the world's growing middle-class population.
Electric Fan Coolers to Witness High Demand Amid Introduction of Remote Control Capabilities
Air coolers are ineffective in humid and coastal locations, which may hamper the global market. However, product innovation is driving growth in new areas. Technologically advanced products are progressively entering the market across both developing and developed nations.
Remote control capabilities for instant access to settings are appealing over traditional ones. Cooling pads that are innovative such as hexagonal structures also referred to as the cellulose cooling pad are cutting operational costs while increasing the overall cooling efficiency.
Green technology is becoming more popular in the cooling industry. Green technology is being increasingly utilized by manufacturers to develop environmentally friendly, sustainable air-cooling systems.
The Indian air cooler market, for instance, has expanded at a fast pace in the past decade as a result of the country's excellent economic performance, rising family income, and a favorable shift in air cooler consumer views. Demand for cooling solutions is increasing as temperatures rise. Air coolers are set to thus gain immense popularity in India, particularly among the middle-class population.
Principal Consultant
Sales of Portable Air Coolers to Surge in India as the Country Experiences Harsh Weather Conditions
During the historical period (2017 to 2021), the Indian air cooler market increased at an 8.8% CAGR. This growth was attributed to the country's harsh climatic conditions. Most parts of India experience long, hot summers that begin in April and can last until the beginning of October, with temperatures frequently topping 45° C.
Furthermore, the pricing, operating, and maintenance costs of air coolers are relatively low cost to those of air conditioners. This gives a low-cost, environmentally friendly cooling alternative to traditional air conditioning systems. Other factors propelling the air coolers market in India include expanding the power generation sector, technical developments, rising disposable income, and an improved distribution network, among others.
Cooling Products to Witness High Demand in China Amid Increasing Population
The growing demand for air coolers in China is due to the ever-increasing population and the need for good living conditions. The market is expected to develop at a CAGR of roughly 10.8% over the forecast period, finds FMI.
Nonetheless, one of the greatest challenges to the spread of solar air coolers is the lack of customer awareness. Consumers are ignorant of the existence and availability of these products. They are also unaware of the long-term economic savings and environmental advantages connected with the usage of solar air coolers over conventional air coolers. The highest demand for solar coolers is projected to originate from countries like China and India across the Asia Pacific due to favorable climatic conditions.
The emergence of Wall-mounted Air Coolers to Push Growth in the USA
During the projected period, the USA air coolers market is expected to develop at a CAGR of roughly 8.4%, says FMI. Air cooler manufacturers in the country have launched the latest generation of wall-mounted air coolers.
These air coolers include a 15-liter storage tank and do not require an outside unit like a split AC. A wall-mounted air cooler uses ten times less energy than a split AC, drawing only 250 watts per hour and covering an area of 100 square feet.
The bulk of air coolers takes up a significant amount of space on the ground. Wall-mounted air coolers are made to appear like split AC. These coolers require no floor space, utilize automatic water refill technology, and can be hung on the wall. This type of air cooler adds to the attractiveness of any home and may be utilized in any interior situation.
Demand for Personal Air Coolers to Grow Exponentially in the Residential Sector
By application, the residential coolers segment grew at a CAGR of almost 6.1% from 2017 to 2021. It is predicted to grow at the fastest rate during the forecast period. Increased temperatures and rising disposable income of the burgeoning middle-class population are expected to stimulate residential demand. A rising rural economy would further encourage the use of air coolers, which are less expensive and consume less energy, compared to air conditioners.
Product demand is also growing in the commercial sector owing to its usage in open-air events where air conditioning cannot be installed. Global warming generated by the usage of air conditioners that uses special coolants is also one of the grounds for the commercial sector's usage of air coolers. However, as commercial space is bigger, air ducts and central air coolers are utilized for cooling. Grocery and retail stores are set to be interested in employing air coolers because of the increasing heat.
Sales of Tower Air Coolers to Shoot up by 2032 with Availability of Cost-effective Models
In 2018, the tower air cooler category had the largest market share. Owing to their exquisite design and tiny size, the segment is anticipated to expand at the fastest CAGR of 11.7% throughout the forecast period.
Tower air coolers are mainly preferred by customers because they are mobile and budget-friendly. They are also ideal for both dry and humid air, making them a popular choice among clients. They have a small storage tank and require less power, making them eco-friendlier than air conditioners.
Dessert air coolers, in addition to other types of coolers, are expected to grow considerably throughout the projected period. Dessert coolers had the second-largest market share in 2018 due to their larger size and better cooling performance.
Booming Internet Penetration Worldwide to Push Sales of Mini Air Coolers through Online Retailers
The online retailer segment is predicted to see the highest growth rate during the forecast period, on the basis of distribution channels. Increasing usage of cell phones and rising internet penetration worldwide are expected to push sales of air coolers through e-commerce websites. The Internet has become a basic necessity in today’s life and the trend is expected to grow more as people are increasingly relying on online modes of business for its high convenience.
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Companies present in the global market for air coolers are focusing on strategic collaborations and partnerships to broaden their businesses and attract a large customer base. A few other companies are also focusing on research and development (R&D) activities to improve their offerings, as well as making technological advancements to compete with their rivals.
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| Attribute | Details |
|---|---|
| Estimated Market Size (2022) | USD 1.8 Billion |
| Projected Market Valuation (2032) | USD 5.4 Billion |
| Value-based CAGR (2022 to 2032) | 11.6% |
| Forecast Period | 2022 to 2032 |
| Historical Data Available for | 2017 to 2021 |
| Market Analysis | Value (USD Billion) |
| Key Regions Covered | North America; Latin America; Europe; South Asia; East Asia; Oceania; and the Middle East & Africa |
| Key Countries Covered | USA, Canada, Germany, United Kingdom, France, Italy, Spain, Russia, China, Japan, South Korea, India, Thailand, Malaysia, Indonesia, Australia, New Zealand, GCC Countries, Turkey, Northern Africa, and South Africa |
| Key Segments Covered | Product Type, Application, Sales Channel, and Region |
| Key Companies Profiled | 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) |
| Report Coverage | Market Forecast, Company Share Analysis, Competition Intelligence, Drivers, Restraints, Opportunities and Threats Analysis, Market Dynamics and Challenges, and Strategic Growth Initiatives |
The market size of air coolers is USD 1.8 billion as of 2022.
The market is expected to expand at a CAGR of 11.6% through 2033.
Surging need for tower coolers and provision of extended variety of air coolers.
Growing demand for electric fan coolers for its remote-control capabilities.
Haier Inc., Intex Technologies, and Voltas Ltd. are the leaders in the air coolers industry.
1. Executive Summary 2. Market Overview 3. Key Market Trends 4. Global Market Demand Analysis 2017 to 2021 and Forecast, 2022 to 2032 5. Global Market - Pricing Analysis 6. Global Market Demand (in Value or Size in USD Billion) Analysis 2017 to 2021 and Forecast, 2022 to 2032 7. Market Background 8. Global Market Analysis 2017 to 2021 and Forecast 2022 to 2032, by Product Type 8.1. Dessert Coolers 8.2. Tower Coolers 8.3. Others 9. Global Market Analysis 2017 to 2021 and Forecast 2022 to 2032, by Application 9.1. Residential 9.2. Commercial 10. Global Market Analysis 2017 to 2021 and Forecast 2022 to 2032, By Sales Channel Industry 10.1. Wholesalers/Distributors 10.2. Hypermarkets/Supermarkets 10.3. Multi-brand Store 10.4. Independent Small Stores 10.5. Departmental Stores 10.6. Online Retailers 10.7. Other Sales Channel 11. Global Market Analysis 2017 to 2021 and Forecast 2022 to 2032, by Region 11.1. North America 11.2. Latin America 11.3. Europe 11.4. South Asia 11.5. East Asia 11.6. Oceania 11.7. Middle East and Africa (MEA) 12. North America Market Analysis 2017 to 2021 and Forecast 2022 to 2032 13. Latin America Market Analysis 2017 to 2021 and Forecast 2022 to 2032 14. Europe Market Analysis 2017 to 2021 and Forecast 2022 to 2032 15. East Asia Market Analysis 2017 to 2021 and Forecast 2022 to 2032 16. South Asia Market Analysis 2017 to 2021 and Forecast 2022 to 2032 17. Oceania Market Analysis 2017 to 2021 and Forecast 2022 to 2032 18. Middle East & Africa Market Analysis 2017 to 2021 and Forecast 2022 to 2032 19. Key Countries Market Analysis, 2021 20. Market Structure Analysis 21. Competition Analysis 21.1. Haier Inc. 21.2. Honeywell International Inc. 21.3. Aolan (Fujian) Industry Co., Ltd. 21.4. Luma Comfort 21.5. AirGroup 21.6. Seeley International Pty Ltd. 21.7. Daikin Industries Ltd. 21.8. Intex Technologies 21.9. Voltas Ltd. 21.10. Symphony Limited 21.11. Bajaj Electricals Limited 21.12. Havels India Limited 21.13. Others 22. Assumptions and Acronyms Used 23. Research Methodology
Consumer Product
November 2023
REP-IN-246
303 pages
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Air Coolers Market
