Air Coolers Market

Air Coolers Market Value & Growth Rate:

The Global Air Coolers Market size was valued at US$ 1.2 billion in 2021 and is anticipated to reach US$ 2.25 billion by 2026 and increase at a CAGR of 10.9% between 2021 and 2026. 

Air Coolers Market Scenario:

Affordability and efficient cooling, lower power consumption than AC, use in outdoor spaces, and product innovation contributes to global air coolers market expansion. Furthermore, the product is environmentally friendly and acts as a humidifier in dry weather. Moreover, air coolers are ecologically gentle and do not generate any dangerous gases. These devices offer several benefits, including cost-effectiveness, mobility, low power consumption, and ease of installation, all anticipated to promote the air coolers market growth from 2022 - 2027. However, rising air conditioner usage in wealthy countries such as the United States, Canada, and France is expected to stifle product demand in the coming years. On the other hand, product demand is projected to be boosted by rising consumer awareness and technological advancements over the forecast period.

Air Coolers Market Drivers:

Globally, there is a growing demand for energy-efficient, low-power-consuming, and environmentally friendly cooling equipment. The principle of evaporation is used in air coolers. It employs a primary air-moving mechanism that draws fresh air from outside and passes it through wet cooling pads, which absorb heat from the environment rather than drying it out as ACs do. In addition, the air cooler does not use any toxic cooling agents like CFC, HCFC, or other hydrofluorocarbons commonly used in air conditioners to chill the environment, making it more environmentally friendly. Consumers are turning to air coolers as their concerns about air conditioner energy use grow. They save almost 80% to 90% of the electricity bill when compared to air conditioners, making them more cost-effective and energy-efficient in the long run. However, consumers are hesitant to use air coolers because they take up space and do not match the room's decor. However, many manufacturers have identified this as a massive problem and are developing air coolers that are smaller, sleeker, and more elegant. In addition, manufacturers are innovating to make it more potent so that it can be utilized in large rooms and is easy to move around with the help of the castor wheel.

Furthermore, the ease of installation and portability of air coolers are driving up demand. Air coolers are 80 percent to 85 percent less expensive than air conditioners, making them more accessible and adaptable to the world's increasing middle class. Product innovation, on the other hand, is increasing demand in developing economies. A crucial factor driving this market's growth is cool efficiently and economically while using less energy. Air coolers that do not employ the toxic cooling compounds used in air conditioners to chill the surroundings, making them more eco-friendly, are another growing element. The increased demand for energy-efficient, low-power-consumption and highly flexible gadgets also propelled the air cooler industry. In addition, the air cooler industry is expanding due to improving hot weather conditions around the world and more ergonomic designs for both residential and commercial applications.

Air Coolers Market Restraints:

The complications associated with cardiac surgery are the essential factor responsible for hampering the global air coolers market growth. Moreover, air coolers fail to work in humid conditions. Since, in a humid environment, the air comprises a considerable amount of water in gas form, which is further responsible for the slower evaporation process. Air coolers are manufactured in different sizes ranging from large to small. The high-speed fan of air more excellent may be responsible for the uncomfortable for fewer people. In addition, the air cooler cannot work in poor ventilation. The humidity levels in the room rise via the evaporation process in different time zones. If the room is closed, the air circulates inside the room, and the environment tends to be poor outside the room. Suppose the water droplets cannot change to gaseous form, the humidity levels increase, leading to the slow evaporation process. Therefore, the air cooler doesn't even start working.

Furthermore, an air cooler requires frequent changes of water. Suppose it is not done frequently, the chances of bacteria, algae, and slime in the water. Moreover, the high-speed fans in the air cooler may contain too much noise, which acts as a limitation for the air cooler.

Recent Developments in the Global Air Coolers Market:

• An air cooler developed with IoT has been launched by Bajaj Electricals, a consumer durables and lighting firm. The air cooler has, among other things, an intelligent sensor that can read the temperature and humidity in the room, an automatic fan, and cooling speed adjustment based highly on the temperature and humidity. Moreover, it acts as a chamber for faster cooling.

• Symphony Limited has invented a wall-mounted air cooler for household purposes. It also further claimed that it has launched almost 30 new models and working on the dealer distribution network.

REPORT COVERAGE:

Air Coolers Market Segmentation:

By Type:

• Tower
• Dessert
• Others

Based on type, the tower segment accounted for the most significant market share, and it is projected to increase at a CAGR of 11.7 percent from 2022 - 2027. In the coming years, increasing demand for compact, fashionable, and portable air coolers will likely boost the demand for tower air coolers. Tower coolers take up less space and come in a variety of styles. Coolers with 5 to 10 liters are typically built for small rooms, but coolers with more than 30 liters are usually designed for large spaces. In addition, it is less expensive to install, maintain, and operate than an air conditioner. It's also made available in various configurations, including bottom and top loading. Because of their low power consumption, these coolers are environmentally beneficial, consume less energy, and may be utilized with inverters in the event of a power outage. Over the projected period of 2022 - 2027, the dessert segment is expected to develop significantly. In 2018, the dessert cooler had the second-largest market share. This significant revenue share can be attributed to its vast size and excellent cooling capacity. In developing countries like India, Bangladesh, and Brazil, these coolers are widely used. Furthermore, as technology advances, items become more small and streamlined in appearance, attracting buyers' attention and motivating them to purchase the product. Moreover, during the forecast period, additional segments are expected to witness significant expansion.

By Application

• Residential
• Commercial

The residential application attributes the most significant global air cooler market share during the foreseen period. Rising temperatures, middle-class consumer discretionary income, and increased urbanization are expected to drive market expansion in the coming years. In addition, developing countries such as India, Indonesia, Brazil, and China see an increase in distribution channels, product awareness, and availability. In the subsequent years, this is expected to increase demand for the segment significantly. Furthermore, due to increased demand for technologically advanced air coolers in commercial open spaces such as bars, restaurants, and cafes, the commercial segment is expected to grow significantly from 2022 - 2027.

Furthermore, as the usage of air conditioners grows, so does global warming, leading to a shift in customer preference for small, compact, and stylish air coolers. Furthermore, air conditioners use a lot of energy, which raises the organization's electricity bill and operational costs. In the following years, this is expected to boost the segment's expansion.

Air Coolers Market Regional Analysis: 

The Global Air Coolers Market Report includes the segmentation of Regions:

• Due to rising temperatures and considerable climate change across the area, the Asia Pacific market held the most significant global air cooler market share and is predicted to witness a substantial increase from 2022 - 2027. Product availability will also be boosted by increased urbanization, technological advancements, and an expanding number of distribution channels. In the following years, this is expected to increase market demand. Furthermore, the market is predicted to grow in the next years due to the strong presence of domestic companies, high product demand, and an increasing number of foreign players.

• Due to the region's arid and hot climate, the Middle East and Africa market is expected to increase significantly from 2022 - 2027. However, due to the steppe climate and the strong presence of established competitors like Symphony Limited, Central and South America are expected to grow significantly throughout the projection time. Furthermore, regional growth is expected to be fueled by a wide range of products and ongoing product innovation in the coming years.

• North America is anticipated to increase at a CAGR of 8.01% during the forecast period. It is because of the increasing demand for small and portable air coolers in U.S and Canada.

• Europe

Impact of COVID-19 on Air Coolers Market:

Because of the global government-imposed lockdown, the COVID-19 epidemic has negatively influenced the air cooler business. According to a study, coolers are widely used in the Asia Pacific, majorly in India and China. Furthermore, cooler sales have decreased dramatically in recent months, putting the market's growth on hold. For example, Symphony Ltd, the market leader, reported a 93.33 percent drop in profit for the quarter ending in June 2020. However, as temperatures rise, the market for branded air coolers is likely to expand significantly in the future years.

Air Coolers Market Key Players:

The companies covered in the report include:

1. Symphony Limited

2. Bajaj Electricals Limited

3. Havels India Limited

4. Honeywell International Inc.

5. Aolan (Fujian) Industry Co., Ltd.

6. Luma Comfort

7. AirGroup

8. Seeley International Pty Ltd.

9. Fujian Jinghui Environmental Technology Co., Ltd.

10. De’Longhi Appliances S.r.l.