Asia-Pacific Air Coolers Market by Type (Tower, Desert, and Other Types), by Size (Spot Coolers, Medium Space Coolers, and Large Space Coolers), and by Application (Residential and Commercial) – Opportunity Analysis and Industry Forecast 2024–2030
Industry: Retail and Consumer | Publish Date: 26-Mar-2024 | No of Pages: 140 | No. of Tables: 102 | No. of Figures: 67 | Format: PDF | Report Code : N/A
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Market Definition
Asia-Pacific Air Coolers Market was valued at USD 833.1 million in 2023 and is predicted to reach USD 1539.1 million by 2030, with a CAGR of 8.6% from 2024 to 2030. Air coolers, also known as evaporative coolers or swamp coolers, are devices designed to cool indoor or outdoor spaces by utilizing the natural process of evaporation. These appliances typically consist of a fan, a water reservoir, and porous pads or filters. They offer benefits such as lower energy consumption, eco-friendliness, and affordability compared to conventional cooling methods. Air coolers come in various sizes and capacities to suit different applications, ranging from small portable units for personal use to larger systems for commercial and industrial settings.
Growing Temperatures Across Asia-Pacific Fuels Air Coolers Market Growth
The rising temperatures due to climate change have heightened the demand for cooling solutions across the Asia-Pacific region. Heatwaves and higher average temperatures prompt individuals and businesses to seek effective ways to stay cool, driving the popularity of air coolers as a cost-effective and energy-efficient alternative to traditional air conditioning systems.
Countries such as Asia-Pacific, India, and Japan lead the market in the Asia-Pacific region, showcasing significant market share and growth potential. Asia-Pacific, in particular, dominates with a commanding market share, reflecting its robust economy, substantial urban population, and rising disposable incomes. India follows closely, exhibiting the highest growth rate in the region, fuelled by its growing middle class and increasing consumer spending power.
Growing Urbanization Drives the Air Coolers Market Expansion
The Asia-Pacific region encompasses diverse economies and demographics, each with unique factors propelling the growth of the air cooler market. Rapid urbanization across many countries in the region has led to an increasing demand for indoor cooling solutions. As urban populations expand, the need for affordable and efficient cooling technologies becomes more pronounced, fueling the adoption of air coolers.
Challenges of Air Coolers in Humid and Coastal Environments Hinders the Growth of the Air Coolers Market
The inefficiency of air coolers in humid and coastal areas presents a significant challenge for the widespread adoption and growth of the air cooler market. Air coolers may struggle to effectively cool indoor spaces due to the already moisture-laden air in regions characterized by high humidity levels, such as coastal areas or tropical climates. This is because the cooling mechanism of air coolers relies on water's evaporation to lower the air's temperature. In humid conditions, where the air is already saturated with moisture, evaporation is less efficient, resulting in limited cooling capacity and reduced effectiveness of air coolers.
Technological Advancements to Create Future Market Prospects
Technological advancements represent a significant opportunity for the future growth of the air coolers market. Continuous innovation has resulted in the development of increasingly efficient and feature-rich air cooler models. These advancements encompass various aspects, including enhancements in fan design, evaporative cooling technology, and the integration of intelligent features such as remote control and programmable settings, collectively enhancing the overall user experience.
As technological advancements evolve, the air cooler market is poised to benefit from introducing innovative features and capabilities that address consumer needs and preferences, such as energy efficiency, portability and space-saving design, quiet operation, and air quality improvement. These technological advancements enhance the performance and functionality of air coolers and contribute to their differentiation in a competitive market landscape. Moreover, integrating intelligent technologies opens up opportunities for connectivity and interoperability with other smart home devices, further enhancing the appeal and adoption of air coolers among tech-savvy consumers.
Asia-Pacific Holds the Dominant Market Share in the Asia-Pacific Market
Asia-Pacific's dominance in the Asia-Pacific air cooler market, commanding 53% of the market share with a substantial value of USD 443.1 million in 2023, underscores the country's profound demand for such cooling solutions. This commanding presence is fueled by a combination of factors, including escalating temperatures and rapid urbanization trends. As urban areas expand and temperatures rise, the need for effective cooling solutions escalates, propelling the demand for air coolers. With projections indicating a market value set to soar to USD 739.5 million by 2030, Asia-Pacific's position as a key player in the air cooler market is poised to strengthen further, reflecting its ongoing reliance on these devices to combat heat and maintain comfort in both residential and commercial settings.
India is Expected to Show Steady Growth in the Asia-Pacific Air Coolers Market
India is home to leading market players in the air coolers industry, including Symphony Ltd, Voltas, Havells India Limited, Bajaj Electricals Ltd., and Crompton. These companies spearhead strategic initiatives and product innovations to expand their foothold in the air cooler market. Such as air conditioners, air coolers are evolving to combat air pollutants and integrate intelligent features. For instance, Crompton has introduced the Optimus 65 IOT coolers equipped with PureShield Technology, comprising a PM2.5 filter for filtered air and Anti-bac Control panels powered by N9 Silver World Technology for bacteria protection. These smart air coolers can be conveniently controlled via the Crompton app or voice assistants such as Google Home or Amazon Alexa.
Competitive Landscape
The Asia-Pacific Air Coolers industry includes several market players such as Symphony Ltd, Midea Group Co. Ltd., Voltas, Havells India Ltd., Portacool LLC, Bajaj Electricals Ltd., Crompton Greaves Consumer Electricals Ltd., Orient Electric, Usha International Ltd., and Fujian Jinghui Environmental Technology Co., Ltd.
Asia-Pacific Air Coolers Market Key Segments
By Type
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Tower
-
Desert
-
Other Types
By Size
-
Spot Coolers
-
Medium Space Coolers
-
Large Space Coolers
By Application
-
Residential
-
Commercial
By Country
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China
-
Japan
-
India
-
South Korea
-
Australia
-
Indonesia
-
Singapore
-
Taiwan
-
Thailand
-
Rest of Asia-Pacific
REPORT SCOPE AND SEGMENTATION:
|
Parameters |
Details |
|
Market Size in 2023 |
USD 833.1 Million |
|
Revenue Forecast in 2030 |
USD 1539.1 Million |
|
Growth Rate |
CAGR of 8.6% from 2024 to 2030 |
|
Analysis Period |
2023–2030 |
|
Base Year Considered |
2023 |
|
Forecast Period |
2024–2030 |
|
Market Size Estimation |
Million (USD) |
|
Growth Factors |
|
|
Countries Covered |
9 |
|
Companies Profiled |
10 |
|
Market Share |
Available for 10 companies |
|
Customization Scope |
Free customization (equivalent up to 80 working hours of analysts) after purchase. Addition or alteration to country, regional, and segment scope. |
|
Pricing and Purchase Options |
Avail customized purchase options to meet your exact research needs. |
KEY PLAYERS
-
Symphony Ltd.
-
Midea Group Co. Ltd.
-
Voltas
-
Havells India Ltd.
-
Portacool LLC
-
Bajaj Electricals Ltd.
-
Crompton Greaves Consumer Electricals Ltd.
-
Orient Electric
-
Usha International Ltd.
-
Fujian Jinghui Environmental Technology Co., Ltd.
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