North America 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: 21-Mar-2024 | No of Pages: 114 | No. of Tables: 81 | No. of Figures: 46 | Format: PDF | Report Code : N/A
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Market Definition
North America Air Coolers Market size was valued at USD 606.0 million in 2023 and is predicted to reach USD 988.7 million by 2030, with a CAGR of 6.7% 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 Urbanization in the Region Fuels Air Coolers Market Growth
In North America, the air cooler market is witnessing remarkable growth, positioning the region as the second-largest market globally, following closely behind the Asia Pacific region. Urbanization stands out as a key driver fueling this surge, with both the United States and Mexico experiencing significant population migrations towards urban centers. As cities expand and population density increases, the demand for indoor cooling solutions, such as air coolers, escalates across the region. This trend reflects the growing need for efficient and cost-effective cooling options in residential, commercial, and industrial settings, shaping North America's air cooler market landscape.
Growing Economic Dynamics Drives the Air Coolers Market Expansion
Economic dynamics also play a significant role in propelling market growth in North America. The region's robust economic growth fuels consumer spending power, thereby augmenting the demand for indoor comfort solutions, including air coolers. Moreover, as the middle class expands and disposable incomes rise, more consumers are able to invest in air coolers to enhance their quality of life and cope with the effects of rising temperatures.
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.
The U.S. Holds the Dominant Market Share in the North American Market
Urbanization serves as a primary driver, with the country experiencing a steady increase in its urban population, resulting in a growing demand for indoor cooling solutions. The need for effective and affordable cooling technologies becomes increasingly critical as urban areas expand and become more densely populated. This trend is particularly pronounced in the US, where the urbanization rate is the highest in North America, with the urban population reaching 277 million in 2022, reflecting a 0.63% increase from 2021, according to data from the World Bank.
Mexico is Expected to Show Steady Growth in the North American Air Coolers Market
Urbanization serves as a significant driver for the growth of the air coolers market in Mexico, with the country experiencing a high rate of urbanization, where 81.6% of the total population resides in urban areas, according to data from the Central Intelligence Agency (CIA) in the US This rapid urbanization, is coupled with a projected annual rate of urbanization change of 1.4% from 2020 to 2025. This growth trend fuels the demand for indoor cooling solutions as urban populations seek ways to combat rising temperatures and maintain comfortable living environments. Mexico boasts the highest rate of urbanization growth in North America.
Competitive Landscape
The North America 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.
North America Air Coolers Market Key Segments
By Type
-
Tower
-
Desert
-
Other Types
By Size
-
Spot Coolers
-
Medium Space Coolers
-
Large Space Coolers
By Application
-
Residential
-
Commercial
By Country
-
U.S.
-
Canada
-
Mexico
REPORT SCOPE AND SEGMENTATION:
|
Parameters |
Details |
|
Market Size in 2023 |
USD 606.0 Million |
|
Revenue Forecast in 2030 |
USD 988.7 Million |
|
Growth Rate |
CAGR of 6.7% 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 |
3 |
|
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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