Industry: Retail and Consumer | Publish Date: 26-Mar-2024 | No of Pages: 101 | No. of Tables: 71 | No. of Figures: 36 | Format: PDF | Report Code : N/A
South Korea Air Coolers Market was valued at USD 33.4 million in 2023 and is predicted to reach USD 55.5 million by 2030, with a CAGR of 7.0% 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.
The substantial urban population in South Korea, comprising 81.5% of the total population as of 2023 according to the Central Intelligence Agency, serves as a major catalyst for the heightened demand for air coolers. As cities expand and urbanization accelerates, the concentration of people in densely populated areas intensifies the need for efficient cooling solutions. This surge in demand reflects the imperative for effective ways to combat rising temperatures and maintain comfortable living and working environments in urban settings across South Korea.
The air cooler market in South Korea is experiencing growth due to the convergence of growing technological developments and the increasing adoption of consumer electronics. South Korea is renowned for its technological advancements and high-tech consumer electronics; there is a natural inclination towards innovative cooling solutions that offer enhanced features, energy efficiency, and smart functionalities.
This trend drives market expansion as consumers seek air coolers with the latest technological advancements to meet their cooling needs while aligning with their preferences for modern and smart home appliances.
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 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 South Korea 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.
Tower
Desert
Other Types
Spot Coolers
Medium Space Coolers
Large Space Coolers
Residential
Commercial
REPORT SCOPE AND SEGMENTATION:
Parameters |
Details |
Market Size in 2023 |
USD 33.4 Million |
Revenue Forecast in 2030 |
USD 55.5 Million |
Growth Rate |
CAGR of 7.0% from 2024 to 2030 |
Analysis Period |
2023–2030 |
Base Year Considered |
2023 |
Forecast Period |
2024–2030 |
Market Size Estimation |
Million (USD) |
Growth Factors |
|
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. |
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.