Consumption Build Up for Evaporative Air Coolers Across Major Economies Expected to Drive Growth, reports Fact.MR study | Key Players - Symphony Limited , Bajaj Electricals Limited , Honeywell International , Havells India Limited , Usha International Lim
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Consumer Spending and Purchase Behavior Driving Evaporative Air Cooler Market Growth; M&As Key Strategy to Consolidate Market Position
Over the years, consumer spending capacity on luxury items has increased owing to an increase in the disposable income and the resultant shift to a luxury lifestyle. This has led to a rise in demand for evaporative air coolers by most sections of the society. Being a highly competitive market, top companies operating in the market for evaporative air coolers are engaging in mergers and acquisitions to cement their position in the evaporative air cooler market.
While traditional retail channels continue to remain a preferred sales and distribution channel, the advent of e-commerce and digital platforms is anticipated to create newer avenues for manufacturers and distributors of evaporative air coolers to sell their products to an expanded consumer base. Sustainable and energy saving evaporative air coolers are in high demand today owing to the global emphasis on sustainability and green initiatives.
Increasing Demand from Countries of the Asia Pacific and Middle East to Define Evaporative Air Cooler Market Revenue Growth
Asia and the Middle East have witnessed substantial climate change in the last few years, thereby impacting the lives of people living in these regions. This has increased the demand for air cooling systems in both the commercial as well as the residential sector. There is also a strong awareness of the use of sustainable products in these regions. Evaporative air coolers offer natural and energy saving solutions that are also cost effective. This has resulted in an increased demand especially from the rising middle class in these regions. Several domestic manufacturers operating in the Asian and Middle Eastern markets are slowly expanding their brands in the international market as well, thereby broadening the scope for exports of evaporative air coolers.
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Rising Preference for Evaporative Air Coolers in the Commercial Sector to be Observed Across Several Developed and Developing Regional Markets
The global focus on sustainability has resulted in the adoption of green products and green energy solutions across various commercial establishments especially in the developed countries of Europe. Top manufacturers and suppliers of air cooling systems in Europe are increasing their production capacity to cater to the rising demand from various sectors. The groceries and general merchandise sector in Europe showcases increased demand for energy efficient air cooling systems and the adoption of evaporative air coolers in this sector has witnessed a spur in the European market in the last few years. Demand for evaporative air coolers across the retail and other key sectors in Latin America is also on the rise, owing to the growing preference for a cooler working environment in commercial establishments in the region.
Product Innovation to Remain the Main Focus of Manufacturers of Evaporative Air Coolers to Sustain in This Highly Competitive Market
Window air cooling systems and industrial evaporative air coolers are becoming increasingly popular across the world with expanding usage in diverse commercial and residential establishments. This demand surge has pushed manufacturers to innovate in terms of their product offering to attract and retain their customer base. Product innovations govern the basic landscape of the evaporative air cooler market and manufacturers are leveraging advanced technologies to beef up their product suites.
Technology such as IoT has also found its way into air cooling systems and new, smart evaporative air coolers are being launched in the market. Also, state-of-the-art evaporative air coolers that allow users to customize the cooling output are finding more number of takers in the international market, as these evaporative air coolers are also an environment friendly alternative to traditional air conditioners. IoT enabled evaporative air coolers incorporating smart sensors that optimize humidity, temperature, and fan speed based on the condition of the existing installation environment are also in great demand in both the residential and commercial sector. Several wall mounted evaporative air coolers without outdoor units are also witnessing increasing demand, as these air coolers deliver enhanced value to customers without taking up floor space unlike traditional air conditioners.
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