Portable Air Conditioner Market to Witness Incremental Growth at 4.5% CAGR to Surpass $945.4 million by the End of 2021–2027 | Lloyd Electric & Engineering Limited

According to a new report published by Allied Market Research, titled, “Portable Air Conditioner Market by Type, End User and Distribution Channel: Opportunity Analysis and Industry Forecast, 2021–2027,”

The global portable air conditioner Market size is expected to reach $ 945.4 million by 2027 at a CAGR of 4.5% from 2021 to 2027.

"Rise in purchase of the portable and smart white goods to increase the living space in home and increase standard of living are the factors that boost the growth of the market. Technological advancements including voice control and Wi-Fi connectivity and smartphone compatibility further influence the growth of the market during the forecast period."

Portable air conditioner is an emerging type of air conditioning system that can be moved from one place to another easily and has low installation cost and requires less space. It can be a perfect alternative for the traditional air conditioning systems as it is compact in size, movable, and does not require permanent installation. It is much more cost effective as compared to the traditional air conditioning systems.

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People are preferring household appliances with advanced features including voice and remote control, Wi-Fi connectivity and smartphone compatibility. Therefore, portable air conditioning manufactures are focusing on product innovation and heavily investing in the research and development. Furthermore, portable air conditioner with LED display and low noise features are gaining significant popularity among the customers.

Surge in electrification and rapid expansion of the retail sector in the rural market has been further boosting the global portable air conditioner market growth. For instance, according to Consumer Electronics and Appliances Manufacturers Association, rural markets are expected to grow at a compound annual growth rate (CAGR) of 25%, which is majorly attributed to the increase in electrification of rural areas.

During lockdown period, due COVID-19 pandemic, people choose to replace their old appliances with smart household appliances. Moreover, rise in expenditure on home improvement and high preference of the people for portable and small home appliances to increase the living space, are collectively favoring to increase the portable air conditioner market demand during the forecast period.

Global warming and emission of the greenhouse gasses are considered to be the major challenges for the growth of the air conditioner market during the forecast period. Greenhouse gas is responsible for depletion of the ozone layer and this gas is significantly emitted though portable air conditioners.

According to portable air conditioner market analysis, the portable air conditioner market segmented into type, end user, distribution channel, and region. On the basis of type, the portable air conditioner market report is categorized into small room, medium room and large room. By end user, it is segregated into residential and commercial. According to distribution channel, it is divided into supermarket & hypermarket, specialty store, department store, e-commerce and others. Region wise, it is analyzed across North America (the U.S., Canada, and Mexico), Europe (Russia, Spain, Italy, France, Germany, UK, and Rest of Europe), Asia-Pacific (China, Japan, India, South Korea, Indonesia, Thailand, Australia, and Rest of Asia-Pacific), and LAMEA (Latin America, Middle East, Africa)

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On the basis of type, the large room portable air conditioner segment was valued at $78.3 million in 2019, and is projected to reach $134.6 million by 2027, registering a CAGR of 539% from 2021 to 2027. Large room portable air conditioner are majorly considered to use for commercial purposes to instant cool the high heating spots. Size consider for the large room is 1000 sq. ft. and above, and British Thermal Unit (BTU) required for such size of room is 18000 and above. Large room portable air conditioners are majorly used in commercial complexes, hotel & restaurants and manufacturing units. The design and characteristics of large room portable air conditioners can control the temperature of the high temperatures areas of the industrial plants, which can improve the work effectiveness of the workers.

On the basis of end user, the commercial segment is estimated to reach $127.6 million by 2027, at a CAGR of 6.6%. Commercial segment comprises hospitality & food services industries, hospital & clinics, government & commercial complexes, and manufacturing industries. In manufacturing units, 18000 BTU and above portable air conditioner protect workers, processes and equipment from hot environment. Utilizing spot cooling for industrial processes can help protect products, such as small electronic chips, plastic-molded items, metal extrusions by removing unwanted moisture, and decreasing the temperature of the hot environment.

According to the portable air conditioner market trends, on the basis of distribution channel, the E-commerce segment was valued at $118.3 million in 2019, and is expected to reach $210.0 billion by 2027, registering a CAGR of 6.3% from 2021 to 2027. Easy accessibility offered by online platforms boost their adoption in the product market, thus becoming a popular medium for the purchase of portable air conditioner. Easy availability of information and demo about the appliances features, time-saving feature, and the facility of home delivery contribute toward the growth of the global product market through the e-commerce segment. Furthermore, on e-commerce platforms, people can have enormous brand options for the portable air conditioner, which helps consumers to compare products and buy them.

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Region wise, North America was valued at $205.7 million in 2019, and is expected to reach $272.7 billion by 2027, registering a CAGR of 2.5% from 2021 to 2027. Quick adoption of emerging technological changes and drastic climatic conditions in the North America region are expected to propel the growth of the portable air conditioner market during the forecast period. Furthermore, urbanization is one of the most significant mega developments driving growth and infrastructure expansion, thus providing a platform for the portable air conditioner market. The growing base of middle-class households presents an enormous portable air conditioner market opportunity for the manufacturers.

The players operating in the portable air conditioner industry have adopted product launch and business expansion as their key developmental strategies to expand their market share, increase profitability, and remain competitive in the market. The key players profiled in this report include Lloyd Electric & Engineering Limited, LG Electronics Inc., Midea Group, AB Electrolux, United CoolAir Corporation, Blue Star Limited, Haier lnc., Daikin Industries Ltd., Olimpia Splendid Spa and Whirlpool Corp.

Key findings of the study

In 2019, the portable air conditioner market was valued at $613.6 million, and is estimated to reach $945.4 million by 2027, growing at a CAGR of 4.5% during the forecast period.
In 2019, depending on end user, the residential segment was valued at $543.4 billion, accounting for 88.56% of the global portable air conditioner market share.
In 2019, the China was the most prominent market in Asia-Pacific, and is projected to reach $134.3 billion by 2027, growing at a CAGR of 5.3% during the forecast period.
By product, the large room portable air conditioner segment is estimated to witness the fastest growth, registering a CAGR of 5.9% during the forecast period.

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