2017 Prediction for Space Heaters Market - Competitive Analysis, Trends, Forecast 2024

Space heaters account for a large proportion of the energy consumption of residential consumers. Space heaters consume more energy than any other residential activity such as lighting, refrigeration, and cooking. People are increasingly investing on space heaters as they complement heating systems and can be utilized to heat small areas.

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The space heaters market is segmented into types and geography. On the basis of types, the market is segregated into ceramic heaters, fan heaters, convection heaters, and radiant heaters. The growing penetration of electronic devices in emerging countries is one of the key factors likely to propel the growth of the market during the forecast period. In addition, the recent increase in per capita income is expected to augment the adoption of electric and technologically upgraded products over the forecast period. Improvements in the capabilities of installers are expected to drive the growth of this market.

Moreover, it has been observed that installers are maximizing their online presence and collaborating with vendors to capitalize on every possible means of increasing their visibility for consumers. They are also focusing on developing online portfolios to ensure that they are visible to potential consumers of smart space heaters. The procedure of installing smart space heaters and wall mounted heaters is different from that of traditional heaters. Thus, vendors are investing on training installers to improve their efficiency and provide improved services to customers. Due to increase in the number of working members of families, people are increasingly adopting electric home appliances. Increasing demand for high-priced space heaters is expected to create an area of opportunity for the growth of the market over the forecast period. Moreover, local manufacturers are introducing newer products to capitalize on the populace’s increasing purchasing power.

Geographically, the space heaters market is segmented into North America, Europe, Asia Pacific, Middle East and Africa (MEA), and Latin America. Europe dominated the global demand for space heaters in 2015 in terms of revenue. The U.K. and Germany are anticipated to experience rapid growth, propelling the usage of space heaters in Europe. Increasing spending on space heaters to complement centralized heating systems will result in this market’s steady growth in Europe during the forecast period. Cold climatic conditions primarily influence the requirement for heating devices such as space heaters, which can provide thermal comfort to residential spaces. This requirement varies from region to region based on variations in climatic conditions, which primarily depends on precipitation and temperature. Furthermore, developing regions continue to command a considerable share of the global space heaters market that creates huge opportunities for market players. Asian countries like India, China, and Japan have witnessed an increase in the demand for space heaters. Moreover, Middle Eastern countries such as Qatar and Turkey, will contribute to the growth of the market owing to the growing demand for space heaters.

The global space heaters market is highly competitive with the presence of large scale and small scale vendors. The market is mainly dominated by a few key players from the home appliance industry. The market is primarily driven by technological development of existing products and innovation in the product range of different vendors. To survive in this competitive market and to gain success, it is very important for manufacturers to distinguish their product and services through a unique and clear value proposition.

Some of the key players operating in the space heaters market are De' Longhi Group, Honeywell International, Jarden Consumer Solutions, and Lasko Products Inc. among others. Other prominent vendors are Dyson, Optimus Enterprise Inc., Rinnai, Sunpentown, and Vornado among others.

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