Personal Cooling Devices Market Lucrative Opportunities Across Globe
Families falling in the low to middle income group resort to the purchase of coolers which are far less effective as compared to air conditioners, but are capable of maintaining a cool temperature.
However, with the rising cost of electricity, families find it difficult in maintaining such expensive air conditioners and they are looking for alternative ways to keep themselves cool during summer without having to spend a fortune on electricity to run air conditioners. Due to this factor, consumers are showing increased preference towards personal cooling devices to tackle the heat during summer.
Personal cooling devices offer a broad range of cost-effective products that are easy to operate. Energy efficiency of these products is one of the major factors fuelling the demand for personal cooling devices across the globe. Such products runs mainly on batteries and in some cases, they run on solar energy as well.
Adoption of such products would reduce the usage of air conditioners and electrically operated coolers significantly, thus reducing power consumption. High affordability of such products due to their low price is another major factor fuelling the demand for such devices across the globe, especially in regions where the temperature is relatively high during summer.
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Further, individual comfort offering, mobility and user friendly nature of such products are other key factors pushing the demand for personal cooling devices globally.
However, low market penetration for such products is a major factor barring the growth of the market at present. Majority of the consumers are unaware about the availability of such products, which has shown a negative impact on the growth of the market.
Use of HVAC systems as a replacement for personal cooling devices is another major factor restraining the growth of the market. HVAC systems are more adaptable compared to personal cooling devices, thus being a primary preference among the consumers at present.
However, expansion of distribution channel and increased market penetration for such products would pose to be a suitable opportunity for the growth of the market in the future.
The global personal cooling devices market has been segmented on the basis of product types into personal air conditioners and handheld cooling devices. However, on the basis of technology, the market has been segmented into ambient cooling technology.
Further, the market has been segmented on the basis region into North America, Europe, Asia Pacific, Middle East and Africa and Latin America. Asia Pacific has significant opportunity for the growth of the personal cooling device market with China, Japan and India being the major contributors to the growth of this market.
China is the major producer and supplier of personal cooling devices and the market for the same is witnessing a significant growth in China. This is due to the low cost of production for such products coupled with a variety of features.
Further, many countries in Asia Pacific have a hot climate for most of months in a year. Further, increase in global warming is also fuelling the rise in the temperature in this region. Hot temperature coupled with the rising cost of electricity has led the consumers to resort to the purchase of personal cooling devices.
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The global personal cooling devices market is marked by some intense competition from the major players operating in this market. Frequent mergers and acquisitions, joint ventures and partnerships, product innovation through extensive R&D activities are some of the major strategies adopted by these leading players to operate and sustain in this market.
Honeywell International, Havells India Ltd. Evapolar Ltd, Ambient Therapautics, Genexus LLC and Lakeland Ltd. are some of the key players operating in the field of personal cooling devices at present.
The report offers a comprehensive evaluation of the market. It does so via in-depth qualitative insights, historical data, and verifiable projections about market size. The projections featured in the report have been derived using proven research methodologies and assumptions.
By doing so, the research report serves as a repository of analysis and information for every facet of the market, including but not limited to: Regional markets, technology, types, and applications.
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