Market Insight on Air Coolers: Size, Demand, and Revenuemichealanderson May 12, 2020
According to the Indian Meteorological Department (IMD), the average temperature has increased by 0.6-degree celsius between 1901-10 and 2009-18. With temperatures breaching 45 degrees Celsius, the need to effectively combat this rise in temperature is growing. Fortunately, air coolers are rising to meet the challenge.
As air cooler technology continues to evolve to meet this growing need with more efficient solutions, energy-efficient functionalities, and affordable pricing, its market size, demand and revenue continue to reach new heights.
Here are some facts, and figures you ought to know about the burgeoning air cooler market:
The air cooler market size is increasing year by year. Following are some of the key statistics for the same:
Market Size by Region:
The north and central regions of the country have seen air cooler sales increase in double-digits because of the increasing heat waves that seize these regions of the country during summer.
2. Market Size by Type:
The air cooler market is segmented into three types: tower coolers, desert coolers, and other types. Tower coolers comprise the largest market share within the global air cooler market, followed by dessert coolers and lastly, other types.
3. Market Size by Brand:
Brands like Symphony continue to dominate the organized air cooler sector. Symphony boasts of a 45% market share in the organized sector. Other market leaders of this sector are Honeywell, Havels, Bajaj Electricals etc.
The air cooler market is primed to see an increase in demand in the coming years.
1. Overall Demand:
The Indian market is all poised to grow at a CAGR of 14.2% during the period of 2019 to 2025.
2. Demand by Region:
The Asia Pacific, which already comprises 60% of the global air cooler market share, is forecasted to witness a surge in demand for air coolers, owing to climate change. The regions of South and Central America are forecasted to see growing demand, also due to increasing temperatures.
3. Demand by Type:
Desert air coolers are all set to witness a significant surge in demand over the coming years. Other air cooler types (window air coolers, personal air coolers, and portable ones) are expected to show significant growth between 2019-2025.
Owing to the large size of the air cooler industry, the revenues earned by individual companies are expected to go up in 2020. Following are some key statistics and predictions regarding the revenues of the air cooler market:
1. The global air-cooler market size was valued at $1.2billion in 2018.
2. By 2022, the Indian air cooler market will likely be valued at ₹44.2 billion. This market is expected to grow because of the increasing heat waves that will pass through the country with each passing year.
The growing market size for air coolers points to its increasing popularity and efficacy. Moreover, compared to AC, air coolers prove to be a more cost-saving and energy-efficient alternative. With the hotter seasons manifesting for prolonged periods, air coolers are an affordable, sustainable, and long-term solution for individual households and open spaces alike.