Air Coolers Market is expected to Reach USD 3.31 billion by 2030

The rising global temperature and increasing urbanization across countries is driving the demand for air coolers.

According to a new research report by Next Move Strategy Consulting, the global Air Coolers Market size was valued at USD 1.93 billion in 2023, and is expected to reach USD 3.31 billion by 2030, with a CAGR of 7.5% during the forecast period, 2024–2030.

The escalation of global temperatures serves as a significant catalyst propelling the growth of the air cooler market.

According to the 2023 Annual Climate Report by the National Oceanic and Atmospheric Administration (NOAA), temperatures have steadily risen since 1850, with an average increase of about 0.11°F (0.06°C) per decade, resulting in a cumulative rise of around 2°F.

This warming trend's tangible consequences were underscored by a study from the World Weather Attribution, revealing extreme heatwaves across the Northern Hemisphere in July 2023.

These heatwaves, affecting regions like the US Southwest, Southern Europe, and China, resulted in numerous heat-related fatalities and a surge in hospitalizations.

In response to these escalating temperatures and associated risks to public health, there's a growing demand for effective cooling solutions, with air coolers emerging as vital technologies.

Offering efficient and affordable cooling without exacerbating environmental concerns, air coolers are witnessing notable growth as individuals and businesses seek solutions to combat global warming and heat waves.

Also, with 56% of the global population residing in cities, according to the World Bank, and projections indicating urban populations to more than double by 2050, the demand for cooling solutions in densely populated urban areas is on the rise.

Air coolers offer a cost-effective and energy-efficient alternative in such settings, where traditional air conditioning systems may be prohibitively expensive.

Their portability and ease of installation make them particularly suitable for urban living arrangements, addressing space constraints and rental property considerations.

Moreover, economic growth fuels consumer spending power, thereby augmenting the demand for indoor comfort solutions, including air coolers.

As the middle class expands and disposable incomes rise, more consumers are able to invest in air coolers to enhance their quality of life and cope with the effects of rising temperatures.

However, the inefficiency of air coolers in humid and coastal areas presents a substantial hurdle for their widespread adoption and market growth.

Air coolers struggle to effectively cool indoor spaces in regions with high humidity levels, where the air is already saturated with moisture. The presence of moisture inhibits the evaporation process, limiting cooling capacity and effectiveness.

Similarly, coastal areas, with their moist sea breezes, pose challenges for air coolers, leading consumers to opt for air conditioning systems or dehumidifiers as primary cooling solutions.

On the other hand, technological advancements offer significant opportunities for the future growth of the air cooler market. Ongoing innovation has led to the development of increasingly efficient and feature-rich air cooler models.

These advancements include improvements in fan design, evaporative cooling technology, and the integration of intelligent features like remote control and programmable settings.

As these technologies evolve, air coolers are poised to benefit from enhanced performance, energy efficiency, and user experience. Integration with smart home devices further enhances their appeal among tech-savvy consumers, driving market growth and differentiation.

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According to the report, leading players operating in the air coolers market include Symphony Ltd, Midea Group, Voltas, Havells India Limited, Portacool LLC, Bajaj Electricals Ltd., Crompton Greaves Consumer Electricals Ltd., Orient Electric, Usha International, Fujian Jinghui Environmental Technology Co., Ltd., and others.

Key Insights from the Air Coolers Market Report:

• The information related to key drivers, restraints, and opportunities and their impact on the air coolers market is provided in the report.

• The value chain analysis in the market study provides a clear picture of the role of each stakeholder.

• The market share of the players in the global air coolers market along with their competitive analysis are provided in the report.

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