LONDON--(BUSINESS WIRE)--The global water coolers market is expected to post a CAGR of close to 7% during the period 2019-2023, according to the latest market research report by Technavio. Request a free sample report
The increasing demand from the food service and hospitality sectors is one of the key drivers that will contribute to the water coolers market growth during the forecast period. There has been a significant rise in the demand for hotels and resorts in the Asian economies including China and India, mainly due to the rising number of international tourists. In addition, other factors such as rising disposable incomes are resulting in growth of food service establishments across the emerging and advanced economies. As water coolers form an eminent part of the food service establishments, their demand is likely to surge with the growth of food service and hospitality sector during the forecast period.
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As per Technavio, the introduction of multi-purpose water coolers will have a positive impact on the market and contribute to its growth significantly over the forecast period. The water coolers market research report also analyzes other important trends and market drivers that will affect the market growth over 2019-2023.
Global Water Coolers Market: Introduction of Multi-purpose Water Coolers
Rising demand for innovative water coolers is encouraging market players to offer product differentiation by launching upgraded products in the market. Vendors have launched several models of multi-purpose water coolers to cater to the varying needs of the consumers and sustain the growing competition. Some of the key market participants are also providing water coolers equipped with a small fridge, which helps in cooling frozen snacks, small cans, and beverage vessels. These water coolers can be used for small residential dwellings and commercial spaces. The growing need of consumers to save operational cost, energy, and space will drive the demand for multi-purpose water coolers in the forthcoming years.
“Increasing R&D investments by vendors and the rising product personalization are some other factors that will contribute to the growth of the water coolers market size during the forecast period,” says a senior analyst at Technavio.
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Global Water Coolers Market: Segmentation Analysis
This market research report segments the global water coolers market by distribution channel (offline and online), product (bottled water coolers and plumbed-in water coolers), end-user (commercial and residential) and geographical regions (Europe, North America, APAC, South America, and MEA).
Europe led the market in 2018, followed by North America, APAC, South America, and MEA respectively. Factors such as the rising living standards of people, introduction of innovative products, and the increased adoption of premium water coolers in the Western European economies have contributed to the market dominance of Europe.
Technavio’s sample reports are free of charge and contain multiple sections of the report, such as the market size and forecast, drivers, challenges, trends, and more.
Some of the key topics covered in the report include:
Market Landscape
- Market ecosystem
- Market characteristics
- Market segmentation analysis
Market Sizing
- Market definition
- Market size and forecast
Five Forces Analysis
Market Segmentation
Geographical Segmentation
- Regional comparison
- Key leading countries
Market Drivers
Market Challenges
Market Trends
Vendor Landscape
- Vendors covered
- Vendor classification
- Market positioning of vendors
- Competitive scenario
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