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.
To learn more about the global trends impacting the future of market research, download free sample: https://www.technavio.com/talk-to-us?report=IRTNTR32115
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.
Register for a free trial today and gain instant access to 10,000+ market research reports.
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 ecosystem
- Market characteristics
- Market segmentation analysis
- Market definition
- Market size and forecast
Five Forces Analysis
- Regional comparison
- Key leading countries
- Vendors covered
- Vendor classification
- Market positioning of vendors
- Competitive scenario
Technavio is a leading global technology research and advisory company. Their research and analysis focuses on emerging market trends and provides actionable insights to help businesses identify market opportunities and develop effective strategies to optimize their market positions.
With over 500 specialized analysts, Technavio’s report library consists of more than 10,000 reports and counting, covering 800 technologies, spanning across 50 countries. Their client base consists of enterprises of all sizes, including more than 100 Fortune 500 companies. This growing client base relies on Technavio’s comprehensive coverage, extensive research, and actionable market insights to identify opportunities in existing and potential markets and assess their competitive positions within changing market scenarios.
If you are interested in more information, please contact our media team at firstname.lastname@example.org.