LONDON--(BUSINESS WIRE)--The portable air-conditioner market is expected to grow by USD 241.99 million during 2020-2024 according to the latest market research report by Technavio. Request a free sample report
Rising awareness about environment-friendly and energy-efficient devices is expected to drive the growth of the market. Electronic appliances consume almost 45% to 50% of the total energy expended in a commercial building or house, and centralized air conditioners consume almost 4% to 5% of the total energy consumed. To minimize and to control high energy consumption, governments around the world are encouraging electronic appliances manufacturers to come up with energy-efficient products that consume less energy. Some of the popular energy-efficient portable ACs are Whynter ARC-12S (with an energy efficiency ratio of 11.1), NewAir AC-14100E (with an energy efficiency ratio of 9.88), and Haier HPC12XCR (with an energy efficiency ratio of 9.5).
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As per Technavio, the advent of smart portable air conditioners will have a positive impact on the market and contribute to its growth significantly over the forecast period. This research report also analyzes other significant trends and market drivers that will influence market growth over 2020-2024.
Portable Air-Conditioner Market: Advent Of Smart Portable Air Conditioners
With continuous technological advances, smart and wireless household appliances are gaining popularity on a global level. Conventional air conditioners already come with various innovative and technologically advanced features, such as remote control, wearable control, and weather monitoring. The rising popularity of smart home appliances has fueled the demand for portable ACs with advanced technological features. To capitalize on this, certain key manufacturers of portable ACs are increasingly incorporating advanced technologies, such as the IoT and a variety of sensors, resulting in increased automation. Furthermore, manufacturers are offering smart portable ACs, that enable temperature and fan speed to be changed using smartphones. For instance, the 14,000 BTU, smart, Wi-Fi-enabled portable air conditioner offered by LG comes with the SmartThinQ Technology.
“Factors such as the availability of multifunctional portable ACs, and the functional benefits of portable ACs will have a positive impact on the growth of the portable air-conditioner market value during the forecast period,” says a senior analyst at Technavio.
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Portable Air-Conditioner Market: Segmentation Analysis
This market research report segments the portable air-conditioner market by end-user (residential and non-residential), distribution channel (offline and online), and geography (APAC, Europe, MEA, North America and South America).
The APAC region led the portable air-conditioner market in 2019, followed by Europe, North America, South America, and MEA. During the forecast period, the APAC region is expected to register the highest incremental growth due to factors such as the growing demand from the residential housing sector and the emerging tourism industry.
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Some of the key topics covered in the report include:
- North America
- South America
- Vendors covered
- Vendor classification
- Market positioning of vendors
- Competitive scenario
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