Air Coolers Market Size, Share, Trends, Growth and Forecast 2030

Air Coolers Industry Prospective:

The global air coolers market size was worth around USD 2,005.87 million in 2022 and is predicted to grow to around USD 4,586.08 million by 2030 with a compound annual growth rate (CAGR) of roughly 10.89% between 2023 and 2030.

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Air Coolers Market: Overview

Air coolers are devices used for air cooling. They can be used either in a closed setting or an open facility. The primary method of air cooler functioning involves drawing in hot air which passes through a moistened pad. This process helps in lowering air temperature which is then passed through the exciting point into a room. The result is the creation of a refreshing environment. Until the desired temperature is reached, the process continues and only stops when actioned to do so. Evaporating cooling is the working principle for air coolers. The primary components of air coolers include a water tank, water pump, cooling pads, fan, motor, control panel, and exhaust vents.

The water tank performs the role of storing the water that will be used for lowering air temperature. The pump is responsible for water circulation throughout the system including cooling pads. The control panel is the point from which users can make desired adjustments to fan speed and other parts of air coolers. It is not recommended to use air coolers without use however, certain devices can be used without water as well. The demand for water coolers is expected to reach new heights during the forecast period.

Key Insights:

• As per the analysis shared by our research analyst, the global air coolers market is estimated to grow annually at a CAGR of around 10.89% over the forecast period (2023-2030)
• In terms of revenue, the global air coolers market size was valued at around USD 2,005.87 million in 2022 and is projected to reach USD 4,586.08 million by 2030.
• The air coolers market is projected to grow at a significant rate due to global warming and increasing temperatures worldwide
• Based on application segmentation, residential was predicted to show maximum market share in the year 2022
• Based on distribution channel segmentation, multi-brand stores were the leading segment in 2022
• On the basis of region, Asia-Pacific was the leading revenue generator in 2022

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Air Coolers Market: Growth Drivers

Global warming and increasing temperatures worldwide may encourage higher device application

The global air coolers market is expected to grow owing to the rising temperature of the planet. The impacts of global warming can be observed across the globe. Researches conducted worldwide conclude that the temperature of all oceans is rising steadily. Some of the most evident signs of global warming include retreating glaciers, shrinking ice sheets, rising sea levels, and decreasing snow cover. A recent report by the United Nations implied that 40 long-standing glaciers worldwide have lost a thickness of more than 1.3 meters between 2021 and 2022. Several parts of the world are witnessing extremely high temperatures during the summer season.

For instance, European countries registered extreme heat waves in 2023. January 2023 was the warmest ever recorded in the history of Europe’s existence. Countries such as Poland, Latvia, Denmark, the Netherlands, and some others were the most significantly affected by the extreme rise in temperature. Similar statistics were observed in other parts of the world as well. As per projections, the Earth’s temperature is projected to continue rising until significant measures are taken to stabilize the environmental conditions.

Air coolers offer relief during such climate conditions. They are less expensive than traditional air ventilation systems such as air conditioners and centralized heating, ventilation, and conditioning (HVAC) technologies. Moreover, they also offer several other advantages. For instance, air coolers are portable and can be used in outdoor settings as well. They are less difficult to maintain and do not consume less power as opposed to air conditioners. These factors make them favorable among a growing number of consumers.

Rising disposable income of the general population and growing consumer awareness to deliver high results

The demand for air coolers is projected to grow due to the increasing disposable income of the general population. The rise in job opportunities has resulted in higher per capita income. Changing consumer buying patterns may work in favor of the global air cooler market players strengthened by the increasing urbanization rate.

Air Coolers Market: Restraints

Limited cooling capacity of air coolers may restrict the market growth rate

The global air coolers industry growth trend is projected to be restricted due to the limited cooling capacity of the equipment. In comparison to air conditioning systems, the technology used in air coolers is not as advanced which leads to restricted performance output.

On the other hand, air coolers require some form of manual assistance unlike air conditioners especially to ensure that water levels are adequately maintained especially in low-cost air cooler systems. The urban population is expected to prefer air conditioners due to their prices and the availability of financial assistance from service providers.

Air Coolers Market: Opportunities

Growing research & development (R&D) toward air cooler technology may generate high-growth opportunities

The global air coolers market is projected to gain opportunities due to the rising investments in R&D for improved performance. Companies are trying to deliver more energy-efficient solutions along with higher performance indexes.

In April 2023, Symphony Ltd, a leading provider of evaporative air coolers, announced the launch of the world’s first most energy-efficient solutions consuming 60% less power than contemporaries, in the Indian market. The air cooler range will be powered by brushless direct current motor (BLDC) technology and will cost INR 2000. Furthermore, there is a growing market for miniaturized air coolers that can be carried seamlessly from one location to another.

In May 2023, ChillWell, a leading producer of portable coolers, launched ChillWell 2.0. The new version offers improved features in comparison to the flagship item and is powered by Instra-frost technology.

Increasing sales through e-commerce platforms may deliver optimal results during the projection period

The demand for air coolers is projected to rise due to the increasing sale of air coolers through online sales platforms including e-commerce companies. These platforms offer excellent customer service in addition to offering regular lucrative offers and discounts. The growing access to the Internet and smartphones or tablets may lead to higher demand for air coolers.

Air Coolers Market: Challenges

High competition from other forms of air cooling systems may challenge market expansion

The global air coolers market will be challenged by the increasing demand for alternate air cooling solutions such as HVAC tools. They offer higher performance and are equipped with sophisticated technologies. Air coolers may find it difficult to create a dedicated consumer base in high-income countries. Moreover, air coolers have high seasonal demand during summer. In colder countries, the coolers may not prove cost-effective.

Air Coolers Market: Segmentation

The global air coolers market is segmented based on application, product type, distribution channel, and region.

Based on application, the global market segments are commercial and residential. In 2022, more than 60% of the total revenue was registered in the residential segment. Air coolers are a popular choice of air ventilation technologies in emerging countries. Additionally, they are ideal for smaller spaces such as living rooms and bedrooms. Furthermore, the rising disposable income of the general population along with extremely high temperatures during the summer season may drive segmental growth rate.

Based on product type, the global air coolers industry is divided into tower coolers, desert coolers, and others.

Based on distribution channel, the global market is segmented into multi-brand stores. wholesalers/distributors, online retailers, independent small stores, and others. In 2022, the highest demand was registered in the multi-brand stores segment. The growing penetration of multi-brand retail giants and their exceptional customer service are the main growth propellers. The online retailer segment is one of the fastest-growing units with a rising number of online buyers. As per official reports, around 33.3% of consumer electronics are sold online.

Air Coolers Market: Report Scope

Air Coolers Market: Regional Analysis

Asia-Pacific to emerge as the fastest-growing region during the forecast period

The global air coolers market is projected to witness the highest growth rate in Asia-Pacific. The presence of an extensive consumer base along with the rising disposable income of the general population are the primary causes of increased demand for consumer electronics including air coolers. Countries such as India, Pakistan, Bangladesh, and other Asian countries are some of the largest air cooler consumers. These countries are home to the leading manufacturers of advanced and reasonably-priced air coolers.

In May 2023, leading electrical appliance maker Elista, a United Arab Emirates (UAE) firm, launched two new desert coolers in the Indian market under the names Desert Aurora Cool and Desert Snow Monk. These air coolers have 90-liter capacities and are powered by a 100-watt motor. Additionally, the rising number of online buyers and increasing penetration of multi-brand consumer electronics retailers may aid regional expansion. The Middle East is an important market for air coolers. The weather conditions of Middle Eastern regions demand the use of high-performance air cooling systems. In July 2023, Al-Futtaim ACE, a Dubai-based air cooler provider, launched its new range of air coolers to beat the soaring temperatures in the country.

Air Coolers Market: Competitive Analysis

The global air coolers market is led by players like:

• Bajaj Electricals Limited
• Symphony Limited
• Havells India Limited
• Voltas Limited
• Honeywell International Inc.
• Kenwood (a brand of De'Longhi Group)
• Orient Electric Limited
• NewAir LLC
• Usha International Ltd.
• Blue Star Limited
• Kenstar
• Luma Comfort Corporation
• Crompton Greaves Consumer Electricals Limited
• V-Guard Industries Ltd.
• Maharaja Whiteline

The global air coolers market is segmented as follows:

By Application

• Commercial
• Residential

By Product Type

• Tower Coolers
• Desert Coolers
• Others

By Distribution Channel

• Multi-Brand Stores
• Wholesalers/Distributors
• Online Retailers
• Independent Small Stores
• Others

By Region

• North America
  • The U.S.
  • Canada
• Europe
  • France 
  • The UK
  • Spain
  • Germany
  • Italy
  • Rest of Europe
• Asia Pacific
  • China
  • Japan
  • India
  • South Korea
  • Southeast Asia
  • Rest of Asia Pacific
• Latin America
  • Brazil
  • Mexico
  • Rest of Latin America
• Middle East & Africa
  • GCC
  • South Africa
  • Rest of Middle East & Africa