Portable Hvac Equipment Market Research, 2031
The global portable HVAC equipment market size was valued at $3.5 billion in 2021, and is projected to reach $5.5 billion by 2031, growing at a CAGR of 5% from 2022 to 2031.
Portable HVAC equipment includes portable heating, ventilation, and air conditioning equipment such as a fan, heater, and air conditioner. Portable HVAC equipment is widely used in residential and commercial places owing to its several advantages such as being easy to clean, and it is easy to move from one place to another place. With the increasing disposable income and standard of living of the consumer, the demand for electronic appliances is increasing significantly in developing countries such as India, China, among others.
A portable air conditioner with 18000 BTU and above is used for industrial applications. These are also known as spot coolers. There are various benefits associated with industrial portable air conditioners. These include spot cooling without a huge investment for an air conditioning facility to an entire facility, prevention of product defects that can happen due to heat and humidity, and reduction of risk of human error and worker disability. Furthermore, it can support increasing the productivity and work quality of the workers by maintaining fresh air and the environment in the manufacturing units. There is an increase in the adoption of portable air conditioners in commercial organizations owing to the health-related benefits of using portable air conditioners. Also, spot-cooling appliances play an important role in various manufacturing processes in various industries, which are expected to boost the demand for portable air conditioners in the industrial sector. The rise in use of the efficient cooling systems at the industrial level is expected to boost the growth of portable air conditioners through the commercial segment during the forecast period. For instance, according to The International Energy Agency (IEA), the demand for efficient cooling systems and air conditioners is anticipated to increase three-fold by the end of 2030.
The rise in trends for outdoor activity globally increases the portable HVAC equipment market growth during the forecast period. According to the Outdoor Industry Association report, almost 53% of the U.S. population participated in any kind of outdoor activity at least once in 2020. Portable HVAC equipment such as fans, air conditioners, and heating equipment are available in a wide range of styles and configurations in the market. The main benefit offered by portable HVAC equipment is that it does not require much space and is lightweight and portable. The aforementioned reasons are some of the key factors for the growth of the portable HVAC equipment market globally.
Manufacturers are modifying their marketing and branding approaches for their goods in order to boost sales in various nations. Manufacturers have implemented cutting-edge tactics to boost sales of portable HVAC equipment such as portable fans, portable heaters, and portable air conditioners, including the introduction of new products with innovative technology and features. A common tactic used by manufacturers to draw in more consumers is the production of energy-efficient with value-added features. This aids in boosting the revenue of businesses engaged in this sector. Collectively, all these strategies adopted by manufacturers drive the growth of the portable HVAC equipment industry.
Stringent regulations imposed by the government are expected to encourage portable AC manufacturers to discover an alternative to HCFC, which is one of the factors responsible for global warming. Government organizations across the world, such as EPA (the United States Environment Protection Agency) and European Commission are developing some regulations and imposing rules associated with the release of this refrigerant under Section 609 of the Clean Air Act (CAA)to control the air pollution due the refrigerant used in the ACs including Hydrochlorofluorocarbons (HCFCs). The imports and production of HCFC-22 will be phased out by 2020-end, and it will be banned by the end of 2030 by the U.S. government. Similar regulations and rules are being imposed by the European Commission as well. Manufacturers in the portable air conditioner market are investing more in R&D to come up with efficient and safer alternatives to HCFC-22 to curb HCF emissions.
Energy prices are a significant part of our domestic expenditures and play an important role in industrial competitiveness and influence energy consumption patterns. End-use prices—paid by final consumers are affected by movements in white goods. As prices of electricity increase, the use of electrical appliances is expected to decrease. Sales of electrical household appliances significantly depend on the prices of the electricity. Portable HVAC equipment such as portable electric heaters, and portable air conditioners consume more electricity as compared to traditional HVAC equipment which is expected to hinder the growth of the portable HVAC equipment market.
Smart and upgraded household appliances not only require advertisement to increase awareness about the products but also require a wide area distribution network. A rapidly increasing number of large retail stores including supermarkets and hypermarkets in developing economies has enabled easier availability of white goods such as portable fans, portable heaters, and portable air conditioners as these stores help increase the sales of household appliances. Supermarkets & hypermarkets and specialty stores have served as better distribution points for various consumer goods including air conditioners, fans, and heaters. The growing retail sector in developing countries such as India, China, Chile, Thailand, and other developing countries is expected to create more opportunities for portable HVAC equipment manufacturers in the upcoming years.
Improvement in economic conditions is a key factor that contributes to the growth of the market. An increase in per capita disposable income enhances the spending capacity of consumers, leading to rising in expenditure on premium household appliances, which is expected to surge the growth of the portable HVAC equipment market. The rise in spending capacity is further anticipated to improve the standard of living, enabling consumers to buy highly advanced and smart featured home appliances such as portable fans, heaters, and air conditioners, which is expected to propel the demand in the upcoming years. In addition, the increase in disposable income in developing countries such as India and China has increased the expenditure on household appliances, which further drives the growth of the global market.
According to the market analysis, the global portable HVAC equipment market is segmented into product type, end-user, distribution channel, and region. By product type, the market is divided into portable fans, portable heaters, and portable air conditioners. Based on end user, the market is divided into residential and commercial. By distribution channel, the market is divided into hypermarkets and supermarkets, specialty stores, departmental stores, online retail, and others. Region-wise, the market is analyzed across North America (the U.S., Canada, and Mexico), Europe (Germany, France, Italy, Spain, UK, Russia, and rest of Europe), Asia-Pacific (China, Japan, India, South Korea, Australia, Thailand, Malaysia, Indonesia, and rest of Asia-Pacific), and LAMEA (Brazil, South Africa, Saudi Arabia, UAE, Argentina, and rest of LAMEA).
The portable fans segment accounted for more than 60% of the market share, in terms of revenue, in 2021 as it is being widely used & popular among consumers. A portable fan is cord connected or battery-operated small fan that can easily move from one place to another place without much hustle. There are different types of portable fans are offered by the manufacturers in the market. The portable fans segment includes desk fans, tower fans, pedestal fans, and others. With the increasing number of corporate offices and households, consumers are inclined towards portable fans which are easy to clean and move from one place to another place which is expected to propel the portable HVAC equipment market demand. This segment is projected to dominate the market during the portable HVAC equipment market forecast period and is anticipated to show significant growth in Asia-Pacific, whereas growth will remain steady in North America.
On the basis of end user, the commercial segment is estimated to witness the highest CAGR of 5.3% during the forecast period. The commercial segment of the portable AC market includes hotels, restaurants, industries, hospitals, commercial and government complexes, and offices. The key players in the market are continuously evolving the requirements of the commercial industry by modifying and innovating existing portable HVAC equipment. As a result, frequent product launches especially for the commercial segment have been witnessed in the past few years. The surge in the hospitality industry around the world and the industrialization & commercialization of small and medium enterprises are positively influencing the demand for the portable HVAC equipment industry.
On the basis of distribution channel, the global portable HVAC equipment market is categorized into hypermarkets and supermarkets, specialty stores, departmental stores, online retail, and others. The hypermarkets and supermarkets segment led the market and accounted for 31.7% of the portable HVAC equipment market share in 2021 and is expected to maintain its dominance during the forecast period. Hypermarkets and supermarkets usually span a large area and display a wide range of brands in one particular store. In addition, they are especially located near residential areas for convenience and easy accessibility. Therefore, people majorly prefer to buy white goods from Hypermarkets and supermarkets.
Region-wise, North America was the largest market in 2021 and had the highest market share of 31.8%. North America is the major market for portable HVAC equipment. The increasing usage of energy-efficient white goods owing to the declining energy consumption rate is anticipated to drive the demand for new and advanced consumer electronic products. The increasing demand for energy-efficient devices in the U.S. is driving the portable HVAC equipment demand in North America. The growing awareness of ENERGY STAR-certified products is augmenting the growth in the U.S. Furthermore, the regional market is estimated to witness substantial growth owing to the need for replacing the traditional with smart connected portable HVAC equipment.
The players in the portable HVAC equipment market have adopted acquisition, business expansion, partnership, collaboration, and product launch as their key development strategies to increase profitability and improve their position in the portable HVAC equipment market.
Some of the key players profiled in the portable HVAC equipment market analysis include AB Electrolux, Blue Star Limited., Carrier, Crompton Greaves Consumer Electricals Limited., Daikin Industries, Ltd., Dyson Limited., Emerson Electric Co., Haier Group Corporation, Hitachi, Ltd, Honeywell International Inc., LG Electronics Inc., Midea Group Co., Ltd., O2COOL, LLC, Orient Electric Limited, and Panasonic Corporation.
Key Benefits For Stakeholders
- This report provides a quantitative analysis of the market segments, current trends, estimations, and dynamics of the portable HVAC equipment market analysis from 2021 to 2031 to identify the prevailing portable HVAC equipment market opportunity.
- The market research is offered along with information related to key drivers, restraints, and opportunities.
- Porter's five forces analysis highlights the potency of buyers and suppliers to enable stakeholders make profit-oriented business decisions and strengthen their supplier-buyer network.
- In-depth analysis of the portable HVAC equipment market size and segmentation assists to determine the prevailing market opportunities.
- Major countries in each region are mapped according to their revenue contribution to the global market.
- Market player positioning facilitates benchmarking and provides a clear understanding of the present position of the market players.
- The report includes the analysis of the regional as well as global portable HVAC equipment market trends, key players, market segments, application areas, and market growth strategies.
Portable Hvac Equipment Market Report Highlights
| Aspects | Details |
 Market Size By 2031 | USD 5.5 billion |
 Growth Rate | CAGR of 5% |
 Forecast period | 2021 - 2031 |
 Report Pages | 400 |
 By Distribution Channel |
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 By Product Type |
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 By End User |
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 By Region |
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 Key Market Players | AB Electrolux, Daikin Industries, Ltd., Carrier, Crompton Greaves Consumer Electricals Limited, O2COOL, LLC, LG Electronics Inc., Hitachi, Ltd, Midea Group Co., Ltd., Blue Star Limited, Dyson Limited, Panasonic Corporation, Honeywell International Inc., Orient Electric Limited, Haier Group Corporation, Emerson Electric Co. |
Analyst Review
According to the insights of CXOs of leading companies, the portable HVAC equipment market holds a substantial scope for growth; however, its contribution to the world market would increase significantly within the next six years. Innovation is the key to the success of the portable HVAC equipment market.
The global portable HVAC equipment market exhibits high growth potential in developing economies such as India and China, owing to an increase in disposable income and high spending for improving a high standard of living. People are actively replacing old consumer durables goods with smart and highly technologically advanced consumer durable goods including portable air-conditioners, fans, and heaters. Nowadays, key players are making advanced and smart-featured home and commercial appliances. Wi-Fi connectivity, voice and remote control, and smartphone compatibility featured portable air conditioners, portable fans, and portable heaters are expected to attract consumers and create huge demand during the forecast period.
The global portable HVAC equipment market size was valued at $3,445.7 million in 2021 and is projected to reach $5,536.9 million by 2031, registering a CAGR of 5.0% from 2022 to 2031.
According to the market analysis, the global portable HVAC equipment market is segmented into product type, end-user, distribution channel, and region.
The major players analyzed for the portable HVAC equipment market are AB Electrolux, Blue Star Limited., Carrier, Crompton Greaves Consumer Electricals Limited., Daikin Industries, Ltd., Dyson Limited., Emerson Electric Co., Haier Group Corporation, Hitachi, Ltd, Honeywell International Inc., LG Electronics Inc., Midea Group Co., Ltd., O2COOL, LLC, Orient Electric Limited, and Panasonic Corporation
The global portable HVAC equipment market report is available on request on the website of Allied Market Research.
The base year calculated in the portable HVAC equipment Market report is 2021.
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