According to a new report published by Allied Market Research, titled, Residential Dehumidifier Market by Type and Distribution Channel: Europe Opportunity Analysis and Industry Forecast, 2017-2023, the Europe residential dehumidifier market size was valued at $85.28 million in 2016, and is projected to reach $145.48 million by 2023, growing at a CAGR of 8.1% from 2017 to 2023.
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Factors that drive the growth of the Europe residential dehumidifier industry include rise in development in real estate sector and increase in consumer inclination toward health. Moreover, improvement in standard of living along with increase in disposable income significantly influences the Europe residential dehumidifier market. However, high cost of the product and seasonal application of dehumidifiers are expected to hamper the Europe residential dehumidifier market growth in the near future.
Chemical absorbent dehumidifier for domestic applications is projected to grow at a notable growth rate. The increase in demand for chemical absorbent dehumidifier is attributed to efficient operation even at low temperatures. Moreover, the product doesnt make much noise and it is light weight. However, the product is not suitable for large or poorly insulated rooms and it may not be as durable as the refrigerant type dehumidifier.
Supermarket, as one of the leading distribution channels of residential dehumidifiers, accounted for about 35% of market share in 2016. Some of the leading players in this segment are Tesco plc, Wal-Mart Stores, and Argos Limited. Supermarkets cater to the increase in needs of the customer, owing to their massive collection of products, variety of offers, and large selection range. Due to availability of different brands & features of residential dehumidifiers in the market and diverse customer requirements, supermarkets have the capability to fill the gaps between the sellers and the buyers. Various supermarkets offer innovative value-added services, such as customer loyalty programmers and happy hours on shopping deals, which boost the sales of various home appliances including residential dehumidifiers. However, online sales segment is anticipated to boost the Europe residential dehumidifier market growth owing to several benefits associated with it.
Key Findings of the Europe Residential Dehumidifier Market:
- The refrigerant type dehumidifier is expected to grow at a CAGR of 8.5% during the forecast period.
- Specialty store is projected to maintain its dominance throughout the period, growing at a CAGR of 8.4%.
- Online store is estimated to grow at the highest CAGR of 9.7% by 2023.
- UK generated the highest revenue, accounting for 31.8% share in 2016 and is anticipated to grow at a CAGR of 9.0% by 2023.
- Germany is anticipated to grow at the fastest rate of 10.7% during the forecast period.
However, the UK residential dehumidifier market is anticipated to witness a strong growth during the forecast period, owing to the development of the industrial sector, continuous growth of the economy, and rise in levels of construction in the domestic sector. In addition, factors such as growth in consumer awareness, increase in conscious to awareness of condensation problems, intensive promotional activities that include penetration pricing policy by manufacturers, and wide availability of dehumidifiers support the growth of the market.
The major companies profiled in the Europe residential dehumidifier market include DeLonghi Appliances S.r.l, Ebac Ltd, Chal-Tec GmbH, Meaco (U.K.) Limited, PVG International, Trotec GmbH, and Suntec Industries China.