Personal Cooling Device Market Analysis APAC, Europe, North America, South America, Middle East and Africa - China, US, Germany, Japan, Australia - Size and Forecast 2024-2028

Personal Cooling Device Market Size 2024-2028

The personal cooling device market size is forecast to increase by USD 1.58 billion at a CAGR of 4.83% between 2023 and 2028.

• The market is experiencing significant growth due to several key factors. One major driver is the cost-effective supply chain of portable air conditioners and battery-powered blowers, making these products accessible to a wider consumer base. Additionally, the increasing disposable income of individuals in the US is leading to higher demand for personal cooling solutions, particularly during hot summer months. However, the market faces challenges from unorganized retailing and the emergence of alternative cooling technologies, such as ambient air systems and protective vests with integrated ventilation. Lightweight and often constructed from steel or plastic fiber, these devices are highly portable. First responders and electronic device manufacturing industries are also significant consumers of personal cooling devices, further expanding the market's reach. Overall, the market for personal cooling devices is poised for continued growth in the US market.

What will be the Size of the Market During the Forecast Period?

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• The increasing global temperature trends have led to a growing demand for personal cooling solutions in North America. As climate change continues to impact daily life, individuals seek effective ways to mitigate the effects of heat exposure. This article explores the market for personal cooling devices, including handheld cooling devices, desk fans, and portable air conditioners, and discusses their energy efficiency, health benefits, and applications. Market Overview: Personal cooling devices have gained significant attention due to their ability to provide cooling relief in various settings.
• In addition, these devices cater to the needs of individuals engaging in outdoor activities, working in heated environments, or seeking comfort in their homes. The market for personal cooling solutions is diverse, encompassing thermoelectric coolers (TEC), portable air conditioners, and ambient air systems. Energy Efficiency: Energy efficiency is a crucial factor in the personal cooling devices market. Manufacturers are continually innovating to create more energy-efficient solutions. For instance, TECs utilize the Peltier effect to generate cooling without the need for moving parts or compressors, making them highly energy-efficient. Health Benefits: Personal cooling devices offer numerous health benefits, particularly in hot environments.

How is this market segmented and which is the largest segment?

The market research report provides comprehensive data (region-wise segment analysis), with forecasts and estimates in "USD billion" for the period 2024-2028, as well as historical data from 2018-2022 for the following segments.

• Product Type
  • Personal air conditioner
  • Handheld cooling device
• Geography
  • APAC
    • China
    • Japan
  • Europe
    • Germany
  • North America
    • US
  • South America
  • Middle East and Africa

By Product Type Insights

• The personal air conditioner segment is estimated to witness significant growth during the forecast period.

The market encompasses various products designed to mitigate Heat Islands and alleviate Heat Stress, primarily in the context of Outdoor Recreation and Sports Activities. Wearable Cooling Solutions, such as personal air conditioners, have gained significant traction due to their portability and convenience. These devices, which do not necessitate permanent installation, are increasingly popular in both developed and developing regions. Personal air conditioners represent the largest segment of this market. They are utilized for personal comfort and can serve as supplementary cooling solutions. Types of personal air conditioners include table fans, pedestal fans, bladeless fans, and tower fans.

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The personal air conditioner segment was valued at USD 3.94 billion in 2018 and showed a gradual increase during the forecast period.

Regional Analysis

• APAC is estimated to contribute 54% to the growth of the global market during the forecast period.

Technavio's analysts have elaborately explained the regional trends and drivers that shape the market during the forecast period.

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The market in APAC held a substantial share in the global market in 2023. Factors such as rising disposable income among individuals, cost-effective manufacturing, and the growing preference for premium cooling devices are driving the market's expansion in this region. Countries like India, the Philippines, Vietnam, and China are major consumers of personal cooling devices in APAC. The trend of investing in high-end cooling devices has gained traction in recent years, significantly fueling the demand for luxury fans in the region.

Market Dynamics

Our researchers analyzed the data with 2023 as the base year, along with the key drivers, trends, and challenges. A holistic analysis of drivers will help companies refine their marketing strategies to gain a competitive advantage.

What are the key market drivers leading to the rise in adoption of Personal Cooling Device Market?

Cost-effective supply chain of personal cooling devices is the key driver of the market.

• The market is experiencing significant growth due to the affordability and widespread usage of appliances such as handheld cooling devices and personal air conditioners. These devices are essential for maintaining comfort in various climates, offering health benefits and energy efficiency. Manufacturers source raw materials, including steel sheets, enameled copper wires, ball bearings, steel rods, blades, winding wires, and PVC, in large quantities at competitive prices, contributing to the market's cost-effectiveness.
• Moreover, the global market for personal cooling devices is extensive, with numerous suppliers. This abundance of raw materials and competitive pricing allows manufacturers to produce and distribute these devices efficiently, catering to the increasing demand. In summary, the market's growth is driven by the demand for affordable, efficient, and health-benefiting cooling solutions, with a well-established and cost-effective supply chain.

What are the market trends shaping the Personal Cooling Device Market?

Increasing disposable income of individuals is the upcoming trend in the market.

• The disposable income of individuals has experienced significant growth both in developed and developing countries since 2021. According to the Bureau of Economic Analysis, disposable personal income in the US increased by USD 89.7 billion (0.5%) in March 2022 compared to March 2021. By the end of December 2023, disposable income is projected to have risen by 4.2% from the previous year. Factors contributing to this trend include the rise in dual household incomes, per capita income, and employment rates. In response to this increase in disposable income, the market for personal cooling devices has gained traction. Portable air conditioners, battery-powered blowers, and ventilation vests have become popular choices for individuals seeking to maintain comfortable temperatures, particularly during warmer months.
• Moreover, first responders and electronic device manufacturing industries have also shown a growing interest in these devices for their unique cooling capabilities. Ambient air systems, such as HVAC systems, continue to be a staple for larger spaces, but the demand for portable and personal cooling solutions has risen. With the continued increase in disposable income and the growing need for personalized cooling solutions, the market is poised for continued growth.

What challenges does Personal Cooling Device Market face during the growth?

Threat from unorganized retailing is a key challenge affecting the market growth.

• In the global market for personal cooling solutions, the rise of unorganized retailers, particularly in countries like China, Vietnam, India, and certain African and Middle Eastern nations, poses a significant challenge. Although the personal cooling device industry is experiencing consistent expansion due to the escalating demand for high-end fans and a greater focus on home decor, consumers in developing countries such as India, Brazil, Bangladesh, and Benin typically opt for standard personal cooling devices from unorganized retailers. This trend has led to a decrease in market share for organized retailers in these regions, potentially hindering the market's growth during the forecast period.
• Despite the steady growth of the personal cooling device industry due to the increasing demand for premium fans and a greater emphasis on household decoration, consumers in developing countries such as India, Brazil, Bangladesh, and Benin, generally prefer to purchase standard personal cooling devices from unorganized retailers due to their affordability and accessibility. This trend has resulted in a decline in market share for organized retailers in these regions, potentially impeding the market's growth during the forecast period.

Exclusive Customer Landscape

The market forecasting report includes the adoption lifecycle of the market, covering from the innovator's stage to the laggard's stage. It focuses on adoption rates in different regions based on penetration. Furthermore, the market report also includes key purchase criteria and drivers of price sensitivity to help companies evaluate and develop their market growth analysis strategies.

Customer Landscape

Key Companies & Market Insights

Companies are implementing various strategies, such as strategic alliances, market forecast, partnerships, mergers and acquisitions, geographical expansion, and product/service launches, to enhance their presence in the market.

The market research and growth report includes detailed analyses of the competitive landscape of the market and information about key companies, including:

• Ambient Therapeutics Inc.
• Bajaj Electricals Ltd.
• Beijing Huimao Cooling Equipment Co. Ltd.
• Beurer GmbH
• Blue Star Ltd.
• Design Go Ltd.
• Evapolar Ltd.
• Havells India Ltd.
• Honeywell International Inc.
• Ken Lifestyles Pvt. Ltd.
• Marathon Electric India Pvt. Ltd.
• Newell Brands Inc.
• O2Cool LLC
• Orient Electric Ltd
• Pelonis Technologies Inc.
• Shenzhen Lechuangtiancheng Technology Co. Ltd.
• Sony Group Corp.
• Summercool Home Appliances Ltd.
• Symphony Ltd
• Usha International Ltd.

Qualitative and quantitative analysis of companies has been conducted to help clients understand the wider business environment as well as the strengths and weaknesses of key market players. Data is qualitatively analyzed to categorize companies as pure play, category-focused, industry-focused, and diversified; it is quantitatively analyzed to categorize companies as dominant, leading, strong, tentative, and weak.

Research Analyst Overview

Personal cooling devices have gained significant popularity in recent years due to the increasing global temperature and the rise in outdoor activities. These devices offer portable and energy-efficient solutions to combat heat stress and prevent heat-related diseases such as heatstroke, dehydration, and heat exhaustion. Handheld cooling devices, including handheld mist fans and thermoelectric coolers (TEC), have become a go-to choice for individuals seeking relief from the heat. Climate change has led to the emergence of heat islands, making personal cooling devices essential for first responders, construction workers, and people engaged in outdoor recreation and sports activities. The market for personal cooling solutions is thriving, with online sales contributing significantly to its growth.

Moreover, e-commerce platforms offer a wide range of products, including portable air conditioners, evaporative cooling devices, compression cooling vests, and battery-powered blowers. Cooling technology has advanced significantly, with the availability of wearable cooling solutions such as cooling vests, cooling caps/hats, cooling sleeves, and cooling towels. These devices are designed to provide comfort and protection against heat exposure, making them an essential accessory for individuals working or engaging in activities in hot environments. The market for personal cooling devices is expected to continue growing, driven by the increasing awareness of the health benefits of staying cool and comfortable in hot conditions.

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What are the Key Data Covered in this Market Research and Growth Report?

• CAGR of the market during the forecast period
• Detailed information on factors that will drive the market growth and forecasting between 2024 and 2028
• Precise estimation of the size of the market and its contribution of the market in focus to the parent market
• Accurate predictions about upcoming market growth and trends and changes in consumer behaviour
• Growth of the market across APAC, Europe, North America, South America, and Middle East and Africa
• Thorough analysis of the market's competitive landscape and detailed information about companies
• Comprehensive analysis of factors that will challenge the growth of market companies

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