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Space Heaters Market in North America by Product and Geography - Forecast and Analysis 2022-2026

  • Published: Nov 2021
  • Pages: 120
  • SKU: IRTNTR71486
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The space heaters market share in North America is expected to increase by USD 379.70 million from 2021 to 2026, and the market’s growth momentum will accelerate at a CAGR of 4.31%.

This space heaters market in North America research report provides valuable insights on the post COVID-19 impact on the market, which will help companies evaluate their business approaches. Furthermore, this report extensively covers market segmentation by product (fan heaters, convection heaters, radiant heaters, and ceramic heaters) and geography (US, Canada, and Mexico). The space heaters market report in North America also offers information on several market vendors, including Crane - USA, Daikin Industries Ltd., Devco Heaters, Dyson Ltd., Honeywell International Inc., Lasko Products LLC, Newell Brands Inc., Pelonis Technologies Inc., SUNHEAT INTERNATIONAL, and Vornado Air LLC among others.

What will the Space Heaters Market Size in North America be During the Forecast Period?

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Space Heaters Market in North America: Key Drivers and Trends

The growth in expenditure on essential items is notably driving the space heaters market growth in North America, although factors such as high operational costs may impede the market growth. Our research analysts have studied the historical data and deduced the key market drivers and the COVID-19 pandemic impact on the space heaters industry in North America. The holistic analysis of the drivers will help in deducing end goals and refining marketing strategies to gain a competitive edge.

Key Space Heaters Market Driver In North America

One of the key factors driving growth in the space heaters market in North America is the growth in expenditure on essential items. The increase in per capita income will drive the market for space heaters in North America. An increase in the adoption of electrical and technologically advanced products is seen in North American markets, especially among the higher-income segments. As the number of working families is rising, people have started opting for electric home appliances. Another factor for the growth of the market is the booming e-commerce industry in North America. For instance, in countries such as Canada and Mexico, the rapidly growing e-commerce sector is a major driver for the home appliance market, further accelerating the market for space heaters in North America. The growing GDP per capita and the purchasing power parity (PPP) in North American economies are also the key factors for the growth of the market.

Key Space Heaters Market Challenge In North America

The high operational costs will be a major challenge for the space heaters market in North America. Space heaters are often associated with high operational costs as they require a regular supply of electricity for heating. In the case of a gas room heater, the average operational cost is $250-$300. However, electric space heaters cost approximately $800-$850 on an average per year to operate. While they do not incur any installation charges and are comparatively less expensive than the alternatives, their high operational costs can have a significant negative impact on consumer purchase decisions. Vendors need to devise technologies to make electric space heaters more energy-efficient with lower operational expenses. The high operational costs associated with space heaters are expected to hinder the adoption of these products, thereby hampering the growth of the space heaters market in North America during the forecast period.

This space heaters market in North America analysis report also provides detailed information on other upcoming trends and challenges that will have a far-reaching effect on the market growth. The actionable insights on the trends and challenges will help companies evaluate and develop growth strategies for 2022-2026.

Who are the Major Space Heaters Market Vendors in North America?

The report analyzes the market’s competitive landscape and offers information on several market vendors, including:

 

  • Crane - USA
  • Daikin Industries Ltd.
  • Devco Heaters
  • Dyson Ltd.
  • Honeywell International Inc.
  • Lasko Products LLC
  • Newell Brands Inc.
  • Pelonis Technologies Inc.
  • SUNHEAT INTERNATIONAL
  • Vornado Air LLC

 

This statistical study of the space heaters market in North America encompasses successful business strategies deployed by the key vendors. The space heaters market in North America is fragmented and the vendors are deploying organic and inorganic growth strategies to compete in the market.

To make the most of the opportunities and recover from post COVID-19 impact, market vendors should focus more on the growth prospects in the fast-growing segments, while maintaining their positions in the slow-growing segments.

The space heaters market in North America forecast report offers in-depth insights into key vendor profiles. The profiles include information on the production, sustainability, and prospects of the leading companies. 

Which are the Key Regions for Space Heaters Market in North America?

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86% of the market’s growth will originate from the US during the forecast period. Canada is the key market for space heaters in North America. Market growth in this region will be faster than the growth of the market in the US and Mexico.

This market research report entails detailed information on the competitive intelligence, marketing gaps, and regional opportunities in store for vendors, which will assist in creating efficient business plans.

What are the Revenue-generating Product Segments in the Space Heaters Market in North America?

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The space heaters market share growth in North America by the fan heaters segment will be significant during the forecast period. Fan heaters are one of the most popular types of heaters. Moreover, fan heaters are available in a variety of shapes and sizes and have many uses in industries such as construction. The increased availability of a wide range of fan heaters is expected to drive the growth of this segment.

This report provides an accurate prediction of the contribution of all the segments to the growth of the space heaters market size in North America and actionable market insights on post COVID-19 impact on each segment.

 

Space Heaters Market Scope In North America

Report Coverage

Details

Page number

120

Base year

2021

Forecast period

2022-2026

Growth momentum & CAGR

Accelerate at a CAGR of 4.31%

Market growth 2022-2026

$ 379.70 million

Market structure

Fragmented

YoY growth (%)

3.87

Regional analysis

US, Canada, and Mexico

Performing market contribution

US at 86%

Key consumer countries

US, Canada, and Mexico

Competitive landscape

Leading companies, Competitive strategies, Consumer engagement scope

Key companies profiled

Crane - USA, Daikin Industries Ltd., Devco Heaters, Dyson Ltd., Honeywell International Inc., Lasko Products LLC, Newell Brands Inc., Pelonis Technologies Inc., SUNHEAT INTERNATIONAL, and Vornado Air LLC

Market dynamics

Parent market analysis, Market growth inducers and obstacles, Fast-growing and slow-growing segment analysis, COVID-19 impact and recovery analysis and future consumer dynamics, Market condition analysis for the forecast period

Customization purview

If our report has not included the data that you are looking for, you can reach out to our analysts and get segments customized.

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What are the Key Data Covered in this Space Heaters Market Report in North America?

  • CAGR of the market during the forecast period 2022-2026
  • Detailed information on factors that will drive space heaters market growth in North America during the next five years
  • Precise estimation of the space heaters market size in North America and its contribution to the parent market
  • Accurate predictions on upcoming trends and changes in consumer behavior
  • The growth of the space heaters industry in North America 
  • A thorough analysis of the market’s competitive landscape and detailed information on vendors
  • Comprehensive details of factors that will challenge the growth of the space heaters market vendors in North America

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Executive Summary

    Market Landscape

    • Market ecosystem
    • Value chain analysis

    Market Sizing

    • Market definition
    • Market segment analysis
    • Market size 2021
    • Market outlook: Forecast for 2021 - 2026

    Five Forces Analysis

    • Bargaining power of buyers
    • Bargaining power of suppliers
    • Threat of new entrants
    • Threat of substitutes
    • Threat of rivalry
    • Market condition

    Market Segmentation by Product

    • Market segments
    • Comparison by Product
    • Fan heaters - Market size and forecast 2021-2026
    • Convection heaters - Market size and forecast 2021-2026
    • Radiant heaters - Market size and forecast 2021-2026
    • Ceramic heaters - Market size and forecast 2021-2026
    • Market opportunity by Product

    Customer landscape

      Geographic Landscape

      • Geographic segmentation
      • Geographic comparison
      • US - Market size and forecast 2021-2026
      • Canada - Market size and forecast 2021-2026
      • Mexico - Market size and forecast 2021-2026
      • Market opportunity by geography
      • Market drivers
      • Market challenges
      • Market trends

      Vendor Landscape

      • Overview
      • Vendor landscape
      • Landscape disruption

      Vendor Analysis

      • Vendors covered
      • Market positioning of vendors
      • Crane - USA
      • Daikin Industries Ltd.
      • Devco Heaters
      • Dyson Ltd.
      • Honeywell International Inc.
      • Lasko Products LLC
      • Newell Brands Inc.
      • Pelonis Technologies Inc.
      • SUNHEAT INTERNATIONAL
      • Vornado Air LLC

      Appendix

      • Scope of the report
      • Currency conversion rates for US$
      • Research methodology
      • List of abbreviations

      Research Framework

      Technavio presents a detailed picture of the market by way of study, synthesis, and summation of data from multiple sources. The analysts have presented the various facets of the market with a particular focus on identifying the key industry influencers. The data thus presented is comprehensive, reliable, and the result of extensive research, both primary and secondary.

      TechnavioINFORMATION SOURCES

      Primary sources

      • Manufacturers and suppliers
      • Channel partners
      • Industry experts
      • Strategic decision makers

      Secondary sources

      • Industry journals and periodicals
      • Government data
      • Financial reports of key industry players
      • Historical data
      • Press releases
      Technavio

      TechnavioDATA ANALYSIS

      Data Synthesis

      • Collation of data
      • Estimation of key figures
      • Analysis of derived insights

      Data Validation

      • Triangulation with data models
      • Reference against proprietary databases
      • Corroboration with industry experts
      Technavio

      TechnavioREPORT WRITING

      Qualitative

      • Market drivers
      • Market challenges
      • Market trends
      • Five forces analysis

      Quantitative

      • Market size and forecast
      • Market segmentation
      • Geographical insights
      • Competitive landscape
      Interested in this report?
      Get your FREE sample now!
      The space heaters market growth will increase by $379.70 million during 2021-2026.
      The space heaters market is expected to grow at a CAGR of 4.31% during 2021-2026.
      Technavio has segmented the space heaters market by product (Fan heaters, Convection heaters, Radiant heaters, and Ceramic heaters) and geographic (US, Canada, and Mexico).
      Crane - USA, Daikin Industries Ltd., Devco Heaters, Dyson Ltd., Honeywell International Inc., Lasko Products LLC, Newell Brands Inc., Pelonis Technologies Inc., SUNHEAT INTERNATIONAL, Vornado Air LLC are a few of the key vendors in the space heaters market.
      US will register the highest growth rate of 86.18% among the other regions. Therefore, the space heaters market in US is expected to garner significant business opportunities for the vendors during the forecast period.
      The key factors driving the space heaters market growth are:
      • Growth in expenditure on essential items
      The space heaters market vendors should focus on grabbing business opportunities from the fan heaters segment as it accounted for the largest market share in the base year.
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