According to the new research report published by The Insight Partners on "Portable Evaporative Cooler Market Forecast to 2028 - COVID-19 Impact and Global Analysis," the market is expected to record a CAGR of 8.5% from 2022 to 2028 to reach US$ 4,036.55 million by 2028.
Major stakeholders in the global portable evaporative cooler market ecosystem are raw material suppliers, component manufacturers, and end users. The wide range of raw materials used for making portable evaporative coolers has increased the number of raw material suppliers in the competitive market. Raw material suppliers play a crucial role in the supply chain of the portable evaporative cooler market, as they contribute to the market revenue growth. They provide materials to the component manufacturers for manufacturing finished evaporative cooler products that are later supplied to residential, commercial, and industrial end users.
In addition, the raw material suppliers provide raw materials such as honeycomb structures, plastics, plywood covered steorofoams, and other materials to the components manufacturers to produce cooler enclosures, evaporative pads, valves, motors, and other components. The component manufacturers then supply such components to the portable cooler manufacturers that utilize the same to assemble and make the final portable evaporative cooler products and supply to their respective end users. Also, there are a lot of portable cooler manufacturers across different regions that have their own domestic ecosystem to cater to their respective domestic markets, as the global portable evaporative cooler market is highly fragmented with the presence of a large number of vendors across different countries. Also, the presence of many raw material suppliers and component suppliers across different regions has also been catering to the demand generated by domestic companies operating in the portable evaporative cooler market across different regions.
The American government is enforcing the use of energy-efficient systems. The new environmental standards effective in 2023 needs a seasonal energy efficiency ratio (SEER)-a measure of a system's cooling performance-of no less than 14 SEER for the residential systems in the northern part of the US and 15 SEER in the southern part of the US where cooling loads hold a larger share of home energy use. High SEER ratings indicate more energy-efficient equipment. Therefore, the focus on energy efficiency will fuel the use of efficient cooling solutions and is expected to drive the portable evaporative cooler market growth during the forecast period.
The portable evaporative cooler market is bifurcated on the basis of type and application. Based on type, the portable evaporative cooler market is segmented into direct evaporative cooler and indirect evaporative cooler. Based on application, the portable evaporative cooler market is segmented into residential, commercial, and industrial.
Key Findings of Study:
The global portable evaporative cooler market is segmented into five major regions-North America, Europe, Asia Pacific (APAC), the Middle East & Africa (MEA), and South America (SAM). In terms of revenue, Asia Pacific dominated the portable evaporative cooler market share in 2021 and is expected to retain its dominance during the forecast period as well. The region's dominance is attributed to rising disposable income and high demand for low-cost evaporative cooling products for residential, commercial, and industrial applications across highly populated countries such as China, India, Japan, Pakistan, Indonesia, and Vietnam. The presence of various companies such as Symphony Limited and Evapolar Eco Cooling Solutions is another major factor supporting the portable evaporative cooler market growth across Asia Pacific. Further, the lower penetration of ACs in one of the top two most highly populated countries, i.e., India, is boosting the preference for portable evaporative coolers across the region.
On similar lines, South America is likely to be the second-fastest growing region in the global portable evaporative cooler market during the forecast period. One of the key reasons behind the growth of the portable evaporative cooler market in South America is the presence of the largest importers of evaporative air coolers in Brazil. Portable evaporative coolers are largely imported in Brazil from countries such as China, India, and the US, which are home for several evaporative cooler manufacturers. Such factors are likely to generate new opportunities for market vendors across South America during the forecast period.
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