Portable Air Conditioner Market Size Pump Out USD $ 945.4 billion by 2027 | Asia-Pacific Exceed $134.3 billion by 2027

PORTLAND, OREGON, UNITED STATES, March 29, 2023 /EINPresswire.com/ -- According to a new report published by Allied Market Research, titled, “Portable Air Conditioner Market by Type, End User and Distribution Channel: Opportunity Analysis and Industry Forecast, 2021–2027,” The global portable air conditioner Market size is expected to reach $ 945.4 million by 2027 at a CAGR of 4.5% from 2021 to 2027.

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Surge in electrification and rapid expansion of the retail sector in the rural market has been further boosting the global portable air conditioner market growth. For instance, according to Consumer Electronics and Appliances Manufacturers Association, rural markets are expected to grow at a compound annual growth rate (CAGR) of 25%, which is majorly attributed to the increase in electrification of rural areas.

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The global portable air conditioners market exhibits high growth potential in the developing economies such as India and China, owing to increase in personal disposable income and high spending for improving high standard of living. People are actively replacing old consumer durables goods with smart and highly technological advanced consumer durable goods including portable air conditioners, refrigerators, microwave ovens, water heaters and vacuum cleaners. Now a days, consumer durables manufacturing companies are making advanced and smart featured home and commercial appliances. Wi-Fi connectivity, voice and remote control and smart phone compatibility featured portable air conditioners are expected to attract consumers and create huge demand during the forecast period.

Rapid expansion of the retail industry plays a major role in the distribution of portable air conditioner. It is becoming more important to make portable air conditioner available to the consumers. Specialty stores and supermarket & hypermarkets are gaining major traction in the global portable air conditioner market. This is majorly attributed to availability of enormous options for the consumers to choose from. Multi brand specialty stores have many brands for the single line product segment, where people can compare their features and colors, which help them to take buying decisions. `

However, lack of proper electrification in rural areas and distribution of channels are the major challenges for growth of the portable air conditioner market in the rural sector. Manufacturers need to address correct need, requirements and affordability of the rural consumers and accordingly portable air conditioner should be designed, which can be the biggest challenge for the portable air conditioner manufacturers.

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According to portable air conditioner market analysis, the portable air conditioner market segmented into type, end user, distribution channel, and region. On the basis of type, the portable air conditioner market report is categorized into small room, medium room and large room. By end user, it is segregated into residential and commercial. According to distribution channel, it is divided into supermarket & hypermarket, specialty store, department store, e-commerce and others. Region wise, it is analyzed across North America (the U.S., Canada, and Mexico), Europe (Russia, Spain, Italy, France, Germany, UK, and Rest of Europe), Asia-Pacific (China, Japan, India, South Korea, Indonesia, Thailand, Australia, and Rest of Asia-Pacific), and LAMEA (Latin America, Middle East, Africa)

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According to the portable air conditioner market trends, on the basis of distribution channel, the E-commerce segment was valued at $118.3 million in 2019, and is expected to reach $210.0 billion by 2027, registering a CAGR of 6.3% from 2021 to 2027. Easy accessibility offered by online platforms boost their adoption in the product market, thus becoming a popular medium for the purchase of portable air conditioner. Easy availability of information and demo about the appliances features, time-saving feature, and the facility of home delivery contribute toward the growth of the global product market through the e-commerce segment. Furthermore, on e-commerce platforms, people can have enormous brand options for the portable air conditioner, which helps consumers to compare products and buy them.

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The players operating in the portable air conditioner industry have adopted product launch and business expansion as their key developmental strategies to expand their market share, increase profitability, and remain competitive in the market. The key players profiled in this report include Lloyd Electric & Engineering Limited, LG Electronics Inc., Midea Group, AB Electrolux, United CoolAir Corporation, Blue Star Limited, Haier lnc., Daikin Industries Ltd., Olimpia Splendid Spa and Whirlpool Corp.

Key findings of the study

Portable air conditioner market was valued at $613.6 million, and is estimated to reach $945.4 million by 2027, growing at a CAGR of 4.5% during the forecast period.

Residential segment was valued at $543.4 billion, accounting for 88.56% of the global portable air conditioner market share.

China was the most prominent market in Asia-Pacific, and is projected to reach $134.3 billion by 2027, growing at a CAGR of 5.3% during the forecast period.

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