Asia-Pacific air cooler market is surging ahead mainly due to a rapidly increasing demand for energy-efficient and affordable cooling solutions from people and businesses to stay cool under the scorching summer sun enamored by climate change.
BlueWeave Consulting, a leading strategic consulting and market research firm, in its recent study, forecasts Asia-Pacific air cooler market to grow at an impressive CAGR of 13.4% between 2022 and 2024. Rapid urbanization across major APAC countries is expected to be a major growth factor for the air cooler market in the region. As more people continue to migrate to cities for better opportunities and life, there is a growing demand for new housing units. This, in turn, drives the real estate and construction sector. The increasing urban population and new housing developments are spurring the demand for household products, including air coolers.
Asia-Pacific Air Cooler Market – Technology Advancements
A ride-on cooler is a kind of vehicle that can hold and cool down food and drinks. The cooler doubles as a seat inside the go-kart, which is constructed from a weak engine and frame. The ride-on cooler is suitable for use in a small backyard, a neighborhood, or for large outdoor parties, because it can transport food and beverages across short distances. The ride-on cooler can be equipped with a trailer hitch so that it can transport another cooler. Retail coolers also have a broad range of power. Electric motors are powered by 12- to 60-volt batteries and have a power range of 250 watts (0.3 horsepower) to 2,000 watts (2.7 horsepower). Gas-powered engines normally range in size from 33 to 205 cubic centimeters (2.0 to 12.5 cu in) and have a top speed of 13 miles per hour (21 km/h).
Market participants are committed to developing more advanced models. To keep fruits and vegetables fresh, supermarket stores across APAC make extensive use of retail coolers. The National Center for Biotechnology Information also estimates that the production of fruits and vegetables accounts for about 209.72 million tons yearly. Fruits and vegetables can also become contaminated if they are kept at room temperature. The utilization of retail coolers with a capacity of more than 50 quarts is quickly expanding to prevent contamination of them. Additionally, small-scale liquor businesses frequently use retail refrigerators to keep their booze chilled.
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Growth Factors
Rapid Urbanization and Increasing Construction Projects
Due to increased construction and development projects, air cooler penetration is deepening across Southeast Asian countries, such as Vietnam, Thailand, Indonesia, Malaysia, the Philippines, and China. The market is expected to grow as a result of expanding infrastructure projects and the tourism sector.
The demand for various household equipment, such as air coolers, that are compact and appropriate for cooling small- to medium-sized rooms, will also be influenced by the increase in housing construction. Compared to outdoor coolers, room coolers have slightly smaller capacity water tanks. The majority of room air coolers are energy-efficient and silent in operation. The model suggests that effective cooling can be supported by the addition of cold water or ice.
Air coolers may operate in low voltage locations and can use up to 10 times less energy than air conditioners, which results in much lower monthly electricity/power expenditures. As a result, air coolers are increasingly popular in homes across APAC.
Impact of COVID-19 on Asia-Pacific Air Cooler Market
The COVID-19 pandemic had an extraordinary effect not just in APAC but also across the globe. The pandemic has significantly strained the political and manufacturing sectors, leading to health emergencies throughout South-East Asia and increasing unpredictability and vulnerability. According to the United Nations ESCAP (UN ESCAP), more than half of the sub-regional countries, including the Philippines, Indonesia, Malaysia, Myanmar, and Malaysia, are vulnerable because of shoddy health systems. According to the United Nations Conference on Trade and Development (UNCTAD), Taiwan-Province of China (office machinery and communication equipment), the Republic of Korea (machinery equipment), Japan (machinery and automotive), and Vietnam are the economies in the APAC region that have been most negatively impacted (communication equipment).
Due to a lack of laborers, repairs to air conditioning systems, such as replacing air conditioning units and altering how Heating, Ventilation, and Air Conditioning (HVAC) systems operate, have been put on hold for more than six months. The COVID-19 pandemic, which has disrupted cross-border trade and shipping of air conditioner units, has exposed the fragility, having a significant influence on the number of units sold.
Competitive Landscape
Key players in Asia-Pacific air cooler market include Fujian Jinghui Environmental Technology Co. Ltd., Bajaj Electricals Ltd., Climate Technologies, Havells India Ltd., LG Electronics Inc., Orient Electric Limited, Samsung Group, Symphony Limited, Honeywell International Inc., GE Appliances, Aolan Industry Co. Ltd., Sharp Corporation and Koninklijke Philips N.V.Seeley International Pty Ltd. Vankool Technology Co.,Ltd., Voltas,Ltd. Rasika Appliances Pvt. Ltd. Usha International, Refeng, Ram Coolers, Crompton Greaves, Khaitan Electricals, and Maharaja Whiteline. They use various strategies, including launching innovative energy-efficient products, to expand their market reach. For instance, Symphony Ltd., introduced universal packaged air coolers in September 2020 with an emphasis on design, aesthetics, quality, and performance to increase local manufacturing in India. It is the first universal packaged air cooler in the world and provides the highest level of installation freedom. When compared to AC, it uses 90% less electricity and installs in a matter of minutes.
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