Market Size of Personal Cooling Devices Industry
| Study Period | 2019 - 2029 |
| Base Year For Estimation | 2023 |
| CAGR | 5.20 % |
| Fastest Growing Market | Asia Pacific |
| Largest Market | North America |
| Market Concentration | Low |
Major Players
*Disclaimer: Major Players sorted in no particular order |
Need a report that reflects how COVID-19 has impacted this market and its growth?
Personal Cooling Devices Market Analysis
The personal cooling device market is expected to witness a CAGR of over 5.2% during the forecast period.
- The demand for personal cooling devices has been continually increasing due to an increase in temperature as an effect of global warming. According to data realized by the World Health Organisation, heat stress due to climate change is expected to result in 38,000 extra deaths a year across the world between 2030 and 2050. It is expected to lead to an increase in the use of user-friendly and energy-saving cooling devices.
- The workers functioning in hot temperatures are expected to increasingly use handheld cooling devices to minimize heat/ cold stress and fatigue that affects both comfort and productivity. Hence, handheld cooling devices are expected to be among the fastest-growing product in the market studied. Moreover, they are integrated with TEC (Thermoelectric Cooler) modules, enabling them to provide an instant cooling effect.
- As with any trendy consumer demand, the prevalence of personal air conditioners brings various types and sizes to choose from that offer portability combined with a compelling chilled airflow for maximum customary comfort. Unfortunately, there can be a wide range of optimal portable AC features and functions to consider worthy of purchasing and using daily to beat the sweltering heat.
- However, the extensive usage of HVAC systems is acting as a replacement for personal cooling devices, thereby limiting the market's growth under consideration. HVAC systems in many working setups are cheaper, given the number of employees they can cater to in one go. But for personal use, personal cooling devices are economical, due to which the market is anticipated to witness demand over the forecast period.
- Moreover, with most end-user industries, like construction and mining, heavily impacted by the outbreak of COVID-19, especially during the initial months, the demand for personal cooling devices was adversely affected. However, with many pandemic-related restrictions easing up, the market is expected to witness renewed growth in the coming years.
Personal Cooling Devices Industry Segmentation
Personal air cooling devices are portable devices that cater to individual cooling needs. They are energy-efficient devices and don't require any complex installation procedures. These devices push cold or hot air inside the wearable jacket, providing the user with a comfortable environment.
The Personal Cooling Devices Market is segmented by Product Type (Personal Air Conditioners/Desk Fans, Handheld Cooling Devices) and Geography. The market sizes and forecasts regarding value (USD million) for all the above segments are provided.
| Product Type | |
| Personal Air Conditioner/Desk Fans | |
| Handheld Cooling Devices |
| Geography | |
| North America | |
| Europe | |
| Asia Pacific | |
| Rest of the World |
Personal Cooling Devices Market Size Summary
The personal cooling device market is poised for significant growth, driven by the increasing demand for user-friendly and energy-efficient solutions to combat rising temperatures due to global warming. This demand is particularly evident among workers in hot environments, such as those in construction and mining, who rely on handheld cooling devices to enhance comfort and productivity. The market is characterized by a diverse range of portable air conditioning options that offer customizable cooling features. Despite the competition from HVAC systems, which are more cost-effective for larger groups, personal cooling devices remain a popular choice for individual use due to their affordability and convenience. The market's growth was temporarily hindered by the COVID-19 pandemic, but it is expected to recover as restrictions ease.
The Asia-Pacific region emerges as a key player in the personal cooling device market, benefiting from its hot climate and robust industrial growth. The region's status as a hub for electronic device manufacturing further propels market expansion, with countries like China and India playing significant roles. The presence of numerous manufacturers in this region is anticipated to drive demand, supported by increased consumer spending on advanced portable devices. The market is highly competitive, with major players like Honeywell International Inc., Havells India Limited, and Sony introducing innovative products to capture a larger market share. These companies are focusing on strategic collaborations and product enhancements to expand their global presence and profitability.
Personal Cooling Devices Market Size - Table of Contents
-
1. MARKET INSIGHTS
-
1.1 Market Overview
-
1.2 Industry Attractiveness - Porter Five Forces
-
1.2.1 Bargaining Power of Suppliers
-
1.2.2 Bargaining Power of Consumers
-
1.2.3 Threat of New Entrants
-
1.2.4 Intensity of Competitive Rivalry
-
1.2.5 Threat of Substitutes
-
-
1.3 Impact of COVID-19 on the Market
-
-
2. MARKET SEGMENTATION
-
2.1 Product Type
-
2.1.1 Personal Air Conditioner/Desk Fans
-
2.1.2 Handheld Cooling Devices
-
-
2.2 Geography
-
2.2.1 North America
-
2.2.2 Europe
-
2.2.3 Asia Pacific
-
2.2.4 Rest of the World
-
-
Personal Cooling Devices Market Size FAQs
What is the current Personal Cooling Devices Market size?
The Personal Cooling Devices Market is projected to register a CAGR of 5.20% during the forecast period (2024-2029)
Who are the key players in Personal Cooling Devices Market?
Honeywell International Inc., Havells India Limited, Holmes Group, O2cool LLC and Evapolar Ltd are the major companies operating in the Personal Cooling Devices Market.
