According to a new market research report published by Credence Research, “Portable Air Conditioners Market (by End-use (Residential, Commercial, and Industrial), by Sales Channel (Direct Retail & Online Retail), by Geography (North America, Europe, Asia Pacific, and Rest of the World)) – Growth, Future Prospects, and Competitive Landscape, 2018 -2026”, the global portable air conditioners market is expected to expand at a CAGR of 5.2% during the forecast from 2018 to 2026.
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Portable air conditioners are easy-to-move, freestanding units that pull fresh air in, removes heat and moisture, and releases cooler air in the environment. A portable air conditioning unit are suitable for cooling rooms under 500 Sq. ft. and hence are primarily installed either in residential units or at small commercial outlets. In terms of end-use, adoption of portable air conditioners was highest in the residential segment. The trend is presumed to prolong with residential segment enduring the largest value contribution by 2026. Improving standard of living due to increased discretionary income and rapid urbanization will see the number of housing units’ increase, which, in turn will trigger new installations of portable air conditioning units worldwide. At commercial spaces, these units are generally installed as a complementary solution in those dogged hot rooms that exist even with the presence of central air conditioning.
In terms of sales channel, direct retail led the global portable air conditioners market worldwide in 2017. Approximately three-fourth of the overall portable air conditioner sales was through direct retail outlets. However, with the evolving digital habits of consumers worldwide, demand for portable air conditioners through online retail channel will gain momentum during the forecast period from 2018 to 2026.
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Some of the leading portable air conditioner manufacturers profiled in the research study include LG Electronics Inc. (South Korea), AMFAH (India), AB Electrolux (Sweden), Whynter LLC (the U.S.), Royal Sovereign International, Inc. (the U.S.), LLYOD, Paradis Hitech Industries Pvt. Ltd. (India), Midea Group (China), and Olimpia Splendid S.p.A (Italy) among others. These manufacturers have concentrated their efforts on developing energy efficient, portable units equipped with photo sensors that make air conditioning units to automatically shut down if there is no people around, thereby economizing the electricity consumption and saving on electricity bill. Manufacturers are focusing on aligning themselves with the on-going trend of smart automation by developing smart, state-of-the-art portable air conditioners capable of being operated using smartphone to adjust temperature, fan speed, and control modes. In a bid to offer quality post sale service and remain ahead of the competition, every manufacturer is also focusing on strengthening distribution channel and forming partnerships with participants across the supply chain.
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