The Personal Cooling Devices Market size is
forecasted to reach US$10.2 million by 2027, growing at a CAGR of 5.8% from 2022
to 2027. The growth of the personal cooling
devices market is majorly driven by factors such as a broad range of
cost-effective and easy-to-operate products, high affordability and the
portability of these devices. Additionally, the increasing number of
energy-saving technologies for cooling devices and increased penetration of
distribution channel to cater to the increasing consumer demand, has significantly
contributed to the growth of the Personal Cooling Devices Market.
Moreover, rising global
temperature due to global warming and an increase in disposable income have increased the consumer demand for personal cooling devices. As the health
immunity of elders and newborns is declining due to rising temperatures and
harsh weather, consumers are treating personal cooling devices as a necessity
rather than a luxury item. Demand for energy-efficient cooling systems in
residential buildings, increasing infrastructure and smart city projects are
driving the demand for personal cooling devices. According to World Health Organization, heat stress due to climatic conditions
is expected to result in additional 38,000 deaths per year between 2030 to
The North American Personal
Cooling Devices Market held a significant market share of 23% in 2021. The growth of the personal cooling devices market in this region is
driven by several energy efficiency policies and growing consumer demand for
personal cooling devices. People's perceptions of personal cooling devices have
shifted as a result of global warming. This has increased the demand for all types
of personal cooling devices, making them more of a necessity than a luxury. As
a result, the region's demand for personal cooling devices has skyrocketed.
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Personal Cooling Devices Market Growth Drivers:
Rapid Growth of the Automotive Sector and Applications of Personal Cooling Devices in Automobiles:
Increased use of vehicles such as passenger cars, commercial vehicles and heavy-duty vehicles drives up demand for personal cooling systems. Factors such as globalization, urbanization, rising per capita income of the consumers, blooming population and changing lifestyle of middle-class families are some of the major factors which are expected to boost the demand for automobiles. This, in turn, would boost the adoption of personal cooling systems during the forecast period. According to OICA, in 2021, the production of cars and commercial vehicles was 80.1 million units. This huge demand would foster the demand for personal cooling devices in vehicles. Additionally, demand for electric and hybrid vehicles is soaring across the globe, thereby creating opportunities for the growth of the Personal Cooling Devices market during the forecast period.
The Major Players in this Market
Major players in the Personal Cooling Devices Market include Honeywell International Inc, Daikin Industries, Samsung, Panasonic, Havells, Blaux, Haier, Carrier and Lakeland. In January 2021, Samsung launched large capacity variable refrigerant flow air conditioning systems that can be installed in just 0.5 square meters of space in premium apartments, bungalows, villas, houses as well as commercial and retail establishments.
Mr. Venkat Reddy
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