The global air coolers market is estimated to grow at a CAGR of 10.5% during the forecast period. Rising demand for energy-efficient air coolers and innovations in air coolers are some pivotal factors encouraging market growth. The demand for energy-efficient air coolers has emerged significantly as it consumes less energy than ACs. It consumes up to 10 times less energy compared to ACs. Air coolers consume less electricity and can also work in low voltage areas, which results in significantly lower monthly electricity/power bills. Additionally, air coolers need low maintenance and offer potential environmental benefits with very low power consumption and no harmful chlorofluorocarbons (CFC) emissions. 

Air coolers utilize clean, fresh air from the environment and support to keep windows open for better air circulation, however, ACs circulate stale air under a sealed room. Air coolers feature low capita cost and 90% low recurring cost than ACs, with easy and cost-effective maintenance. This, in turn, is contributing to its significant adoption, primarily in residentials. Further, some innovations in air coolers have been witnessed over the years. For instance, in March 2020, Orient Electric Limited, a division of CK Birla Group, introduced its new range of energy-efficient inverter air coolers driven by Electronically Commutated Motor (ECM) technology that offers up to 50% savings on electricity and energy cost. Its coolers range also comprises IoT-enabled air coolers, work on Wi-Fi, and also available with voice control. Orient Electric is focusing on gaining a 25% market share in the air coolers over the two years. Therefore, the company is focusing on new innovative launches to increase their competitiveness.  

Market Segmentation

The global air coolers market is segmented based on type and application. Based on type, the market is classified into tower, desert, and others. Based on the application, the market is classified into residential and commercial.

Tower Air Coolers to Witness Significant Share in the Type Segment

In 2019, tower air coolers are expected to witness potential share in the market owing to its space-saving features. It is a sleek and slim form of air cooler that is appropriate to place in small areas as it captures small floor space. These air coolers can be easily utilized for long operational hours with a water tank capacity of 20 to 40 liters. These air coolers are easy to clean and need less maintenance. With castor wheels, they can be easily moved from one place to another and is suitable for small to medium-sized areas. 

Some crucial tower air coolers include Symphony Diet personal tower air cooler 35-liters, Orient Electric Supercool 30-liter air cooler, Bajaj TC 103 DLX Digital 22-litres tower air cooler, and Blue Star PA35LMA 35-liter tower air cooler. The Bajaj TC 103 DLX Digital 22-litres tower air cooler ensures higher air delivery to cool any space in the house and increases the overall cooling experience. It is ergonomically designed for cooling media and features a hexagonal pattern that offers higher cooling with less water consumption. This cooler features a 22-liter water tank ensuring longer cooling with a constant water supply system. 

Global Air Coolers Market Share by Type, 2019 (%)

Regional Analysis

Geographically, in 2019, Asia-Pacific held the largest share in the market owing to the increasing residential and commercial construction and considerable availability of the middle-class population in the region. As per the India Brand Equity Foundation (IBEF), emerging demand for residential construction has been witnessed owing to the increased urbanization and increasing per-capita income. In 2019, housing sales reached 2.61 lakh units across 7 major cities. Air coolers are significantly used in residential space, owing to the low capital cost and electricity consumption compared to air conditioners. Additionally, the increasing availability of innovative and highly energy-efficient air coolers is further accelerating market growth.

Global Air Coolers Market Growth, by Region 2020-2026

Market Players Outlook 

Some prominent players in the market include Symphony Ltd., Bajaj Electricals Ltd., Havells India Ltd., Honeywell International Inc., and LG Electronics. Product launches are regarded as a key strategy adopted by the market players to leverage their market share. For instance, in September 2020, Symphony Ltd. introduced universal packaged air coolers for commercial and industrial applications to raise the local production segment in India, emphasizing design, aesthetics, quality, and performance. It is the world's first universal packaged air cooler that offers a superior level of flexibility during installation. It consumes 90% less electricity compared to AC and is very quick and easy to install. Further, in July 2020, JMATEK, the manufacturer and licensee of Honeywell evaporative coolers, declared the launch of ZETA, a personal air cooler that is superior across three dimensions, including a bigger tank, further air distance, and stronger airflow. It is compact and is easy to save on electricity bills. It consumes very little energy and can run for up to 10 hours owing to the bigger tank.

The Report Covers

• Market value data analysis of 2019 and forecast to 2026.
• Annualized market revenues ($ million) for each market segment.
• Country-wise analysis of major geographical regions.
• Key companies operating in the global air coolers market. Based on the availability of data, information related to pipeline products, and relevant news is also available in the report.
• Analysis of business strategies by identifying the key market segments positioned for strong growth in the future.
• Analysis of market-entry and market expansion strategies.
• Competitive strategies by identifying ‘who-stands-where’ in the market.