Technological Dominance by Top Tech Giants Driving Wearable Air Conditioner Market Growth, Reveals Fact.MR
Published : 04 Oct 2021 Industry: Consumer Goods
According to a recent study by Fact.MR on wearable air conditioners, the global market is estimated to be valued at US$ 6 Mn in 2021, and is expected to surge ahead at a compound annual growth rate of 19% over the assessment period of 2021-2031.
Fact.MR, a market research and competitive intelligence provider, analyses that wearable air conditioner demand is set to witness high-end growth on the back of rising inclination of people towards personal cooling devices.
The market is firmly dominated by tech giants such as Sony, Embr Labs, TORRAS, Blaux, and a few others. Product offerings of these players are spread across a wide spectrum. Their products are designed in a unique manner and also work on different principles. Products by Embr Labs & Sony work on a completely new principle in HVAC called the 'Peltier Effect', and causes no direct impact to the environment.
However, a majority of players offer products with simple propellers, motors, power sources, and other components, which does not infer the R&D being spent on developing newer technologies. Most players have also been focussing on the expansion of their manufacturing capabilities in order to meet product demand. Announcements in respect with expansion of global sales footprints have also been observed, allowing the market to grow far beyond expected.
Key Takeaways from Market Study
- The wearable air conditioner market is anticipated to add 5.7X value by 2031.
- Embr Labs, a top tech giant in the industry, has served more than 70,000 customers across 170 countries.
- Neck band wearable air conditioners capture a major chunk of the market, and are set to offer an absolute $ opportunity of around US$ 12.6 Mn over 2021-2031.
- Under control technology, mobile applications has been the fastest-growing segment across the world.
- Sales through online platforms are anticipated to hold a major chunk of the market share, and will remain a focal segment going ahead.
“With the market being technologically advanced, players with abundant R&D reserves are set to witness fortunate opportunities over the coming years,” says a Fact.MR analyst.
Technology Aspect: The Conquering Facet
Manufacturers of wearable air conditioners have been pushing themselves to develop better versions of their products. Huge technological expenditure has paved the way for the market to prosper. Competition amongst market players offering personal cooling devices with newer technologies was more of a self-competition to launch new products with advanced features.
More Valuable Insights Available
Fact.MR, in its new offering, presents an unbiased analysis of the global wearable air conditioner market, presenting historical market data (2016-2020) and forecast statistics for the period of 2021-2031.
The study reveals essential insights on the basis of product type (neck bands / neck straps, wrist bands, waist belts, and pocket devices), control technology (mobile applications, touch, button control, and others), and sales channel (offline sales channels (electronic stores, supermarkets / hypermarkets, and others) and online sales channels (company websites and third-party e-Commerce)), and across key regions of the world (North America, Latin America, Europe, East Asia, South Asia & Oceania, and the Middle East & Africa).
About the Consumer Products Domain at Fact.MR
Expert analysis, actionable insights, and strategic recommendations of the highly seasoned consumer products team at Fact.MR helps clients from across the globe with their unique business intelligence needs. With a repertoire of over thousand reports and 1 million-plus data points, the team has analysed the consumer products industry across 50+ countries for over a decade. The team provides unmatched end-to-end research and consulting services. Reach out to explore how we can help.
For more information, refer to our market research report or contact the PR author.
Shambhu Nath Jha
Sr. Consultant – Consumer Products