Wearable Air Conditioner Market
Wearable Air Conditioner Market By Product Type (Neck Bands / Neck Straps, Wrist Bands, Waist Belts, Pocket Devices), By Control Technology (Mobile Applications, Touch, Button Control), By Sales Channel (Offline, Online) & By Region - Global Market Insights 2022-2032
Analysis of Wearable Air Conditioner market covering 30 + countries including analysis of US, Canada, UK, Germany, France, Nordics, GCC countries, Japan, Korea and many more
Wearable Air Conditioner Market Outlook (2022-2032)
The global wearable air conditioner market will top valuation of US$ 7,061.3 million in 2022 and is expected to grow at a CAGR of 19.3% to reach US$ 41,371.5 million by 2032 end.
Sales of wearable air conditioner accounted for nearly 5% share of the global portable gadgets market at the end of 2022.
Report Attributes |
Details |
---|---|
Wearable air conditioner Market Size (2021A) |
US$ 6,049.5 million |
Estimated Market Value (2022E) |
US$ 7,061.3 million |
Forecasted Market Value (2032F) |
US$ 41,371.5 million |
Global Market Growth Rate (2022-2032) |
19.3% CAGR |
North America Market Share (2022) |
23.8% |
North America Market Value (2022) |
US$ 1,677.6 million |
Europe Market Share (2022) |
US$ 1,425 million |
Europe Market Value (2022) |
20.2% |
China Market Share (2022) |
8.4% |
China Market Value (2022) |
US$ 592.7 million |
Market Share of Top 3 Countries |
27.5% |
Key Companies Profiled |
|
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Sales Analysis of Wearable air conditioner (2017-2021) Vs. Market Outlook (2022-2032)
Small, intelligent devices called wearable air conditioners, which are typically worn around the neck or linked to the body, provide soothing airflow or a cooling effect to promote relaxation. Typically, wearable air conditioners have a variety of qualities, but the bladed/bladeless distinction is the one that is most frequently mentioned.
Similar to other electronic equipment, there are many Chinese players active in the wearable air conditioners industry, many of whom have hidden manufacturing facilities. However, their products don't account for a large portion of the market. Even though numerous personal cooling gadgets marketed as air conditioners but in reality don't offer this feature are readily available on the market.
A roadmap for the wearable air conditioner becomes more important as manufacturers benefit from favourable possibilities over the projection period as a result of people's increasing concerns about global warming and preference for environmentally friendly air cooling systems.
- Short Term (2022 to 2025): Rising demand for environmentally fresh air enhanced will positively impact wearable air conditioner market growth.
- Medium Term (2025-2028): United States and China projected to witness comparatively high wearable air conditioner demand due to high penetration of smart portable gadgets.
- Long Term (2028-2032): Emergence in technology can lead to high penetration portable devices in other region as well.
From 2017 to 2021, the global market for wearable air conditioner registered a CAGR of 14.5% Fact.MR, a market research and competitive intelligence provider, reveals that the market will exhibit growth at 19.3% CAGR between 2022 and 2032.
Market share analysis of wearable air conditioner based on product type and region is provided in the above image. Under the product type segment, neck band/ neck strap sub-segment dominates with 46% market share in 2022.
What’s Driving High Demand for Wearable Air Conditioner across Regions?
“Technological advancement enable the growth of wearable air conditioner”
The utilization of technologically advanced products is growing rapidly throughout the world as Gen Z's interest in them rises. The tech sector is expected to be worth $5 trillion by the end of 2021, with the US tech market having a value of $1.6 trillion. High-tech accessories called wearable air conditioners are worn around the wrist, shoulders, or neck to help control a user's body temperature.
These devices use two distinct types of technology, the first is an electronic fan that blows air around the face and neck. The second innovation is superconductors. They consist of an aluminum plate that comes into touch with the skin on the exterior and a thermoelectric chip that is housed inside the AC gadget.
These chips efficiently transport heat back and forth owing to the peltier effect, which means the superconductor in a wearable AC simultaneously takes heat away from the body while remaining chilly. Customers get a relaxing sensation that gradually spreads down their backs, putting them at ease.
Sales of wearable air conditioners are anticipated to rise consistently over time due to the aforementioned factors as well as the rapidly expanding technology industry. Thus, the high demand for smart gadgets makes the wearable air conditioner much more popular worldwide and thus paving the demand for the same.
“Consumers now have more disposable income and spending power”
Wearable air conditioner sales have been impacted by changes in per-capita disposable income because they are seen as luxury goods. Consumers typically spend more money on luxuries when per capita disposable income increases. The industry may benefit in the next years from rising per-capita disposable income. This can be linked to consumers with middle- and low-income levels having more disposable income.
Due to the devices' affordable price, lower-income populations can also use them. Sales are being boosted by a new consumer segment that has arisen in the middle class as a result of the rise in disposable money. The prosperity of this sector depends on active consumer spending.
People are more inclined to utilize wearable air conditioners because of their affordability even if they are difficult to access in many places and are only sold online. The aforementioned factors are anticipated to fuel the market because the industry depends on rising consumer disposable income. Therefore, increasing disposable income makes the high demand for advanced air conditioner.
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What Do Wearable Air Conditioner Manufacturers Need to Watch Out for?
“Capital investments made by new entrants can be involve risk”
The market for wearable air conditioners as a whole is still developing. Since it is significantly less expensive for small enterprises to enter the market and establish operations, a fragmented market exists where wearable air conditioners are sold. Wearable air conditioners are not yet widely available on a commercial scale, but they will soon be available in electronic stores and on company websites.
Sony is one of the well-known businesses that has currently introduced wearable air conditioners. However, because the concept is novel, it is anticipated that other recent entrants would quickly adopt it in order to gain a competitive advantage.
New enterprises will strive to provide cost advantages, economies of scale, and a range of offerings in order to draw in a wider customer base. The overflow of investments from these players will increase market risk and decrease brand loyalty in the industry. Companies' strategies affect the market's overall competitiveness and make it a high-risk environment for participants.
Country-wise Insights
How U.S Wearable Air Conditioner Market is Performing?
Embr Labs and other major players with U.S. positions provide high-end peltier effect products. The domestic demand for wristband air conditioners from the region plays a key role in the market's overall growth on a global scale. Embr Labs, which offers two distinct variants of wrist band air conditioners as part of its product line, significantly boosts overall sales of wrist band air conditioners in the area.
Over the assessment period of 2022 to 2032, the businesses are racing to give workers an effective and healthy work environment and to portray extremely advantageous chances. Thus, United States wearable air conditioner market is expected to reach US$ 1,145.5 million by 2022.
Why is the China Wearable Air Conditioner Market Expected to Be Highly Lucrative?
Right now, the entire East Asia region dominates the production of personal and other wearable cooling equipment. The area's satisfaction with cost-effective technology, low manufacturing prices, and facilities has played a major role in boosting the market. The need for wearable pocket AC gadgets has consistently been the best chance for the country to demonstrate its strengths, and this trend is expected to continue over the next few decades.
Regarding the subject of low-cost production, the area is home to a sizable number of disguised manufacturers situated in and around Hong Kong. The suppliers provide a wide range of goods for numerous brands all around the world. The nation is also anticipated to welcome newcomers with low capital expenditures to experience significantly good exports and profits even in the near future.
Overall, the nation is currently home to about 14 manufacturers who specialize in personal and wearable air conditioners. In 2020, the country shipped 92.7 million smart wearables, including 6.4 thousand units of wearable air conditioners. Thereby, China wearable AC market is projected to grow at 15.1% CAGR over the forecast period.
Category-wise Insights
Why Neck Band / Neck Strap Type Holds Dominant Market Position?
Since the advent of personal air conditioner, its design and development teams from various manufacturers have focused on improving neck fans that already exist into personal air conditioners by modifying and including appropriate mechanisms and attachments. However, there were a number of additional factors, such as cost structure and design normality, which led to neck type wearable air conditioners having a prominent initial presence.
Due to consumers' increased preference for wrist bands, which are a more portable and straightforward type of accessory. Also, due to their low cost of manufacture and straightforward construction, neck band type wearable air conditioners are expected to remain the most popular over the projection period.
According to estimates, the neck band type category will generate an absolute dollar opportunity of US$ 15,114.1 million with an 18.9% CAGR over a ten-year period. In the coming years, the use of neckband-style wearable air conditioners with mobile applications will be highly desirable.
What are the Insights on Sales Channels Preferred in Wearable Air Conditioner Market?
Various distribution channels are used to buy wearable air conditioners. Customers have a wide choice of options to choose from, including numerous online platforms and offline venues.
Online sales of wearable air conditioners continue to be the most lucrative option for consumers since they provide them the chance to check out user evaluations and capture nearly 70% of the market. Wearable air conditioner sales through company websites are expected to expand by 4.5X faster than those made through third-party online retailers over the forecast period.
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Competitive Landscape
Top manufacturers of wearable air conditioners include Blaux, Embrlabs, G2T, Hobby Colin, IYunLife, Moocii, NORMIA RITA, Northfan, Sony, TORRAS, Vortec. Of these brands, top product providers are Sony, Embr Labs, Blaux, and TORRAS. These brands offer all new technology products in personal wearable air conditioner segment by harnessing their R&D expenditure. For Instance:
- In April 2021, Embr Labs announced the launch of their latest product, Wave 2. The company has accelerated expansion into wellness and digital therapeutics with US$ 6 Mn in series B financing. It also has many other unstated plans of expansion of geographical coverage over the next half decade.
- In April 2021, Sony launched the 2.0 version of its wearable thermos device “REON POCKET 2” with an enhanced cooling system. The company is also said to provide licenses for REON POCKET compactible wear and accessories, in turn widening its scope and reach by offering more of these advanced products.
The advance feature involves in the wearable air conditioner are gaining traction in the market however the stylish appearance and usage of advance technology in wearable air conditioner makes the product expensive which could limit the target market and can only be installed in luxury cars.
Fact.MR has provided detailed information about the price points of key manufacturers of Wearable air conditioner positioned across regions, sales growth, production capacity, and speculative technological expansion, in the recently published report.
Segmentation of Wearable Air Conditioner Industry Research
-
By Product Type:
- Neck Band / Neck Strap
- Wrist Band
- Waist Belts
- Pocket Devices
-
By Control Technology:
- Mobile Application
- Touch
- Button Control
- Others
-
By Sales Channel:
- Offline Sales Channel
- Electronic Stores
- Supermarket / Hypermarket
- Others
- Online Sales Channel
- Company Websites
- Third Party e-commerce
- Offline Sales Channel
-
By Region:
- North Americas
- Latin America
- Europe
- East Asia
- South Asia & Oceania
- Middle East & Africa
- FAQs -
What is the global wearable air conditioner market size?
The global wearable air conditioner market is currently valued at US$ 7,061.3 million in 2022.
How is the market for wearable air conditioner expected to fare in the future?
Worldwide demand for wearable air conditioner is anticipated to reach US$ 41,371.5 million by 2032-end.
How did the market perform over the past few years?
During 2017-2021, sales of wearable air conditioner increased at 14.5% CAGR.
Which regional market will account for a leading market share?
North America will lead the global wearable air conditioner market accounting for 23.8% market share in 2022.
Which wearable air conditioner product type holds the highest market share?
Neck band/ Neck strap will account for 46% market share of the global market in 2022.