Wearable Air Conditioners Market to Witness a CAGR of Around 15%
According to latest research by Fact.MR, the demand of wearable air conditioners is expected to surge on account of increasing global warming and climate change. During 2021-2031, the market is expected to witness a remarkable growth, in the countries of its launch. Apart from their out of home utility, wearable air conditioners can also used being used when inside the home, to reduce dependency on home air conditioners.
What is Driving Wearable Air Conditioner Demand?
There has been a constant rise in sales of air-conditioners, right from household installation to aftermarket installation in automotive. However, a cross-section of the consumers of air conditioners has also shown concerns towards the excessive usage of air conditioners and their impact on the environment. These concerns indicate at significant traction of wearable air conditioners, although the market remains significantly smaller as compared to its indirect substitute, i.e. air conditioners.
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What is the Present Penetration of Wearable Air Conditioners?
The air conditioned smart clothes or wearable air conditioners work on the principle of Peltier effect, which was discovered in the 19th century. The Peltier effect principle has been used across a large number of devices such as wine coolers, heated bar grips, heated car seats etc. However, until now this concept remained unutilized for clothing.
Now with its prospective introduction, the commercial scale availability of wearable air conditioners is yet to be witnessed; however, it can soon be seen across the electronic stores as well as through company’s own website. Currently, Sony is one of the known companies that have plans to launch its wearable air conditioners. However, the idea being innovative, soon other competitors are expected to follow the suit to gain early bird competition advantage.
Wearable Cooling Vests – an Indirect Competition for Wearable Air Conditioners
While wearable air conditioners are yet to ride onto the introduction phase of its product lifecycle, there still exists wearable vests with fan powered cooling technology. Besides, the latter are available at US$ 40 – US$ 50 in the market, as compared to the expected US$ 117 wearable air conditioners. While these vests are expected to pose strong competition to wearable air conditioners in the developing countries, in the developed countries the latter’s reception is expected to be stronger.
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What will be the Market Potential of US and Canada Wearable Air Conditioners Market?
Consumers in the US and Canada have high disposable income and their expense on convenience is also high. It makes the US and Canada key locations for wearable air conditioner introduction. Well established distribution structure in these countries are further expected to help the market grow. Internet of things becoming mainstream in the US, the energy consumed by air conditioners have significantly reduced. However, the fact that cooling a human body will be cheaper than cooling entire building, ensures that sales of wearable air conditioners are expected to garner traction after their launch.
Europe Wearable Air Conditioners Sales Outlook
Certain places in few European countries such as the UK, Italy, Spain, Greece, Portugal, and Cyprus, have warmer climate. It makes these countries fertile ground for air cooling and conditioning products. While European consumers invest a great deal in body comfort products, they are also concerned about the environmental impact of products they use. European Union has been aggressively promoting such practices that deters the erosion of environmental resources. These facts are likely to showcase significant opportunities for wearable air conditioners in the region.
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Is Sony the Only Wearable Air Conditioners Manufacture?
It is true that Sony is first company to understand consumers’ need for wearable and portable air conditioners, however, is not the only manufacturer of such product. Embr, a startup founded by MIT students is another company has evolved its version of wearable air conditioner. While Sony’s wearable air conditioner is branded as Reon Pocket, Embr’s version is called Wave. The entry of a start up in this market suggests that competition is expected to be heterogeneous, when the market is established. Furthermore, Sony being the frontrunner in this market, the concept is expected to be well accepted by the investors.
Besides, innovation in wearable air conditioners is on and the technology is also being funded by certain universities. Besides, certain crowdfunding activities have already begun for wearable air conditioners. With the introduction of wearable air conditioners, in the coming time, products such as freezable bra inserts and freezable under wears can be seen.
Wearable Air Conditioners Market Report Highlights:
- Detailed overview of parent market
- Changing market dynamics in the industry
- In-depth market segmentation
- Historical, current and projected market size in terms of volume and value
- Recent industry trends and developments
- Competitive landscape
- Strategies of key players and products offered
- Potential and niche segments, geographical regions exhibiting promising growth
- A neutral perspective on market performance
- Must-have information for market players to sustain and enhance their market footprint
NOTE - All statements of fact, opinion, or analysis expressed in reports are those of the respective analysts. They do not necessarily reflect formal positions or views of the company
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- Freezable Vests
- Freezable Bra
- Freezable Under wears
- Company Websites
- Electronic Stores
- North America
- US & Canada
- Latin America
- Brazil, Mexico, Others
- Western Europe
- Eastern Europe
- Asia Pacific
- Australia and New Zealand (ANZ)
- Greater China
- Rest of Asia Pacific
- Middle East and Africa
- GCC Countries
- Other Middle East
- North Africa
- South Africa
- Other Africa
The report is a compilation of first-hand information, qualitative and quantitative assessment by industry analysts, inputs from industry experts and industry participants across the value chain. The report provides in-depth analysis of parent market trends, macro-economic indicators and governing factors along with market attractiveness as per segments. The report also maps the qualitative impact of various market factors on market segments and geographies.
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Is the market research conducted by Fact.MR?
Yes, the report has been compiled by expert analysts of Fact.MR, through a combination of primary and secondary research. To know more about how the research was conducted, you can speak to a research analyst.
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