New York, May 22, 2023 (GLOBE NEWSWIRE) — According to PMR, personal cooling devices were valued at US$ 5.7 billion in 2022 and are expected to reach US$ 6 billion in 2023. The Global Personal Cooling Device Market is predicted to reach US$ 9 billion in 2033, representing a 4.1% CAGR. Global warming has led to a rise in temperatures and a need for people to keep cool and comfortable, which has increased the popularity of personal cooling devices in recent years. The market offers a wide range of personal cooling devices, including wearable fans, vests with cooling components, personal air conditioners, and handheld misting fans.
As the market is expected to grow as demand for personal cooling devices increases, smart wearable technology becomes mainstream, and awareness of the detrimental effects of heat stress on health grows. Wearable technology has become a major contributor to the growth of the personal cooling devices market. In modern technology, wearable personal cooling devices are becoming more advanced, compact, and affordable, making them more accessible to more consumers.
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With the integration of smart sensors and inter-connected Internet of Things (IoT) devices into wearable cooling devices, their popularity has further increased, as they have become more accessible to tech-savvy users. Eco-friendly and energy-efficient cooling solutions are also a growing trend in the personal cooling devices market. In recent years, manufacturers have focused on the development of personal cooling devices with less energy consumption and that use renewable energy sources. These include solar energy and kinetic energy sources.
Key Takeaways from Market Study
- Personal cooling device demand is expected to grow by 4% over the forecast period with handheld cooling devices.
- The market for personal cooling devices on online sales is expected to grow at a CAGR of 3.9% over the next few years.
- By 2033, the United Kingdom’s demand for personal cooling devices is expected to reach US$ 1.4 billion.
- The South Korean personal cooling market is expected to grow at a CAGR of 4.5% over the forecast period.
- The Japanese market for personal cooling devices is expected to grow by US$ 1.4 billion.
“Internet penetration and technological advancements will increase demand for personal cooling devices. Advances in technology and the growing popularity of wearable devices are expected to drive demand in the future.,” says an analyst at Persistence Market Research.
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Competitive Landscape
Since large and small businesses have participated in the market for personal cooling devices, it has seen intense competition. Key market participants hold a significant portion of the market share. In order to expand their market footprints, major players are looking for new approaches, including expanding geographically, creating new products and services, merging and acquiring, forming partnerships, and collaborating. Some of the top players include:
- In March 2023, Symphony will continue to develop innovative air-cooling products based on changing consumer needs. A new member of Symphony’s wide range of air coolers, the ‘Duet Mini’, continues this tradition. In the Indian market, the demand for personal cooling has increased substantially due to the rising temperatures throughout the summer. A truly portable and personal cooling device is a need that the company has identified in the market.
- In April 2023, COOLIFY 2S wearable air conditioners will be introduced, providing enthusiasts with the perfect remedy to beat the heat. The COOLIFY 2S delivers a more sensory and immersive cooling experience with its COOLIFY technology and TORRAS Coology power source. Wearable air conditioners like the COOLIFY 2S are perfect for hikers, campers, and climbers who enjoy lightweight outdoor activities. Even in hot and humid weather, this device allows users to stay cool and comfortable on-the-go.
Know More about Report Inclusions
Persistence Market Research published a new market report on the personal cooling devices market, covering a global industry analysis from 2018 to 2022 and forecasts for 2023 to 2033. This research report provides compelling insights on the basis of product type, application outlook, and sales channel, across all major regions.
Personal Cooling Devices Market Segmented By Product(Handheld Cooling Device, Personal Air Conditioner), By Distribution Channel(Online, Offline), By Region( North America, Latin America, Europe, Asia Pacific, Middle East and Africa).
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The report also includes forecast factors and vital macroeconomic factors that are anticipated to boost the growth of the global market. It also addresses the restraints that are projected to hinder market growth, along with the latest trends and potential opportunities in the market.
For additional information on how personal cooling devices sales will increase in the near future, write to the team of expert research analysts at [email protected]
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