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Space heaters market Size to Grow by USD 1.87 billion within an Expected YOY of 3.4% in 2022 - Technavio

NEW YORK, Oct. 5, 2022 /PRNewswire/ -- The space heaters market size is expected to grow by USD 1.87 billion, accelerating at a CAGR of 4.5% between 2021 and 2026. The report identifies Crane USA, Daikin Industries Ltd., De Longhi S.p.A, Dr. Infrared Heater, Duraflame Inc., Dyson Ltd., Energy Wise Solutions, HomeVision Technology Inc., Honeywell International Inc., Lasko Products LLC, MIDEA Group Co. Ltd., Mill International AS, Newell Brands Inc., OPOLAR, Optimus Enterprise Inc., Rinnai Corp, Stadler Form Aktiengesellschaft, SUNHEAT International, Sunpentown International Inc., and Vornado Air LLC among others as dominant players in the market. The report provides a comprehensive analysis of the market size, vendor landscape, new product launches, key strategies adopted by vendors, and much more. Download PDF Report Sample. 

Technavio has announced its latest market research report titled Global Space Heaters Market 2022-2026

The market is driven by the growth in expenditure on essential items in emerging nations. The increase in per capita income will drive the market for space heaters in growing nations. An increase in the adoption of electrical and technologically advanced products is seen in developing markets, especially among the higher-income segments. As the number of working families is rising, people have started opting for electric home appliances. For instance, in countries such as China and India, the rapidly growing e-commerce sector is a major driver for the home appliance market. The growing GDP per capita and the purchasing power parity (PPP) in developing economies are also key factors for the growth of the market during the forecast period.

Although the growth in expenditure on essential items in emerging nations will create significant growth opportunities for vendors, the high operational costs will reduce the growth potential in the market. The operational cost of a reverse cycle AC ranges approximately between $200 and $250. However, it costs around $800-$850 on average per year to operate electric space heaters. While they have no installation charges and are available at comparatively lower prices, their high operational cost can have a significant negative impact on consumer purchasing decisions. Thus, the high operational costs associated with space heaters are expected to decrease the adoption of these products, thereby hampering the growth of the global space heaters market.

Major Space Heaters Companies:
  • Crane USA
  • Daikin Industries Ltd.
  • De Longhi S.p.A
  • Dr. Infrared Heater
  • Duraflame Inc.
  • Dyson Ltd.
  • Energy Wise Solutions
  • HomeVision Technology Inc.
  • Honeywell International Inc.
  • Lasko Products LLC
  • MIDEA Group Co. Ltd.
  • Mill International AS
  • Newell Brands Inc.
  • OPOLAR
  • Optimus Enterprise Inc.
  • Rinnai Corp
  • Stadler Form Aktiengesellschaft
  • SUNHEAT International
  • Sunpentown International Inc.
  • Vornado Air LLC
Space Heaters Market Product Outlook (Revenue, USD bn, 2021-2026)
  • Fan heaters - size and forecast 2021-2026
  • Convection heaters - size and forecast 2021-2026
  • Radiant heaters - size and forecast 2021-2026
  • Ceramic heaters - size and forecast 2021-2026

The space heaters market share growth in the fan heaters segment will be significant during the forecast period. Smaller units are perfect for use in the office; larger tower units can heat an entire living room or bedroom. Many fan heaters have a cool touch surface and are a safer option when children and pets are present. Therefore, the increased availability of a wide range of fan heaters is expected to drive the growth of this segment during the forecast period.

Space Heaters Market Geography Outlook (Revenue, USD bn, 2021-2026)
  • Europe - size and forecast 2021-2026
  • North America - size and forecast 2021-2026
  • APAC - size and forecast 2021-2026
  • South America - size and forecast 2021-2026
  • Middle East and Africa - size and forecast 2021-2026

35% of the market's growth will originate from North America during the forecast period. With the increasing fuel prices, consumers have realized that it is essential for them to save on energy costs by switching from centralized heating to zonal heating of rooms. This will facilitate the space heaters market growth in North America over the forecast period. This market research report entails detailed information on the competitive intelligence, marketing gaps, and regional opportunities in store for vendors, which will assist in creating efficient business plans. To Know more about market size and forecast, drivers, challenges, trends, and more, Request a free sample report

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Space Heaters Market Scope

Report Coverage

Details

Page number

120

Base year

2021

Forecast period

2022-2026

Growth momentum & CAGR

Accelerate at a CAGR of 4.5%

Market growth 2022-2026

USD 1.87 billion

Market structure

Fragmented

YoY growth (%)

3.4

Regional analysis

Europe, North America, APAC, South America, and Middle East and Africa

Performing market contribution

North America at 35%

Key consumer countries

US, Canada, China, Japan, and Russia

Competitive landscape

Leading companies, competitive strategies, consumer engagement scope

Companies profiled

Crane USA, Daikin Industries Ltd., De Longhi S.p.A, Dr. Infrared Heater, Duraflame Inc., Dyson Ltd., Energy Wise Solutions, HomeVision Technology Inc., Honeywell International Inc., Lasko Products LLC, MIDEA Group Co. Ltd., Mill International AS, Newell Brands Inc., OPOLAR, Optimus Enterprise Inc., Rinnai Corp, Stadler Form Aktiengesellschaft, SUNHEAT International, Sunpentown International Inc., and Vornado Air LLC

Market Dynamics

Parent market analysis, Market growth inducers and obstacles, Fast-growing and slow-growing segment analysis, COVID-19 impact and future consumer dynamics, and market condition analysis for the forecast period.

Customization purview

If our report has not included the data that you are looking for, you can reach out to our analysts and get segments customized.

About Technavio

Technavio is a leading global technology research and advisory company. Their research and analysis focus on emerging market trends and provide actionable insights to help businesses identify market opportunities and develop effective strategies to optimize their market positions.

With over 500 specialized analysts, Technavio's report library consists of more than 17,000 reports and counting, covering 800 technologies, spanning across 50 countries. Their client base consists of enterprises of all sizes, including more than 100 Fortune 500 companies. This growing client base relies on Technavio's comprehensive coverage, extensive research, and actionable market insights to identify opportunities in existing and potential markets and assess their competitive positions within changing market scenarios.

Contacts

Technavio Research
Jesse Maida
Media & Marketing Executive
US: +1 844 364 1100
UK: +44 203 893 3200
Email: media@technavio.com
Website: www.technavio.com/
 

Global Space Heaters Market 2022-2026

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SOURCE Infiniti Research, Inc.

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