Global Portable Electric Heaters Market Data 2024, Forecast To 2033
10 Oct, 2024
The portable electric heaters market size has shown significant growth in recent years, increasing from $9.69 billion in 2023 to $10.3 billion in 2024 at a compound annual growth rate (CAGR) of 6.3%. This growth during the historic period can be attributed to increasing awareness of energy efficiency, urbanization, rising energy costs, heightened awareness of safety, and a growing number of portable electric heaters. The market is expected to continue its strong growth, projected to reach $13.23 billion in 2028 at a CAGR of 6.5%. The growth in the forecast period can be linked to rising disposable income, an increased demand for flexible heating solutions, growing concerns about greenhouse gas emissions, rising residential and commercial construction activities, and a consumer preference for smart and connected heating devices. Key trends anticipated in the forecast period include technological advancements, product development, integration of smart technologies, diversification of heating technologies, and the incorporation of features such as remote control.
Major Driver In The Portable Electric Heaters Market
The increasing awareness about energy efficiency is anticipated to drive growth in the portable electric heaters market moving forward. Energy efficiency refers to the capability of a system or device to perform its intended function while minimizing energy consumption, effectively reducing waste and costs. Factors contributing to the rising awareness of energy efficiency include environmental advantages, financial savings, and alignment with sustainability goals. Portable electric heaters can enhance energy efficiency when selectively used to heat specific zones or rooms, which minimizes overall energy consumption compared to heating entire homes or offices. For example, in December 2022, the International Energy Agency (IEA), a France-based organization, reported that global investments in energy efficiency, covering building renovations, public transport, and electric car infrastructure, reached USD 560 billion in 2022, a 16% increase compared to 2021. Additionally, initial findings for 2022 indicate that global energy efficiency improved by 2%, nearly four times faster than in the previous two years and almost double that of the last five years. The portable electric heaters market was valued at approximately $3.5 billion in 2023 and is projected to grow to around $3.9 billion in 2024, eventually reaching an estimated $5 billion by 2028. Consequently, the growing awareness of energy efficiency is propelling the growth of the portable electric heaters market.
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Major companies operating in the portable electric heaters market are Honeywell International Inc., De Longhi Appliances Srl, Crane Holdings Co., Lasko Products LLC, Dimplex North America Ltd., Dyson Corp., Vornado Air LLC, Duraflame Inc., Cadet Manufacturing Co., Rowenta, NewAir, Insignia Pty Ltd., GHP Group Inc., The Holmes Group Inc., Soleus Air, Sunpentown International Inc., Lifesmart Inc., Pelonis Technologies Inc., Comfort Glow Heating, Pro Breeze Ltd., SPT Corp., Bionaire Inc., Comfort Zone, Stadler Form, TaoTronics
Key Portable Electric Heaters Market Trend
Major companies in the portable electric heaters market are developing energy-efficient heater models that incorporate advanced technologies, including efficient heating elements, smart temperature controls, and enhanced insulation. An energy-efficient electric heater employs cutting-edge heating elements, precise temperature controls, insulated housing, and smart features, collectively leading to significant energy savings and environmental benefits over traditional electric heaters. For instance, in June 2021, Airtècnics, a Spain-based company, launched a new industrial heater model. Airtècnics' fan heaters are noted for their robustness and versatility, efficiently warming large open spaces quickly, especially in challenging industrial settings. Ideal for temporary use, such as on construction sites, they are easily portable and can deliver a substantial heating capacity of up to 22 kW via a water battery that heats air passing through it. Airtècnics is currently testing a new portable model with an electric battery to enhance autonomy, prioritizing energy efficiency with the Ecofit EC fan to ensure effective heat distribution while minimizing energy consumption.
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Global Portable Electric Heaters Market Segmentation
The portable electric heaters market covered in this report is segmented –
1) By Type: Convector Heaters, Oil-Filled Heaters, Halogen Heaters, Other Types
2) By Distribution Channel: Direct Sales, Indirect Sales
3) By Application: Residential, Commercial, Industrial
By Geography:The regions covered in the portable electric heaters market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.
North America was the largest region in the portable electric heaters market in 2023. Asia-Pacific is expected to be the fastest-growing region in the forecast period.
The Portable Electric Heaters Global Market Report 2024 furnishes information about the global portable electric heaters market, encompassing details like market size, projections for growth, segmentation across various sectors and regions, and an overview of competitors, including their revenues, profiles, and market shares. Furthermore, the report pinpoints potential opportunities and strategic directions derived from market trends and the strategies adopted by key competitors. The report also offers an assessment of how the COVID-19 pandemic, the Russia-Ukraine conflict, and increasing inflation have affected both global and regional markets, furnishing valuable strategic insights for businesses.