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. 

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.

• 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

• 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.

• 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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SOURCE Infiniti Research, Inc.