The global water coolers market at a CAGR of almost 7% during the forecast period
NEW YORK, Oct. 7, 2019 /PRNewswire/ -- Global Water Coolers Market: About this market
This water coolers market analysis considers sales from online and offline distribution channels. Our analysis also considers the sales of water coolers in APAC, Europe, North America, South America, and MEA. In 2018, the offline segment had a significant market share, and this trend is expected to continue over the forecast period. Factors such as the expansion of stores in local and regional markets will play a significant role in the offline segment to maintain its market position. Also, our global water coolers market report looks at factors such as product innovation and portfolio extension leading to product premiumization, increase in demand for water coolers from foodservice and hospitality sectors, and increasing demand from the residential sector. However, long replacement cycle increased the adoption of substitute products, and stringent government regulations may hamper the growth of the water coolers industry over the forecast period.
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Global Water Coolers Market: Overview
Increasing demand from the food service and hospitality sectors
There has been a significant rise in the demand for hotels and resorts in the Asian economies including China and India, mainly due to the rising number of international tourists. In addition, other factors such as rising disposable incomes are resulting in the growth of foodservice establishments across the emerging and advanced economies.?Consequently, the demand for water coolers is increasing with the growth in the hospitality and food service sectors as these establishments rely on water coolers to serve the need for hot or cold water of visitors. This demand for water coolers will lead to the expansion of the global water coolers market at a CAGR of almost 7% during the forecast period.
Introduction of multi-purpose water coolers
Vendors are focusing on building brand recognition and loyalty among their consumers by innovating and upgrading their product offerings. They are manufacturing and supplying multi-purpose water coolers to maintain its market position and cope with growing competition and varying consumer needs. Some of these multi-purpose water coolers are equipped with water-cooling systems and coffee makers that save the operational cost and space of users. The demand for such multi-purpose water coolers is expected to have a positive impact on the overall market growth.
Competitive Landscape
With the presence of several major players, the global water coolers market is moderately fragmented. This robust vendor analysis is designed to help clients improve their market position, and in line with this, this report provides a detailed analysis of several leading water coolers manufacturers, that include Blue Star Ltd., Breville Group Ltd., Honeywell International Inc., Qingdao Haier Co. Ltd., United Technologies Corp., Voltas Ltd., Water Wellbeing Ltd., Waterlogic Group Holdings Ltd., and Whirlpool Corp.
Also, the water coolers market analysis report includes information on upcoming trends and challenges that will influence market growth. This is to help companies strategize and leverage on all forthcoming growth opportunities.
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