Space Heaters Market - Post Pandemic Recovery Plan Strategies and Processes | Growth in Expenditure on Essential Items to Boost Market Growth | Technavio
LONDON--(BUSINESS WIRE)--Sep 17, 2020--
The space heaters market is expected to grow by USD 948.09 million during 2020-2024. The report also provides the market impact and new opportunities created due to the COVID-19 pandemic. We expect the impact to be significant in the first quarter but gradually lessen in subsequent quarters – with a limited impact on the full-year economic growth according to the latest market research report by Technavio.
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Technavio has announced its latest market research report titled Global Space Heaters Market 2020-2024 (Graphic: Business Wire)
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The growth of per capita income and the rising purchasing power of consumers, especially in developing countries has increased the adoption of electrical and technologically advanced products. Also, the rise in the number of working families has significantly increased the adoption of electric home appliances. To capitalize on the growing purchasing power of consumers, vendors in the market are offering a wide range of space heaters. In addition, the rapid growth of the e-commerce sector coupled with rapid urbanization in developing countries has further increased the sale of household appliances such as space heaters. All these factors are contributing to the growth of the global space heaters market.
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As per Technavio, the benefits of space heaters will have a positive impact on the market and contribute to its growth significantly over the forecast period. This research report also analyzes other significant trends and market drivers that will influence market growth over 2020-2024.
Space Heaters Market: Benefits of Space Heaters
Space heaters are affordable when compared to the central heating system that requires pre-existing ductwork. They do not require installation and have a high heating capacity. Also, they consume less energy and are very effective in heating small and space-constrained areas. Many such benefits are encouraging consumers to prefer space heaters over central heating systems, which is fuelling the growth of the global space heaters market.
“Growing demand for propane space heating products and increasing investments in home automation and smart homes will further boost market growth during the forecast period”, says a senior analyst at Technavio.
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Space Heaters Market: Segmentation Analysis
This market research report segments the space heaters market by Product (Fan heaters, Convection heaters, Radiant heaters, and Ceramic heaters) and Geography (Europe, North America, APAC, South America, and MEA).
The European region led the space heaters market in 2019, followed by North America, APAC, South America, and MEA respectively. However, during the forecast period, North America is expected to register the highest incremental growth due to the increasing demand for innovative and technologically advanced appliances in the region.
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Some of the key topics covered in the report include:
- Vendors covered
- Vendor classification
- Market positioning of vendors
- Competitive scenario
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SOURCE: Technavio Research
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PUB: 09/17/2020 06:15 AM/DISC: 09/17/2020 06:15 AM