Electric Space Heater Market Size, Share, Growth, and Industry Analysis by Type (Convector Heater, Radiant Heater and Others), By Application (Residential Uses, Commercial Use and Other), Regional Insights, and Forecast To 2032

Updated On: 15 April 2024

Electric Space Heater Market REPORT OVERVIEW

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The global electric space heater market size is expected to be USD 2831.8 million in 2022 and is projected to touch USD 3245.7 million by 2028, at CAGR of 2.3% during the forecast period. The global COVID-19 pandemic has been unprecedented and staggering, with the electric space heater market experiencing lower-than-anticipated demand across all regions compared to pre-pandemic levels.  The sudden rise in CAGR is attributable to market’s growth and demand returning to pre-pandemic levels.

Electric space heaters are electronic devices that are used to heat a small section of a room or office. It keeps people warm and heats up the room, especially when the temperature falls below zero degrees Celsius. Electric space heaters have features such as an adjustable thermostat, tip-over prevention, an automated shutoff timer, and overheat protection, which helps to save energy by turning off the heater once it reaches a predetermined temperature.

COVID-19 Impact: Lockdown Forced People to Stay at Home and Upsurged the Market Growth

The COVID-19 is wreaking havoc on the consumer goods and infrastructure industries. The lockdown was one of the most major factors that caused disruptions, compelled people to stay at home, and increased the sale of electric space heaters in residential areas. Furthermore, COVID-19 in European countries such as the United Kingdom, Germany, and France adopted several regulations to limit disease spread. This includes national lockdowns and limitations on travel.Consumers have already turned to online shopping platforms to buy space heaters, resulting in an increase in e-commerce sales.

LATEST TRENDS

"The Highly Efficient and Energy Saving Features to Propel the Market"

The demand for safe household heating appliances is increasing due to their highly efficient and energy-saving characteristics. Individuals' demand for comfort and luxury is one of the causes driving growing investment in domestic equipment, including heating appliances. However, one of the most important elements for the home heating appliances market's healthy growth is product advancement.

Electric Space Heater Market SEGMENTATION

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• By Type

Based on type; the market is divided into convector heater, radiant heater and others.

The part convector heater is the leading part of the type segment.

• By Application

Based on the application; the market is divided into residential use, commercial use and others.

The part commercial use is the leading part of the application segment.

DRIVING FACTORS

"The Energy Efficiency in the Residential Segment to Bolster the Market Growth"

During the forecast period, the residential segment of the global space heaters market is expected to develop steadily. Energy efficiency is a major motivator in the residential market.Many customers regard space heaters as a cost-effective choice for supplemental heating in specific rooms, especially during the colder months. Customers can heat only the areas they require, avoiding the energy waste associated with central heating systems. Low heating expenses and environmental impact make energy-efficient models appealing to both budget-conscious and environmentally conscientious clients. Residential space heaters are designed to be portable and simple to use. Modern space heaters have features like programmable timers, adjustable thermostats, remote controls, and smart connectivity possibilities. Lifestyle changes, such as advanced remote work arrangements, have influenced household heating preferences.

"The Growth in Spending on Essential Items to Advance the Market Share "

In developing countries, rising per capita income will fuel the need for space heaters. In developing economies, the usage of electrical and technologically advanced items is increasing, particularly among higher-income categories.

However, with the increased demand for high-priced space heaters, minor players are offering new goods to capitalise on consumers' rising purchasing power. The growing e-commerce business in developing economies is another element in the market's expansion. For example, in China and India, the rapidly expanding e-commerce sector is a big driver of the home appliance market. During the projected period, the rising GDP per capita and purchasing power parity (PPP) in developing nations are expected to boost the expansion of the space heaters market.

RESTRAINING FACTORS

"The Risk of Injury and Accidents to Hold Back the Market Growth"

Electric space heaters are utilised in a variety of settings, including the home, the office, and the school. When it comes to employing electric space heaters in schools, there are a few crucial factors to keep in mind. It is critical that the heater be positioned in an open space so that sufficient ventilation may occur. Furthermore, the heater should not be positioned near any anything that could catch fire. Finally, teachers and students should be taught how to use the heater safely in order to minimise any potential mishaps or injuries. However, the accidents and risk of injury can hamper the electric space heater market growth.

Electric Space Heater Market REGIONAL INSIGHTS

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"European Region to Lead the Market with High-Income Segments and Growing Demand"

KEY INDUSTRY PLAYERS

"Prominent Industry Players in the Industry to Promote Market Expansion"

The market's expansion was significantly impacted by the techniques employed by market participants in recent years, such as extensions. The report covers details and information about the firms and their interactions with the market. The data is gathered and published through appropriate research, technological advancements, expansions, and expanding machinery and equipment. Other considerations taken into account for this market are the businesses that develop and provide new products, the geographic areas in which they function, mechanization, innovation strategies, generating the maximum revenue, and using their products to make a significant difference.

List of Market Players Profiled

• GlenDimplex (Ireland)
• Midea Group (China)
• Hearth & Home Technologies (U.S.A)
• Singfun (China)
• Panasonic (Japan)
• Thermor (India)
• Twin-Star International (U.S.A)
• Gree (Australia)
• Airmate (China)
• De'Longhi (Italy)
• Noirot (Australia)Lasko (U.S.A)
• Stiebel Eltron (Germany)
• Zehnder Group (Switzerland).
• Changhong (China).

REPORT COVERAGE

This report covers a comprehensive backdrop analysis, an assessment of the parent market, intensive study in the market dynamics. Past historical, current, and projected size of the market from the point of both value and volume. Researching of recent industry developments, deep study on market shares and strategies of major players and the emerging niche segments and regional market areas are covered in the report.