Space Heaters Market in North America to grow by USD 383.59 million from 2022 to 2027 | The growing expenditure on essential items to boost market growth - Technavio
NEW YORK, Aug. 28, 2023 /PRNewswire/ -- The space heaters market in North America is estimated to grow at a CAGR of 4.18% between 2022 and 2027. The size of the market is forecast to increase by USD 383.59 million, according to Technavio - Discover some insights on the market size historical period (2017 to 2021) and Forecast (2023 to 2027) before buying the full report - Request a free sample report
Space Heaters Market in North America – Vendor Analysis
Vendor Landscape - The global space heaters market in North America is fragmented, with the presence of several global as well as regional vendors. A few prominent vendors that offer space heaters in North America in the market are ASB Heating Elements Ltd., Backer Hotwatt Inc., Crane USA, Daikin Industries Ltd., Dehumidifier Corporation of America, Devco Heaters, Heatrex, Hi Heat Industries Inc., Honeywell International Inc., Lasko Products LLC, Newell Brands Inc., Pelonis Technologies Inc., Penn Radiant Products, Power Modules Inc., SUNHEAT International, Tempco Electric Heater Corp., TURNBULL SPECIALTIES Ltd., Ulanet, Valad Electric Heating Corp., and Vornado Air LLC and others.
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Global competitiveness and key competitor positions
Market presence across multiple geographical footprints - Strong/Active/Niche/Trivial - Buy the report!
Vendor Offerings -
Backer Hotwatt Inc - The company offers different resistance heating elements and space heaters such as strip and finned heaters.
Crane USA - The company offers space heaters such as grey ceramic tower heaters.
Daikin Industries Ltd. - The company offers space heaters such as oil-condensing boilers, gas-condensing boilers, and gas furnaces.
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Space Heaters Market In North America - Segmentation Assessment
Segment Overview
Technavio has segmented the market based on products (fan heaters, convection heaters, radiant heaters, and Ceramic heaters), and applications (Living room, Basement, Offices, Bedrooms, and Bathrooms).
The market share growth by the fan heaters segment will be significant during the forecast period. These devices use coils to generate heat. Placed in front of the unit, a fan circulates heat from the coil throughout the room at a specified speed. The advantage of fan heaters is the ability to adapt to both cold and hot seasons. In addition, fan heaters come in a variety of sizes and shapes and they are used in many different industries, including construction. Hence, these factors are expected to drive segment growth during the forecast period.
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Space Heaters Market In North America – Market Dynamics
Key Driver
The growing expenditure on essential items is a key factor driving market growth. In North America, the trend toward advanced electrical products is increasing, especially among high-income consumers. The growth of dual-income households is contributing to the increased use of household appliances. In addition, the thriving e-commerce sector in the region, particularly in Canada and Mexico, is an important driver for the growth of the consumer electronics and space heaters markets in the region. Hence, these factors are expected to drive market growth during the forecast period.
Major Trend - The increasing demand for highly efficient, energy-saving, and safe domestic heating appliances is a major trend in the market.
Significant Challenge - The relatively high operational cost of space heaters is a significant challenge restricting market growth.
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Table of Contents
1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Historic Market Size
5 Five Forces Analysis
6 Market Segmentation by Product
7 Market Segmentation by Application
8 Customer Landscape
9 Geographic Landscape
10 Drivers, Challenges, and Trends
11 Company Landscape
12 Company Analysis
13 Appendix
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