The global space heaters market to grow at a CAGR of 5.45% during the period 2017-2021.
The report, Global Space Heaters Market 2017-2021, has been prepared based on an in-depth market analysis with inputs from industry experts. The report covers the market landscape and its growth prospects over the coming years. The report also includes a discussion of the key vendors operating in this market.
One trend in the market is growing demand for propane space heating products. The demand for propane space heating products will increase during the forecast period. The rising electricity prices in developed countries is propelling the demand for propane space heating products. In 2014, nearly 40% of the US households relied on electrical heaters as their primary heating source.
According to the report, one driver in the market is 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 electric 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. With the improved scope for high-priced space heaters, small players are introducing new products to capitalize the increasing purchasing power of consumers.