The global electric blankets market is witnessing a rise in its market value, asserts a Report Ocean study. The report titled, “Global Electric Blankets Market Size study, by Distribution Channel (Offline, Online), by End User (Hotels, Hospitals, Households) and Regional Forecasts 2020-2027,” offers an analysis of this market based on its past performance and future prospects.
Offering an opportunity worth US$0.81 Bn in 2019, the worldwide electric blankets market is anticipated to rise at a CAGR of more than 12% over the forecast period of 2020-2027. The most prominent factor behind this growth is the high demand for electric blankets across the world.
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The unique characteristics electric blankets possess, such as durability, comfort, and cost-efficiency when compared to traditional heaters, have been increasing the uptake of these blankets. With increasing knowledge about benefits of these blankets among consumers, the demand is likely to soar further. However, the safety concerns relating to their use may obstruct the growth trajectory of this market in the near future, reports the market study.
Demand from China to Keep Asia Pacific’s Position Intact
Asia Pacific has surfaced as the most prominent regional market for electric blankets across the world. With the emergence of China as the key consumer of these blankets, the Asia Pacific electric blankets market is expected to remain on top over the next few years. Around 30 million units of electric blankets are being purchased in China every year. Experts suggest that this number will rise in the coming years.
Among other regional markets for electric blankets, North America and Europe are reporting a high growth rate. The steady demand for flexible heating products, thanks to the extreme weather conditions in Europe, is projected to boost the Europe electric blankets market further in the near future. Meanwhile, North America is also expected to remain reporting a high CAGR during the period of the forecast, states the research report.
Market Players Focused on New Product Launches
Key players in the global electric blankets market include Shanghai Shenda Co. Ltd., Jarden Corp., Snugnights UK LLP, Caiyang, Shijiazhuang Mengjie Industry Co. Ltd., Morphy Richards Ltd., Beurer GmbH, Slumberdown, and Silentnight Group Ltd. These companies are mostly focusing on technological innovations and new product launches. For instance, Xiaomi rolled out PMA smart Electric Blanket in October 2019. This smart blanket offers voice control over maintaining temperature. With this, the company is expecting to expand its smart wearable product range.
Impact of Covid 19 on Global Electric Blanket Market
The coronavirus pandemic has jeopardized many a markets. One of them is the worldwide electric blankets market. The economic slowdown has left consumers with little to no money, owing to which, they are hesitant in spending on things that are of no absolute necessity. Electric blankets have witnessed a dip in their demand over the last few months, which is reflected on the overall growth of this market. However, with winter round the corner, the global market for electric blankets is expected to experience a positive wave in the fourth quarter of 2020.
- Electric blankets have recorded the maximum demand in the household end user segment and the trend is expected to continue in future.
- Predominantly, offline distribution channels have an edge over the online ones; however, the latter are also gaining impetus.
- Asia Pacific has surfaced as the key regional market for electric blankets, thanks to the dominance of China as the leading consumer.
The global electric blankets market is classified into:
By Distribution Channel
By End User
- North America
- Asia Pacific
- Latin America
- Rest of the World
Companies Mentioned in the Report
- Jarden Corporation
- Shanghai Shenda Co. Ltd.
- Morphy Richards Ltd.
- Snugnights UK LLP
- Beurer GmbH
- Shijiazhuang Mengjie Industry Co. Ltd.
- Silentnight Group Ltd.
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