The market size and market segment data of heating equipment
Overseas heating equipment market demand surges
With the approach of winter and the influence of a series of uncontrollable factors such as energy crisis and soaring electricity prices, overseas consumers’ demand for electric heating products has surged. This trend not only reflects the complexity of the current global economic environment, but also highlights consumers’ urgent need for heating equipment when facing cold weather.
According to data from the China Chamber of Commerce for Import and Export of Machinery and Electronic Products (CCCME), from January to August 2023, China’s total exports of heating equipment to Europe reached US$497.53 billion, an increase of 14.35% compared with the same period last year. This data undoubtedly shows the strong demand for Chinese heating equipment in the European market. At the same time, Alibaba’s data further confirms this trend. In the past 90 days (especially in November), the demand for electric heaters, including electric heaters and electric blankets, has increased by 40%. Among them, the demand for electric blankets has increased by 50%, the demand for electric heaters has increased by 70%, and the demand for heat pumps has surged by 100%.
High seasonal growth in the electric blanket market
As a highly seasonal product, the market demand for electric blankets is closely related to changes in temperature. As of September 2022, the export value of electric blankets has been higher than the same period last year, especially in June and July, when the export volume increased significantly. From the perspective of product usage patterns, traditional under blankets occupy the majority of the market, followed by over blankets and electric pads that can be used as blankets. These different types of electric blanket products meet the heating needs of different consumers.
The electric blanket market is expected to continue to grow in the next few years. It is predicted that by 2030, the global market size of electric blankets will grow to US$1.68 billion at an annual compound growth rate of 8.4%. This data not only shows the huge potential of the electric blanket market, but also indicates that the market will usher in more development opportunities in the next few years.
Global expansion of the electric heater market
Compared with electric blankets, the electric heater market is larger. According to industry research, the global electric heater market size was $9.7864 billion in 2020 and is expected to reach $13.27 billion by the end of 2027, with a compound annual growth rate of 4.5% from 2021 to 2027. In terms of geographical distribution, Europe is the largest electric heater market, with a market share of about 29%, followed by North America, which accounts for about 27% of the market share.
It is worth noting that the demand for electric heaters in European countries is growing faster than in other countries. In particular, countries such as the Netherlands, Germany, the United Kingdom and Poland have particularly strong demand for electric heaters. Taking Germany as an example, according to data from market intelligence company GFK, from January to August 2022, Germany’s electric heater sales reached 958,000 units, a year-on-year increase of 76%. Combining the sales of electric heaters in five major European countries, namely Germany, the United Kingdom, France, Spain and Italy, the purchasing power of the German market is particularly strong, accounting for 23% of sales.
Overseas market growth potential and consumer focus
From the perspective of search popularity, the search volume of keywords related to heating equipment on search engines such as Google has continued to rise in recent years. Taking “space heater” as an example, the Google search trend of this keyword in the UK and Germany shows consistency. The search volume rises every year when the weather gradually turns cold, and falls back when the temperature rises. This phenomenon not only reflects the degree of consumer attention to heating equipment, but also indicates the growth potential of the heating equipment market in the next few years.
In addition, with the intensification of the energy crisis and the soaring electricity prices, more and more consumers have begun to pay attention to the energy saving and safety of heating equipment. On social media platforms such as TikTok, many bloggers have shared their “stingy search” experience, including the use of heating equipment such as electric blankets and electric heaters to replace traditional heating methods. The number of views of these topics has exceeded 10 million, further proving the strong demand of consumers for heating equipment.
From the perspective of consumer focus, they are more concerned about the safety, energy saving, heating speed and switchable heating modes of electric heater products. These factors not only affect consumers’ purchasing decisions, but also prompt manufacturers to pay more attention to product performance and user experience when designing and producing heating equipment.