London, March 05, 2024 (GLOBE NEWSWIRE) -- As of 2022, the electric blanket market value approximately equaled US$1.1 Bn. The market has been expected to witness a robust CAGR of 8.6% until 2030, reaching a staggering US$1.9 Bn valuation. This growth is propelled by key trends such as energy efficiency, sustainability, and technological advancements, suggests a newly published report of Fairfield Market Research.
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REPORT SCOPE
| Report Attributes | Details | |
| Base Year | 2022 | |
| Forecast Year | 2023 – 2030 | |
| Market Size in 2022 | US$1.1 Bn | |
| Estimated Market Size in 2030 | US$1.9 Bn | |
| CAGR | 8.6% | |
| Growth Drivers |
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| Segmentation |
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| Regional Coverage |
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Driven by a combination of technological innovation, sustainability, and consumer awareness, the electric blanket market is poised for remarkable growth in the upcoming years. As the industry evolves, the integration of smart technologies, eco-friendly materials, and personalised offerings are expected to shape the future landscape.
“Manufacturers and consumers alike are embracing these trends, making the electric blanket market not only a source of comfort but also a beacon of innovation in the heating solutions industry,” says the analyst at Fairfield Market Research.
The market is experiencing a surge due to increased demand for energy-efficient heating solutions. Consumers are recognizing the dual benefits of comfort and energy savings offered by electric blankets, which will keep the market afloat.
“These blankets are popular for their versatility, providing regular warmth as well as electric heating options. This adaptability makes them suitable for diverse weather conditions and consumer preferences. Meanwhile, manufacturers are seizing the opportunity to develop eco-friendly electric blankets to cater to an expanding cluster of environmentally conscious consumers. A focus on sustainability and energy conservation is driving the market towards greener alternatives,” explains the analyst.
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Key Research Insights
- Residential consumers dominate demand generation as homeowners seek cost-effective and efficient heating solutions during colder seasons.
- Mid-range electric blankets strike a balance between affordability and quality, appealing to a wider consumer base.
- Full/queen-size electric blankets are the most favoured for their coverage and warmth, making them popular among couples and individuals. They fit standard bed sizes found in most households.
- The electric blanket market is dominated by the Asia Pacific region due to its large population, increasing disposable income, and growing awareness of energy-efficient heating solutions.
- North America is experiencing rapid growth, driven by the adoption of smart home technologies, and an increasing emphasis on energy-efficient home appliances.
Insights into Segmentation Analysis
Over Blankets Reign Supreme, Electric Pads Gain Traction
Over blankets remain the most popular choice, offering widespread warmth and comfort. However, electric pads are rapidly gaining ground due to their targeted therapeutic benefits for pain relief.
Residential Segment Leads While Commercial Sector Heats up
The residential sector dominates the market, with individuals seeking improved sleep and comfort. However, the commercial segment, particularly hospitality and healthcare, is witnessing a surge in demand, as institutions strive to enhance guest and patient experiences.
Mid-Range Dominates, Premium Segment Sizzles
The mid-range segment caters to value-conscious consumers seeking a balance between affordability and quality. However, the premium segment is experiencing substantial growth, as consumers prioritize advanced technology, luxurious features, and superior materials.
The Full/Queen Size Segments Spearheads, King Size Segment Gears up
Full/queen size blankets remain the preferred choice due to their versatility. However, the king-size segment is experiencing significant growth, driven by consumers seeking extra comfort and luxury.
Polyester Remains the Material of Choice, Wool Warms up
Polyester continues to dominate due to its durability and affordability. However, wool blankets are gaining traction due to their natural warmth, breathability, and eco-friendly properties, aligning with the growing trend of sustainable consumption.
Online Retail Holds the Lion’s Share but Brick-and-Mortar Shows Signs of Life
Online retailers remain the leading sales channel, offering convenience and competitive pricing. However, hypermarkets/supermarkets are experiencing the fastest growth, as they allow customers to physically examine products before purchasing.
Key Report Highlights
- Features like overheat protection, adjustable temperature settings, and timers that play a pivotal role in enhancing the user experience and safety of blankets will be instrumental to market growth.
- Increased awareness regarding additional electric blanket benefits like therapeutic warmth, muscle pain relief, improved blood circulation, and relaxation contribute to market expansion.
- IoT-enabled blankets allow remote control through smartphones or voice commands, have been creating a buzz recently.
- A shift toward eco-friendly electric blankets made from organic and recycled materials is expected to push market expansion.
Insights into Regional Analysis
The electric blanket market is warming up globally, with Asia Pacific maintaining its leadership position and North America emerging as a promising contender.
Asia Pacific Remains Influenced by Diverse Climates, and Waves of Innovation
- The region retains leading share (45%) due to varied climates, rising disposable incomes, and large consumer base.
- Countries like China, Japan, and South Korea witness high demand driven by cold winters.
- Growing awareness of energy-efficient and smart electric blankets further stimulates market growth.
- Leading players focus on innovation and product development to cater to local preferences.
North America Embraces Energy Efficiency, and Smart Living
- The region is projected to capture 30% market share with a significant sales surge.
- Colder climates drive demand for electric blankets for winter warmth, and comfort.
- Eco-conscious consumers favour energy-efficient and environmentally friendly options.
- The flourishing home automation and smart living trends fuel market growth.
- Manufacturers integrate smart features like IoT connectivity, and mobile app control for enhanced user experience.
Key Players in Global Electric Blanket Market
- Morphy Richards Ltd.
- Jarden Corporation
- Shanghai Shenda Co. Ltd.
- Biddeford Blankets LLC
- Beurer GmbH
- Slumberdown Company
- Snugnights UK LLP
- PIFCO
- Silentnight Group Ltd
- Shavel Associates Inc.
- Glen Dimplex Group
- CDB Goldair Australia Pty LTD
- MAXSA Innovations
- E&E Co. Ltd.
Global Electric Blanket Industry Analysis, Size, Share, Growth, Trends, Regional Outlook, and Forecast 2023-2030 - (By Product Coverage, By Price Range Coverage, By End Use Coverage, By Size Coverage, By Material Coverage, By Sales Channel Coverage, By Geographic Coverage and By Company): https://www.fairfieldmarketresearch.com/report/electric-blanket-market
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