The latest market research report by Technavio on the global patio heaters marketpredicts a CAGR of above 7% during the period 2018-2022.
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Technavio has published a new market research report on the global patio heaters market from 2018-2022. (Graphic: Business Wire)
The report segments the global patio heaters market by product (gas patio heaters and electric patio heaters), by distribution channel (offline distribution channel and online distribution channel), and by geography (the Americas, EMEA, and APAC). It provides a detailed illustration of the major factors influencing the market, including drivers, opportunities, trends, and industry-specific challenges.
Here are some key findings of the global patio heaters market, according to Technavio consumer and retail researchers:
- Innovation and portfolio extensions leading to product premiumization: a major market driver
- Technological advancements: emerging market trend
- The Americas dominated the global patio heaters market with nearly 43% share in 2017
- In 2017, gas patio heaters held the highest market share of nearly 65%
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Innovation and portfolio extensions leading to product premiumization: a major market driver
Product premiumization has a positive influence on the growth of the global patio heaters market. Some of the significant drivers of product premiumization include product innovation strategies and portfolio extensions. When compared with other types of heaters in the global patio heaters market, patio heaters with innovative features and functionality are highly priced. There is an increase in demand for high-quality patio heaters among customers. Such innovative patio heaters are integrated with modern technologies.
The players in the market prepare strategies that facilitate product differentiation. They also focus on marketing strategies that help in differentiating themselves from the other market competitors. Several players are offering patio heaters that are characterized by add-on features and designs in order to attain a high degree of product differentiation.
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Technological advancements: emerging market trend
The life span of superior-quality patio heaters is more than that of the low-quality patio heaters. The Inferior-quality patio heaters are neither aesthetically appealing nor are they appealing in terms of functionality. Consumers are opting for technologically advanced and high-quality patio heaters as these patio heaters are highly efficient.
According to a senior analyst at Technavio for research on retail goods and services, "The competitors in the global patio heaters market are focusing on technological advancements, product innovation strategies, and performance enhancements. There are companies that offer radiant patio heaters that deliver minimal visible light. Such high-performance patio heaters prove to be energy efficient. When compared to low-quality patio heaters, they emit around 75%-80% less light."
Global market opportunities
In terms of regional dominance, the Americas led the global patio heaters market, followed by EMEA and APAC in 2017. Key leading countries such as the US, Canada, and Mexico are contributing towards market growth in this region.
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