USD 0.93 billion
Report ID: SQSG25F2007 | Region: Global | Published Date: November, 2022 | Pages: 157 | Tables: 62 | Figures: 65
Global Electric Blankets Market was valued at USD 0.93 billion in 2021, and it is expected to reach a value of USD 1.58 billion by 2028, at a CAGR of more than 7.8% over the forecast period (2022-2028).
A blanket with an interior integrated wiring system that distributes warmth and heat through coil wires is known as an electric bedspread or throw or blanket. It is composed of thick, durable material. These blankets often connect to an electrical outlet and have heat settings that may be adjusted. The vast majority of electric linens are constructed from a polyester and acrylic fabric blend. While being sufficiently interlaced to trap and sustain warmth, this mix guards against possible fire threats. The rise in living standards and rising incomes are the main factors driving the global electric blankets market. For example, in India, Lower-income families have continuously seen their disposable income increase faster than those in other income quintiles since the pandemic's start. This pattern was also seen in the first half of 2021, when the lowest-income families' disposable income increased in the first two quarters by 3.0 percent and 3.3%, respectively, while the highest-income households' income decreased by 6.4% and subsequently increased by 3.9%. Customers are now more likely to choose luxurious and comfy sleeping products, such as electric blankets. The market is expanding as a result of the rising demand for electric blankets to assist people with pain-related conditions during cold weather. An integrated circuit in an electric blanket creates a heating effect. Additionally, it offers a nice sleeping experience and improves mood, offering the user a great deal of comfort. As a result, the aforementioned reasons are propelling the expansion of the global electric blanket market.
Due to a lack of raw materials, factory closures, a personnel shortage, and other operational obstacles brought on by the COVID-19 safety regulations, the consumer products sector encountered previously unheard-of difficulties during the COVID-19 pandemic. At first, the electric blanket industry was negatively impacted by manufacturing unit closures, challenges obtaining raw materials, and transportation limitations. The majority of materials used to make electric blankets are polyester microfiber or fleece. Therefore, the closure of production facilities had a detrimental effect on market research and development for electric blankets. However, as governments in many nations relaxed the previously imposed limits, businesses are making progress. As a result, a market recovery is anticipated during the next few years.
Global Market Size
USD 0.93 billion
more than 7.8% CAGR
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Global electric blankets market is segmented based on the distribution channel, end-user, and region. Based on the distribution channel, the global electric blankets market is segmented as online and offline. Based on end-user, the global electric blankets market is segmented as hotels, hospitals, and households. Based on the region, it is categorized into North America, Europe, Asia-Pacific, Latin America, and MEA.
Analysis by Distribution Channel
In 2021, the offline segment held the largest share in the global electric blanket market. The ability to inspect product attributes and the physical presentation of items have both played a significant role in the growth of offline sales and distribution channels. The majority of offline purchases made by American consumers are from mass merchants, with the retail, department, and specialty stores coming in second and third. 75 million households in America, or 61 percent, are thought to have electric blankets. Tamara Young, a public information specialist for the CPSC, claims that the team looking into electric blankets has proposed updating the Underwriters Laboratory (UL) guidelines to reduce the possibility of fire dangers. Since man-made materials like acrylic and polyester have greater melting points than cotton, they are used to make electric blankets. On the other hand, due to their widespread availability, retail sales are more popular in Asian nations.
An increasing number of consumers are becoming tech literate, and the popularity of online shopping has increased the use of e-commerce platforms as distribution channels. In addition to the creation of independent online retailers, this trend has also given rise to e-retailers that provide high-quality goods in an effort to connect with the constantly growing client base.
Analysis by End User
In 2021, the households segment held the largest share in the global electric blanket market. The expansion of the market has been aided by rising consumer disposable income and a rise in house ownership in various emerging nations. Employee compensation for the first half of 2021 was the main cause of the discrepancies between the lowest and highest income quintiles. Employee salaries increased more quickly for families in the lowest income quintile than for those in the highest income quintile over the same time periods, growing 5.1 percent in the first quarter and 8.7 percent in the second. Over the next several years, it's anticipated that rising standards of living, particularly in China, and the release of simple consumer technology items would increase the usage of electric blankets. Demand for products has been driven by affordability, comfort, and advantages across a range of consumer age groups, particularly among those with conditions including fibromyalgia, arthritis, muscular aches, nasal issues, and painful menstruation.
In terms of raw numbers, Ukraine drew 3 million tourists in 2020, placing it 51st in the world. The results are significantly more comparable when the number of tourists is compared to Ukraine's population: Ukraine was rated 129th in the world with 0.077 visitors per citizen. It came in eighth in Eastern Europe. Ukraine produced over 687 million USD in only the tourist industry. This is equivalent to 0.34 percent of the country's GDP and almost 2 percent of all foreign tourist expenditures in Eastern Europe.
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Due to the increased demand for different flexible heating items brought on by the weather, Europe is growing at the fastest rate in the global electric blankets market. The willingness of customers to spend whatever it takes to be warm and cozy during bitter winters will also help the global electric blankets Market develop throughout the anticipated period. Europe was colder than usual, while the regions of the world surrounding it were substantially warmer than the average over the period of 1991 to 2020, particularly in April and May. High temperatures were recorded over the Atlantic Ocean, North Africa, the Middle East, and portions of Russia, with several areas setting new records. Temperatures in Europe varied greatly from month to month, particularly in northern Russia. The region's mean temperatures in March were up to 8°C below the norm for the period from 1991 to 2020, but temperatures in April and May were up to around 6°C above average.
Furthermore, the Asia-pacific region is expected to hold the largest share in the global electric blankets market. Electric blankets are becoming more and more popular in China, which has led to market dominance. Due to their widespread availability, decreasing price, and availability in both department shops and yard sales, China purchases about 30 million pieces annually. Furthermore, China is one of the largest exporters of electric blankets. 2020 saw China ($237M), Czechia ($12.6M), Indonesia ($8.94M), Vietnam ($6.96M), and Germany ($5.06M) as the major exporters of textiles used in electric blankets.
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The global electric blankets market is relatively fragmented, with a high level of competition. The prominent players operating in the market are constantly adopting various growth strategies to stay afloat in the market. Product launches, innovations, mergers, and acquisitions, collaborations and partnerships, and intensive R&D are some of the growth strategies that are adopted by these key players to thrive in the competitive market. The key market players are also constantly focused on R&D to supply industries with the most efficient and cost-effective solutions.
Top Players in the Global Electric Blankets Market
One of the main factors that is anticipated to generate a lot of new opportunities for the growth of the electric blankets market is the increasing investment in the development of sophisticated types of blankets, such as battery-driven, lightweight, durable, water-resistant blankets, and others. Manufacturers are also developing microfiber fleece variants to provide more natural insulation and warmth retention. Additional factors, such as expanding consumer spending power and intensifying research and development (R&D) efforts to create distinctive elder care products, are likely to further expand the market.
Hospitals and hotels are two commercial sectors that are anticipated to experience significant growth during the forecast period. Electric blanket usage in the hotel industry is anticipated to increase as more travelers from chilly countries arrive. Hospitals present lucrative opportunities for market players because these adaptable heating products can help keep a patient's room at a comfortable temperature even in extremely cold weather.
SkyQuest’s ABIRAW (Advanced Business Intelligence, Research & Analysis Wing) is our Business Information Services team that Collects, Collates, Co-relates, and Analyses the Data collected utilizing Primary Exploratory Research backed by the robust Secondary Desk research.
According to our global electric blankets market analysis, in terms of distribution channel, the offline segment held the largest share in the global electric blankets market. The ability to inspect product attributes and the physical presentation of items have both played a significant role in the growth of offline sales and distribution channels. By end-user, the household segment held the largest share in the market. The expansion of the market has been aided by rising consumer disposable income and a rise in house ownership in various emerging nations. And by region, the European region held the largest share in the global electric blankets market. The willingness of customers to spend whatever it takes to be warm and cozy during bitter winters will also help the global electric blankets Market develop throughout the anticipated period.
|Market size value in 2021||USD 0.93 billion|
|Market size value in 2028||USD 1.58 billion|
|Growth Rate||more than 7.8%|
|Forecast Unit (Value)||USD Billion|
|Regions covered||North America (US, Canada), Europe (Germany, France, United Kingdom, Italy, Spain, Rest of Europe), Asia Pacific (China, India, Japan, Rest of Asia-Pacific), Latin America (Brazil, Rest of Latin America), Middle East & Africa (South Africa, GCC Countries, Rest of MEA)|
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Parent Market Analysis
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For the Global Electric Blankets Market, our research methodology involved a mixture of primary and secondary data sources. Key steps involved in the research process are listed below:
1. Information Procurement: This stage involved the procurement of Market data or related information via primary and secondary sources. The various secondary sources used included various company websites, annual reports, trade databases, and paid databases such as Hoover's, Bloomberg Business, Factiva, and Avention. Our team did 45 primary interactions Globally which included several stakeholders such as manufacturers, customers, key opinion leaders, etc. Overall, information procurement was one of the most extensive stages in our research process.
2. Information Analysis: This step involved triangulation of data through bottom-up and top-down approaches to estimate and validate the total size and future estimate of the Global Electric Blankets Market.
3. Report Formulation: The final step entailed the placement of data points in appropriate Market spaces in an attempt to deduce viable conclusions.
4. Validation & Publishing: Validation is the most important step in the process. Validation & re-validation via an intricately designed process helped us finalize data points to be used for final calculations. The final Market estimates and forecasts were then aligned and sent to our panel of industry experts for validation of data. Once the validation was done the report was sent to our Quality Assurance team to ensure adherence to style guides, consistency & design.
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Product ID: SQSG25F2007