Electric Blankets Market: Current Analysis and Forecast (2022-2028)

Report Description

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The Electric Blankets Market was valued at around USD 398 million in 2020 and is expected to grow at a steady rate of around CAGR of 7% from 2022 to 2028.

The industry is being driven by the increasing integration of technological improvements in consumer convenience goods and equipment. Innovative features like water-resistant blankets, battery-operated blankets with mobile charging ports, and lightweight, robust, machine-washable blankets are also sought after by manufacturers. Due to additional advantages like machine-washable and stain-resistant electric blankets, its use is more hygienic and convenient. For instance, in October 2019, Xiaomi Corporation, a leading name in Chinese technology, unveiled the PMA smart electric blanket which function through Xiaomi app. This technological enhancement helps to expand the electric blankets market.

Some of the major players operating in the market include Argos Limited; Beurer GmbH; Biddeford; CDB Goldair Pty Limited; Glen Dimplex Group; MAXSA Innovations; Morphy Richards; Shavel Home Products; Silentnight Group Limited; Sunbeam Products, Inc.

Insights Presented in the Report

“Amongst product type, under blankets category to witness highest CAGR during the forecast period”

Based on product type, the market is segmented into over blankets and under blankets. Under blankets segment to witness higher CAGR during the forecast period due to cold climate and long winters in North America and Europe region. Under blankets usually run for just a couple of pence a night and much cheaper than central heating and it is also good for uneven surfaces such as sofa and cold floor. These are some reasons which makes under blankets more popular and demandable.

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“Amongst end user type, residential segment to be fastest growing in the electric blankets market during the forecast period”

Based on end user type, the market is segmented into commercial and residential. Residential segment to be the fastest growing in the electric blankets market due to rising consumer disposable income and a rise in home ownership in various developing nations. Over the next several years, it’s anticipated that changing lifestyles and the arrival of practical consumer products based on technology will increase the use of electric blankets. Demand for products has been driven by affordability, comfort, and advantages across a range of consumer age groups, particularly among people with conditions like fibromyalgia, arthritis, muscle pains, nasal issues, and painful menstruation.

Electric Blankets Market Report Coverage

“Asia Pacific to hold significant share in the electric blankets market”

Asia-Pacific region is anticipated to hold a significant share of the global electric blanket market by the end of the forecast period. In China, electric blankets are getting more and more popular, leading to market dominance. The market’s dominance has been facilitated by the expanding use and accessibility of electric blankets in China. For instance, China is a major supplier of electric blankets and purchases around 30 million pieces of electric blankets every year since they are widely available, increasingly inexpensive, and offered in department shops as well as garage sales.

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Reasons to buy this report:

• The study includes market sizing and forecasting analysis validated by authenticated key industry experts.
• The report presents a quick review of overall industry performance at one glance.
• The report covers an in-depth analysis of prominent industry peers with a primary focus on key business financials, product portfolio, expansion strategies, and recent developments.
• Detailed examination of drivers, restraints, key trends, and opportunities prevailing in the industry.
• The study comprehensively covers the market across different segments.
• Deep dive regional level analysis of the industry.

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Research Methodology

Research Methodology for the Electric Blankets Market Analysis (2022-2028)

Analyzing the historical market, estimating the current market, and forecasting the future market of the global electric blankets market were the three major steps undertaken to create and analyze the adoption of electric blankets market in major regions globally. Exhaustive secondary research was conducted to collect the historical market numbers and estimate the current market size. Secondly, to validate these insights, numerous findings and assumptions were taken into consideration. Moreover, exhaustive primary interviews were also conducted, with industry experts across the value chain of the global electric blankets market. Post assumption and validation of market numbers through primary interviews, we employed a top-down/bottom-up approach to forecasting the complete market size. Thereafter, market breakdown and data triangulation methods were adopted to estimate and analyze the market size of segments and sub-segments of the industry pertains to. Detailed methodology is explained below:

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Analysis of Historical Market Size

Step 1: In-Depth Study of Secondary Sources:

Detail secondary study was conducted to obtain the historical market size of the electric blankets market through company internal sources such as annual reports & financial statements, performance presentations, press releases, etc., and external sources including journals, news & articles, government publications, competitor publications, sector reports, third-party database, and other credible publications.

Step 2: Market Segmentation:

After obtaining the historical market size of the electric blankets market, we conducted a detailed secondary analysis to gather historical market insights and share for different segments & sub-segments for major regions. Major segments are included in the report as product type, sales channel type, and end user type. Further country-level analyses were conducted to evaluate the overall adoption of testing models in that region.

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Step 3: Factor Analysis:

After acquiring the historical market size of different segments and sub-segments, we conducted a detailed factor analysis to estimate the current market size of the electric blankets market. Further, we conducted factor analysis using dependent and independent variables such as product type, sales channel type, and end user type of electric blankets market. A thorough analysis was conducted for demand and supply-side scenarios considering top partnerships, mergers and acquisitions, business expansion, and product launches in the electric blankets market sector across the globe.

Current Market Size Estimate & Forecast

Current Market Sizing: Based on actionable insights from the above 3 steps, we arrived at the current market size, key players in the global electric blankets market, and market shares of the segments. All the required percentage shares split, and market breakdowns were determined using the above-mentioned secondary approach and were verified through primary interviews.

Estimation & Forecasting: For market estimation and forecast, weights were assigned to different factors including drivers & trends, restraints, and opportunities available for the stakeholders. After analyzing these factors, relevant forecasting techniques i.e., the top-down/bottom-up approach were applied to arrive at the market forecast for 2028 for different segments and sub-segments across the major markets globally. The research methodology adopted to estimate the market size encompasses:

• The industry’s market size, in terms of revenue (USD) and the adoption rate of the electric blankets market across the major markets domestically
• All percentage shares, splits, and breakdowns of market segments and sub-segments
• Key players in the global electric blankets market in terms of products offered. Also, the growth strategies adopted by these players to compete in the fast-growing market

Market Size and Share Validation

Primary Research: In-depth interviews were conducted with the Key Opinion Leaders (KOLs) including Top Level Executives (CXO/VPs, Sales Head, Marketing Head, Operational Head, Regional Head, Country Head, etc.) across major regions. Primary research findings were then summarized, and statistical analysis was performed to prove the stated hypothesis. Inputs from primary research were consolidated with secondary findings, hence turning information into actionable insights.

Split of Primary Participants in Different Regions

Market Engineering

The data triangulation technique was employed to complete the overall market estimation and to arrive at precise statistical numbers for each segment and sub-segment of the global electric blankets market. Data was split into several segments & sub-segments post studying various parameters and trends in the areas of product type, sales channel type, and end user type in the global electric blankets market.

The main objective of the global electric blankets market study

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The current & future market trends of the global electric blankets market were pinpointed in the study. Investors can gain strategic insights to base their discretion for investments on the qualitative and quantitative analysis performed in the study. Current and future market trends determined the overall attractiveness of the market at a regional level, providing a platform for the industrial participant to exploit the untapped market to benefit from a first-mover advantage. Other quantitative goals of the studies include:

• Analyze the current and forecast market size of the electric blankets market in terms of value (USD). Also, analyze the current and forecast market size of different segments and sub-segments
• Segments in the study include areas product type, sales channel type, and end user type.
• Define and analysis of the regulatory framework for the electric blankets
• Analyze the value chain involved with the presence of various intermediaries, along with analyzing customer and competitor behaviors of the industry.
• Analyze the current and forecast market size of the electric blankets market for the major region.
• Major countries of regions studied in the report include Asia Pacific, Europe, North America, and the Rest of the World.
• Company profiles of the electric blankets market and the growth strategies adopted by the market players to sustain in the fast-growing market
• Deep dive regional level analysis of the industry

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