Electric Blanket Market to Gather $1.1 Billion, Globally, by 2032, at 8.3% CAGR: Allied Market Research

The rising demand for electric blankets especially during winters is anticipated to drive the growth of the global electric blanket market during the forecast period from 2023 to 2032. The Europe region is projected to grow at a tremendous CAGR by 2032.

PORTLAND, Ore., June 22, 2023 /PRNewswire/ -- Allied Market Research has recently published a report, titled, "Electric Blanket Market by Material (Polyester, Cotton, Fleece, Faux Fur, Others), by Size (Twin, Full, Queen, King), by Heat Setting (Low, Medium, High), by Distribution Channel (Online, Offline), by End-user (Household, Hotel, Hospital): Global Opportunity Analysis and Industry Forecast, 2023-2032". According to the report, the global electric blanket market was valued at $496.2 million in 2022, and is projected to reach $1.1 billion by 2032, growing at a CAGR of 8.3% from 2023 to 2032.

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Prime Determinants of Growth

Over the years, there has been an increasing demand for electric blankets, especially during the winter season due to their ability to provide warmth and comfort to the user. This increase in demand is predicted to be one of the important factors driving the growth of the global electric blanket market in the forecast timeframe. However, the safety concerns associated with electric blankets due to electric wires or heating elements may hamper the electric blanket market growth in the coming period. On the contrary, the technological advancements in electric blanket products are expected to offer growth opportunities for the expansion of the electric blanket market in the 2023-2032 forecast period.

Report Coverage & Details:

COVID-19 Scenario

• The outbreak of the COVID-19 pandemic has had a moderate impact on the growth of the global electric blanket market. The travel restrictions and lockdowns led to the closure of many electric blanket manufacturing companies which affected the growth rate of the market.
• Also, the supply of raw materials was hampered due to disruptions in global supply chains which brought down the growth of the market during the pandemic. On the contrary, as the physical retail stores were closed, consumers shifted their focus toward e-commerce platforms to purchase essential goods, which had a significant impact on the market.
• The electric blanket market is projected to show steady growth in the future due to increasing demand for electric blankets during the winter season.

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Size: Queen Sub-segment Projected to Gather a Huge Revenue During the Forecast Period

The queen sub-segment accounted for the highest electric blanket market share in 2022 and is expected to grow at a high CAGR during the forecast period. Queen size beds are one of the most popular sizes, providing ample space for couples or individuals who prefer extra room while sleeping. As a result, there is a high demand for queen sized electric blankets which is predicted to boost the sub-segment's growth by 2032.

Material: Polyester Sub-segment Projected to be One of the Most Profitable by 2032

The polyester sub-segment accounted for the highest electric blanket market share in 2022 and is expected to grow at a CAGR of 9.0% in the forecast period. Polyester is a synthetic fiber that is relatively inexpensive compared to natural fibers like wool or cotton. As a result, there is an increasing preference from manufacturers' side to use polyester for manufacturing of electric blankets which is predicted to boost the sub-segment's growth by 2032.

Heat Setting: Medium Sub-segment to be Flourish Immensely by 2032

The medium sub-segment generated the highest market share in 2022 and is predicted to grow at a high CAGR of 8.6% by 2032. Medium heat electric blankets provide a comfortable level of warmth that is suitable for a wide range of users. Hence, medium heat electric blankets are one of the most sold and demanded electric blankets which is predicted to boost the sub-segment's growth by 2032.

Distribution Channel: Offline Sub-segment Projected to be One of the Most Lucrative During the Forecast Period

The offline sub-segment accounted for the highest electric blanket market share in 2022 and is expected to grow at a CAGR of 8.8% during the forecast period. Offline distribution channels provide accessibility to a large customer base, including those who prefer to take a good look at the product before buying it. As a result, there is a growing preference for offline distribution channels which is predicted to boost the sub-segment's growth by 2032.

End-User: Household Sub-segment Projected to Grow Rapidly by 2032

The household sub-segment accounted for the highest electric blanket market share in 2022 and is expected to grow at a CAGR of 8.7% in the forecast period. An increase in awareness about energy conservation and cost-saving measures has led to growth in demand for electric blankets which is predicted to boost the sub-segment's growth by 2032.

Region: Europe Market to be One of the Fastest Growing by 2032

The Europe region accounted for the highest share in the global electric blanket market in 2022 and is expected to rise at a CAGR of 9.0% during the forecast period. The growing awareness among consumers in Europe about the benefits of electric blankets including the warmth and comfort that they offer during cold winters has led to an increased adoption and demand. This surge in demand is expected to be the main growth driver of the market in Europe region by 2032.

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Leading Players in the Electric Blanket Market:

• Newell Brands Inc.
• Dreamland
• Silentnight
• Jarden Corporation
• Slumberdown
• Lakeland
• Beurer
• Mylek
• Morphy Richards Ltd.
• Homefront

The report provides a detailed analysis of the key players of the global electric blanket market. These players have adopted different strategies, such as new product launches, collaborations, expansion, joint ventures, agreements, and others to increase their market share and maintain their dominance in different regions. The report is valuable in highlighting business performance, operating segments, product portfolio, and strategic moves of market players to showcase the competitive scenario.

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