ID: MRFR/IA - E/6676-CR | February 2020 | Region: Global | 192 pages
The worldwide air purifier market is expected to rise at a CAGR of 10.24%, with a value of USD 24.78 billion over the projected quarter of 2022-2030.
An air purifier refers to an electrical appliance that helps in improving the air quality by removing the contaminants present in an enclosed space. It aids in protecting the total volatile organic compounds like smoke, dust, harmful chemicals, gases, etc. The air purifier also offers numerous benefits in reducing the risk of several respiratory diseases, maintaining the air quality, providing a toxin-free environment, mitigating the smells and odours, etc. As a result, it is widely installed across households, corporate and government offices, retail stores, and public spaces like hotels, gymnasiums, spas, clinics, beauty salons, cinema halls, malls, etc.
In Europe, the rising demand for air purifiers can be attributed to the high prevalence of numerous respiratory diseases due to deteriorating air quality. This, with this, elevating levels of industrialization leading to the growing discharge of the air pollutants are also propelling the air purifier market growth. However, the expanding automobile fleet, coupled with the increasing adoption of air pollution control equipment, including air purifiers to mitigate the detrimental effects of toxic vehicular emissions, further catalysis the regional air purifier market.
Players Focus on M&A Activities and R&D Investments to Gain a Larger Competitive Share The air purifier market appears extremely fragmented due to the strong presence of well-established industry players. Global vendors are increasingly facing fierce competition from each other and from local firms, who are growing aware of the regulations and suppliers in the industry. Therefore, eminent players seek opportunities to integrate across the extended value chain while focusing on the expansion of production facilities, R&D investments, and M&A activities to gain a larger impetus.
LG is a well-reputed electronics manufacturer in the consumer electronics industry, with its primary focus on expanding its product range and launching new products. Philips offers an extensive range of air purifiers with advanced technologies such as plasma technology and high-efficiency particulate air (HEPA) filter technology.
While no air purifiers are tested specifically for the coronavirus, LG models with a HEPA filter can capture most of the particles as small as 0.3 microns, smaller than the size of most airborne pathogens. LG air purification system could be effective and successful and especially helpful with someone who has contracted the virus.
Rising Awareness among Consumers to Bolster Growth
Over recent years, awareness for health among consumers has been growing rapidly due to the mounting incidences of airborne infectious diseases and viral infections. Moreover, the emergence of various life-threatening epidemics likes H1N1 Swine flu, and H5N1 Avian influenza have been fostering the growth of the air purifier market over the past decade. The strong demand from households, hospitals, and hotels is allowing the market to proliferate.
In view of the rapid surge in COVID 19 spread worldwide, air purifiers have been witnessing vast uptake in residential as well as commercial settings. The air purifier market has recorded a 100 percent growth this year, vis-à-vis last year, due to the growing preference for health and wellness products. As the world works towards reducing pollution, air-cleaning appliances have made it easy to control indoor air quality.
Furthermore, the rise in distribution channels, such as -commerce platforms and offline stores, fosters market growth bringing about a range of air purifiers with wide price ranges. With consumers making their health and well-being, the top priority and air purifiers being easily available across e-commerce platforms, the air purifier market size is expected to boost further over the next three years.
The consumer electronics industry benefits from the rise in disposable income among consumers and the surging spending by the government on huge infrastructural projects.
Emerging Nations to Present Robust Opportunities
Emerging markets across the globe present untapped opportunities for uses of air purifiers. With the advent of the pandemic, the conscious feeling of breathing in clean air and keeping the family safe from the impact of bacteria and viruses has increased. Significant rise in pollution levels due to the rapid industrialization and urbanization in emerging countries offer lucrative opportunities for international players.
Restraints & Challenges
Prohibitive Costs of Air Purifiers to Restrain Market Growth
Slowed down economy due to the Coronavirus complexities and high prices of air purifiers could restrain the ongoing market growth, negatively impacting the sales. As a result, manufacturers are focusing on reducing the overall manufacturing cost of the air purifiers.
HEPA purifiers to Witness Significant Demand
The air purifier market is segmented based on product types, sales channels, and regions. By product types, the market is bifurcated into HEPA purifiers, activated carbon air purifiers, ion & ozone generator air purifiers, UV air purifiers, and others. Among these, The HEPA purifiers segment holds the largest market share due to the growing requirement in households as they are more cost-effective compared to other types of air purifiers.
By Sales Channel, the Offline Segment takes the Lead
On the basis of sales channels, the air purifier market is segmented into online and offline. The offline segment accounts for a significant share in the global market. Due to the increasing concerns regarding product quality and technological features, buyers prefer purchasing air purifiers from offline distributors who can solve their queries personally. This trend is expected to continue in the future and increase the demand and sales of the offline segment in the global air purifier market during the forecast period.
The Asia Pacific Market to Maintain its Winning Streak
APAC has remained the market leader since 2016 and could continue to maintain its leading position throughout the assessment period. Heightened demand for air purifiers and growth opportunities presented by residential as well as commercial sectors position the APAC region among the strongest contenders in the global air purifier market. Besides, rising pollution levels due to biomass burning, vehicle emission and industrial emissions allow excellent market growth.
Increasing cases of asthma, airborne viruses, and allergies to odors, dust, and other air particles are increasing sales of air purifiers to maintain indoor air quality. Moreover, children, elderly, and ailing people with low immunity boost the Air Purifier Market growth due to the high recommendations to use air purifiers to protect themselves from the irritation of the eyes, nose, throat, asthma, and respiratory diseases.
Furthermore, the significant expansion of online and offline sales channels coupled with the presence of leading global air purifier manufacturers, such as Panasonic, Sharp, Midea Group, Daikin Industries, Broad Group, LG, and Hitachi, adds to the market value. These companies offer low cost yet technologically advanced air purifiers, which leads to increasing the air purifier market size throughout the region.
China, Japan, South Korea, and India account for considerable shares in the regional market due to the favorable government policies supporting the Foreign Direct Investments (FDI).
North America Seizes Second Highest Share in Global Air Purifier Market
North America has captured the second biggest share in the global air purifier market. Factors such as strict regulations and considerable healthcare spending influence market growth. Additionally, the rising awareness for measures to take to manage asthma, allergy, pet dander, and other airborne conditions increase the demand for air purifiers in this region.
The US market has been growing at a significant pace over the past few years as the air purifier industry in the country is deep-rooted. According to the US Environmental Protection Agency (EPA), US residents spend a colossal amount of time indoors, where various pollutants are concentrated. Furthermore, a well-grown economy, technological innovations, and a growing population in the region drive market growth.
Scope of the report covers extensive details of the air purifier industry, with respect to product types, sales channels, and regions. The air purifier market growth rate, along with drivers, opportunities, and challenges, has also been highlighted in the MRFR report. Major trends in the air purifier market have also been studied, focusing on their impact on the growth rate during the forecast period.
The recent coronavirus pandemic has positively impacted the air purifier market. The heightened interest around hygiene and immunity, as a result of the COVID 19 pandemic, has churned the market significantly. Concerns about the poor air quality have accelerated not only the air purifier market rise but also the air purifier manufacturing capacities. Air purifier companies had problems ranging from obtaining raw materials and delivering end products to attracting workers from quarantines.
However, pandemic-related issues presented air purifiers as one of the important components to fight COVID 19 challenges. Resultantly, air purifier industries across the globe are witnessing increasing revenues when other industries are facing severe revenue losses and shut down of manufacturing facilities. Major manufacturers are fostering investments in R&D and production and are adopting automated production processes.
By Product Type
By Sales Channel
|CAGR||10.24% CAGR (2022-2030)|
|Historical Data||2019 & 2020|
|Forecast Units||Value (USD Million)|
|Report Coverage||Revenue Forecast, Competitive Landscape, Growth Factors, and Trends|
|Segments Covered||Product Type, and Sales Channel|
|Geographies Covered||North America, Europe, Asia-Pacific, and Rest of the World (RoW)|
|Key Vendors||Sharp Corporation (Japan), Dyson (Singapore), Panasonic Corporation (Japan), Honeywell International Inc (US), Unilever (UK), Midea Group (China), Xiaomi Inc (China), COWAY CO. LTD (South Korea), Koninklijke Philips N.V. (the Netherlands), Blueair (Sweden), Daikin Industries Ltd (Japan), LakeAir (US), Samsung (South Korea), IQAir (Switzerland), Broad Group (China), AB Electrolux (Sweden), Whirlpool Corporation (US), YADU Int’l Technology (Beijing) Co., Ltd (China), BONECO AG (Switzerland), Austin Air (US), Airgle Corporation (US), Rabbit Air (US), Airdogusa (US), Levoit (US)|
|Key Market Opportunities||
|Key Market Drivers||Rising Awareness among Consumers|
Frequently Asked Questions (FAQ) :
An 10.24% CAGR is expected to motivate the market.
Air Purifier Market size is projected to be worth USD 24.78 Billion by 2028
Increased concerns for maintaining optimum health is expected to guide market development.
Product type, region and sales channel segment of the market provide a comprehensive market understanding.
Daikin Industries, Ltd (Japan), LakeAir (US), IQAir (Switzerland), Whirlpool Corporation (US), Samsung (South Korea), and Broad Group (China) are a few of the players in the market.
The lack of awareness about the benefits can slow down market expansion.
The APAC is expected to hold the reigns for development in the global market.