Global Air Purifier Market Clocking Impressive Growth: Forecast to Grow at a CAGR of 10.6% by 2027
Published | 01 January 2022
The global air purifier market is growing at a high CAGR because of the deteriorating air quality and increasing prevalence of airborne diseases around the world. Moreover, the launch of a wide range of feature-rich air purifiers by various air purifier brands at competitive prices is also driving the growth of the market…
A recent study conducted by the strategic consulting and market research firm, BlueWeave Consulting, revealed that the global air purifier market was worth USD 10.7 billion in 2020. The market is estimated to grow at a CAGR of 10.6%, earning revenue of around USD 21.6 billion by the end of 2027. The global air purifier market is gaining significant traction because of the deteriorating air quality and increasing prevalence of airborne diseases across the globe. According to a 2016 report by the International Energy Agency (IEA), air pollution leads to about 6.5 million deaths each year, making it the world’s fourth-largest threat to human health.
Emerging economies experience the highest levels of pollution, particularly countries such as India and China, where growth in energy demand has been accompanied by rising pollution levels. These are the factors driving the growth of the global air purifier market. The market is also driven by advanced air purification technologies, such as HEPA air purifiers, activated carbon air purifiers, ionic air purifiers, photocatalytic air purifiers. Moreover, the launch of a wide range of air purifiers by various air purifier brands at competitive prices is anticipated to propel the market during the forecast period.
Increasing Penetration of Online Distribution Channels is Driving the Global Air Purifier Market
Based on the distribution channels, the global air purifier market is segmented into online distribution channels and offline distribution channels. The offline segment is further classified into specialty stores, departmental stores, direct to consumer, and others. The online segment of air purifier market held the largest market share in 2020. The air purifier market is relatively new, and it has only boomed since the COVID-19 pandemic. Thus, due to lockdown restrictions, consumers became more inclined towards purchasing air purifiers from online stores. Additionally, online websites such as Amazon.com offer a wide range of products at discounted prices, which contributes to the growth of the online distribution channel.
Growing Application of Air Purifiers in Commercial Facilities is Anticipated to Boost the Market Growth
Based on applications, the global air purifier market is categorized into residential, industrial, and commercial, based on application. The commercial segment accounts for the largest market share because of the prominent use of air purifiers at commercial facilities such as hotels, airports, movie theaters, hospitals, shopping complexes, etc. Air purifiers are prominently being used in healthcare facilities like hospitals and clinics to ensure infection control to protect the health of the patients as well as staff. However, the residential segment is projected to witness the highest CAGR during the forecast period due to the deteriorating air quality and the increasing need to improve indoor air quality at homes.
Global Air Purifier Market - By Product Type
Based on product types, the global air purifier market is categorized into portable air purifiers, whole-house air purifiers & cleaners, electrostatic precipitators, smart air purifiers, and others. Among these, portable air purifiers account for the largest market share because of the convenience of carrying such devices anywhere. Furthermore, this variety of purifiers make up the largest share of the residential air purifier market. Additionally, they are highly effective at eliminating airborne viruses and germs, as well as volatile organic compounds (VOCs), toxic chemicals, and odors, which is driving its market growth.
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Global Air Purifier Market - Regional Insights
Geographically, the global air purifier market is segmented into North America, Europe, Asia-Pacific, Latin America, Middle-East & Africa. Among these regions, North America accounts for the largest market share. However, the Asia-Pacific region is projected to witness the highest CAGR during the forecast period owing to the flourishing automobile industry in emerging economies, such as China, India, Japan, South Korea, etc. Governments along with automobile manufacturers are taking stringent initiatives to promote technologies to reduce the harmful effects of toxic air, due to which the demand for air purifiers is gaining traction in this region.
Impact of COVID-19 on Global Air Purifier Market
The COVID-19-induced pandemic caused air purifiers to become much more of a necessity than a luxury. Consequently, in response to the COVID-19 outbreak, air purifier sales skyrocketed, with high-performance units featuring HEPA and activated carbon becoming increasingly popular to limit the spread of virus. For instance, Aurabeat, a Hong Kong-based company, has created an air purifier that can remove 99.9% of COVID-19 toxins from the air. Since launching the air filtration device, the company has seen a substantial surge in global demand. Thus, analysts predict that air purifier sales will increase globally during the forecast period as people become more aware of the dangers of air pollution and the benefits of air purifiers.
Global Air Purifier Market - Competitive Landscape
The leading players in the global air purifier market are Honeywell International Inc., Whirlpool Corporation, LG Corporation, Sharp Corporation, Samsung Electronics Co. Ltd., Panasonic Corporation, Daikin Industries Ltd., Camfil Group, Philips Electronics N.V., 3M Company, Mann+Hummel, Fumex Inc., Electrocorp, Eureka Forbes, SPX Flow, Blueair AB, IQAir, Coway Co., Ltd, Xiaomi Inc., and other prominent players.
The market is dominated by technological giants such as Xiaomi Inc., Coway Co., LG Corporation, etc. The companies launch a wide range of products at competitive prices to cater to the needs of various industries and consumers. They also engage in research & development activities to embed new technologies, such as WiFi and AI into their products. Furthermore, the adoption of competitive strategies, such as partnerships, mergers, acquisitions, joint ventures, etc., is also prominent in this market.
The in-depth analysis of the report provides information about growth potential, upcoming trends, and statistics of the global air purifier market. It also highlights the factors driving forecasts of total market size. The report promises to provide recent technology trends of the global air purifier market and industry insights to help decision-makers make sound strategic decisions. Furthermore, the report also analyses the growth drivers, challenges, and competitive dynamics of the market.
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Publish Date: January 2022
The global air purifier market is gaining significant traction because of the degrading air quality levels which are leading to severe breathing problems for people along with rapid industrialization and urbanization along with the increasing prevalence of airborne diseases.
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