Transparency Market Research delivers key insights on the global air purifier market. In terms of revenue, the global air purifier market is estimated to expand at a CAGR of ~8% during the forecast period, owing to numerous factors regarding which, TMR offers thorough insights and forecasts in its report on the global air purifier market.
The global air purifier market is affected by several factors, including deteriorating air quality and increasing health concerns. Improvements in product offerings & services by manufacturers coupled with penetration in developing nations are expected to drive the air purifier market during the forecast period.
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Air Purifier Market: Dynamics
Air pollution causes health hazards such as severe asthma, throat irritation, burning sensation in eyes, bronchitis, and allergic respiratory disorders. Changing climatic conditions coupled with increasing pollution has resulted in increased level of PM 2.5 and other pollutants, which deteriorates the quality of air. This harmful air finds its way to homes due to lack of insulation and quickly starts multiplying, thus affecting the health of people. Therefore, it is vital to maintain clean and healthy air in residential, commercial, and industrial environments. Increasing consumer awareness regarding air quality and its impact is expected to propel the market during the forecast period.
There has been a huge increase in working population and the number of people in the middle class bracket over the past few years. The average monthly income of households has increased, which is partly driven by the rise of dual income households in urban areas. Rise in disposable income and improved standard of living have resulted in consumers spending on products that help them take better care of themselves and people around them. Increasing health concerns, coupled with easy availability of a wide of range of advanced technological products are likely to drive the air purifier market during the forecast period.
The cost of an air purifier is determined by its type and capacity. Higher the capacity, higher is the price. Air purifiers used in industrial, commercial environments, or which are placed in ducts are expensive, as they have bigger square feet purifying capacity and cannot be replaced by other alternatives. However, the adoption of natural alternatives rather than electronics by consumers in residential applications may have an impact on the market growth during the forecast period. Many people use beeswax candles, activated charcoal, salt lamps, houseplants, etc. as an alternative to purify air.
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Improvements in product offerings & services by manufacturers coupled with the penetration in developing nations are projected to fuel the market growth of air purifiers during the forecast period. Manufacturers will also need to educate end users. Streamlined supply chain and high penetration in regional markets are likely to be a key business growth strategy during the forecast period.
Air Purifier Market: Prominent Regions
Europe was the largest air purifier market followed by Asia Pacific and North America in 2020. Rising consumer awareness about clean air, high disposable income, and increasing millennial population who are keen on trying new consumer products are fueling the demand for air purifiers in Asia Pacific. North America and Europe are mature air purifier markets and replacement of air purification systems in industries across North America and Europe are expected to drive the market demand during the forecast period. MEA is also set be an attractive market due to booming industrialization and degrading air quality. South America is still in the growing phase due to low adoption. Overall, the air purifier market is projected to look positive in all regions during the forecast period.
The air purifier market in Europe is primarily driven by the growth of developed nations such as the U.K., Germany, Italy, Spain, Poland, France, and Sweden. The market in Europe has evolved over the past decade in order to keep up with new innovations in the region. The shift toward digitization has encouraged companies in Europe to offer technologically advanced products in order to serve consumers better and make their life simpler. Other countries of Europe also show considerable growth in this market
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Modernization and urbanization are key drivers of the air purifier market in the region. Mass migration of rural citizens to major urban centers, along with continued development of rural areas, is likely to create significant demand for electronic appliances. In Asia Pacific, China is anticipated to dominate the market followed by Japan. This market in India and Japan is likely to witness considerable growth during the forecast period, owing to the number of growing households. Changing lifestyle, higher disposable income coupled with greater affordability, and surge in advertising are instrumental in bringing about an important change in consumer behavior patterns.
The U.S. held a dominant share of the market in North America in 2020, owing to the high consumer spending on household products coupled with extensive industrialization and commercialization of markets. The U.S. is a mature, homogenous market with maximum product penetration. The U.S. has a higher GDP per capita as compared to Canada, which translates into higher disposable income for the U.S. population. Hence, the spending power is more in the U.S. as compared to Canada.
Air Purifier Market: Key Players
Key players operating in the global air purifier market include American Air & Water, Inc., Eureka Forbes Ltd, Hitech Ultraviolet Pvt. Ltd., IQAir, Daikin Industries, Ltd., Honeywell International, Inc., Koninklijke Philips N.V, Panasonic Corp., LG Electronics, and Sharp Corporation.
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