Yahoo Finance Global Air Purifier Market Slated to Amass a CAGR of 10.6% During the Forecast Period (2021-2027) | BlueWeave
Delhi, NCR, Jan. 18, 2022 (GLOBE NEWSWIRE) -- 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 air 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, and 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.
Deteriorating Air Quality Levels Expected to Drive the Growth of the Global Air Purifier Market
A key factor driving the global air purifier market is the increasing level of air pollution caused by rapid industrialization and urbanization. The air quality is rapidly declining around the globe and it is also creating myriad health issues for people. Air pollution can cause serious health effects, including asthma, cardiovascular risks, chronic headaches, and eye irritation. What’s more, the World Health Organization (WHO) estimates that air pollution causes 2.4 million deaths every year. The UNICEF also states that around 50% of childhood pneumonia deaths are associated with air pollution.
There is an increase in air pollution in Africa, further aggravating the problem. According to THE LANCET, around 1.1 million people were killed by air pollution in Africa in 2019. Moreover, according to Greenpeace Africa, the deadliest air pollution spot on earth is in South Africa. The WHO states that Nigeria has the worst air quality in the entire African continent, and Onitsha, one of Nigeria’s economic hubs, has 30 times more particulate matter (PM2.5) in the air than the WHO’s recommended levels. Industrialization and the ever-increasing number of vehicles on the road have put a strain on air pollution, creating a need for air purifiers, which in turn drives the global market for air purifiers.
Increasing Penetration of Online Distribution Channels 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 its popularity 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.
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Growing Application of Air Purifiers in Commercial Facilities Boosting the Global Air Purifier Market Growth
Based on applications, the global air purifier market is categorized into residential, industrial, and commercial segments. 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, such as hospitals and clinics, to ensure infection control and to protect the health of 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.
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 across the globe, 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 wellness benefits of air purifiers.
Global Air Purifier Market - Regional Insights
Geographically, the global air purifier market is segmented into North America, Europe, Asia-Pacific, Latin America, and the Middle-East & Africa. Among these regions, North America accounted for the largest market share in 2021. 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. Moreover, 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.
For more information please visit press release of global air purifier market: https://www.blueweaveconsulting.com/press-release/global-air-purifier-market-clocking-impressive-growth-forecast-to-grow-at-a-cagr-of-10-6-by-2027
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 global air purifier 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.
Recent Development
In January 2022, Ikea launched a smart air purifier that doubles up as a stylish side table to help remove dust particles, pollen and impurities at home. The smart air purifier comes equipped with a two-filter system, five different fan speeds, and an optional carbon gas filter add-on. The gas filter absorbs various pollutants, such as formaldehyde and other VOCs. It is also available as both, a side table and as a stand-alone purifier.
In January 2022, Huawei launched the Smart Selection 720 Full-Effect Air Purifier 2 in China. The new smart air purifier is the successor of the Huawei Smart Selection 720 Full-Effect Air Purifier 1S launched in 2018. The new air purifier comes with upgraded purification technology, purification capacity and smart control and is sold on Huawei Mall, Huawei’s official flagship store on Jingdong and Lynx.
The in-depth analysis of the report provides information about growth potential, upcoming trends, and statistics of global air purifier market size & forecast. The report promises to provide recent technology trends of global air purifier market and industry insights which help decision-makers to make sound strategic decisions. Furthermore, the report also analyzes the growth drivers, challenges and competitive dynamics of the market.
Attributes | Details |
Years Considered | Historical data – 2017-2020 |
Facts Covered | Revenue in USD Billion |
Market Coverage | U.S, Canada, Germany, UK, France, Italy, Spain, Brazil, Mexico, Japan, South Korea, China, India, UAE, South Africa, Saudi Arabia |
Product Service/Segmentation | By Technology, By Coverage, By Product Type, By Distribution Channel, By Application, By Region |
Key Players | 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. |
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