Air Purifiers Market:
Executive Summary
The global air purifiers market is expected to grow from $1.29 billion in 2019 to $1.55 billion in 2020 at a compound annual growth rate (CAGR) of 20.74%. The growth is mainly due to the COVID-19 outbreak that has led to increase in the demand of HEPA filters by consumers for personal use. The market is then expected to reach $1.86 billion in 2023 at CAGR of 6.13%.
The air purifiers market consists of sales of air purifiers and related services for purification of the airborne toxins and particulate matter. The usage of air purifiers is to minimize the health risks associated with breathing air contaminated with pollen grains, harmful gases and emissions.
Asia Pacific was the largest region in the air purifiers market in 2019.
In November 2018, General Filters, Inc., a USA-based manufacturer of air quality products, acquired Second Wind Air Purifier for an undisclosed amount. Acquisition of Second Wind Air Purifier was aimed to strengthen the former in the business of manufacturing of ultraviolet air purification equipment. Second Wind Air Purifier, a USA based manufacturer of air purifier, specializes in ultraviolet air purification equipment for residential and commercial applications.
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The air purifiers market covered in this report is segmented by technology into HEPA filter; activated carbon; others. It is also segmented by type into dust collectors; fume & smoke collectors; others and by end-user into residential; commercial.
The high installation and maintenance costs of air purifiers is hindering the market growth. Individuals in urban cities in developing nations consider air purifiers as a luxury. Regular maintenance cost for air purifier also adds as an additional expense, which is for filter changes and cleaning of media filter because of continuous use. For instance, a home air purifier will cost up to $1,000 and the installation of an air purifier will be added extra over it. The customers cannot gauge the benefit of using air purifiers against any parameters and this leaves them clueless in understanding the actual benefit of the purifier against the money invested. Therefore, high installation and maintenance cost coupled with customers’ lack of understanding about the appliance have a negative impact on the growth of the air purifiers market.
The use of smart air purifiers through smartphone-enabled application is a key trend in the market. Smart air purifiers allow the air quality to be monitored and managed from a smartphone application, which provides a live reading of quality data. For instance, in January 2019, Pathpartner, an India-based technology company, developed IoT-enabled smart air purifier that gives information about air quality and provides a report on the humidity content of the air. Through this technology, the temperature of the room and freshening up the room can be controlled remotely.
Rising concern for airborne diseases is driving the air purifiers market. An increase in health issues such as asthma, allergies and other breathing disorders due to airborne diseases encourages the consumers to invest in air purifiers at commercial and residential locations. For instance, in 2018, as per the estimates of the World Health Organization (WHO), 90% of people across the globe breathe air containing high levels of pollutants. According to Centers for Disease Control and Prevention, in 2018, 19.2 million adults in the USA aged 18 and above had asthma. In 2017, as per the department of statistics in Singapore, there were 246 cases of airborne diseases reported across Singapore. Therefore, increasing prevalence of airborne diseases contributes to the growth of the air purifier market.
Major players in the air purifiers market are Honeywell International Inc., Whirlpool Corp, Sharp Corporation, Daikin Industries Ltd, LG Electronics Inc., Dyson Ltd, Panasonic, Xiaomi Corporation, and Blue Air.
Continuous…
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NOTE : Our team is studying Covid19 and its impact on various industry verticals and wherever required we will be considering covid19 footprints for a better analysis of markets and industries. Cordially get in touch for more details.
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