Sector Analysis: Why the Air Purifier Market is Set for a 7.8% CAGR by 2032
In 2021, the global air purifier market was valued at approximately US$ 11.5 billion. The industry is experiencing rapid growth as companies introduce technologically advanced air purifiers equipped with various wireless technologies. By 2032, the market is expected to reach US$ 26.0 billion, showcasing a Compound Annual Growth Rate (CAGR) of 7.8% from 2022 to 2032.
In today’s consumer electronics market, products are often certified with ratings that indicate their energy-saving capabilities. Appliances such as refrigerators, heating and cooling devices, kitchen appliances, electronics, and more, collectively account for over 81% of energy consumption. Air purifiers that are ENERGY STAR certified are approximately 27% more energy-efficient compared to standard models, resulting in cost savings for consumers on their utility
People are becoming more aware about their health and fitness as a result of increasing health awareness. The impact of air pollution in causing respiratory disorders, such as acute respiratory infections and chronic obstructive pulmonary disease, is well established. Because industrialization, urbanization, and contemporary lifestyles cannot be compromised on, strategies to reduce emissions and reverse the problem of poor air quality are gaining traction. Air purifiers are proving to be the most promising solution for addressing poor air quality.
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The air purifier market has seen a lot of claims made by manufacturers in order to promote their brand and level up the competition. As a matter of fact, consumer purchase patterns are often influenced by company claims.
Producers and brand owners have focusing on improving efficiency and efficacy of their products to woo increasing number of consumers. LG, for example, stated that in 2020, it will produce a one-of-a-kind cover for the PuriCare Wearable Air Purifier that will use the company’s UVnano sterilisation technology to kill 99.99 percent of germs in under 30 minutes using UV-C LED rays.
Air Purifier Market Outlook Compared to Growth Registered in 2016-2020
The outbreak of the novel COVID-19 dampened sales prospects due to restrictions impos4ed on, which also caused disruptions in supply chains activities across various industries. Contrary to this, the unprecedented pandemic outbreak also made people more cautious about air they breathe.
The focus on disinfection and living in a hygienic environment was at its peak during COVID-19, which has helped the air purifier market to recuperate from the pandemic-induced restrictions.
In the coming years, the demand for air purifier will get stronger, especially as consumers exhibit higher willingness to maintain healthy indoor air quality. Driven by this, the global air purifier market will exhibit 11.3% CAGR between 2021 and 2031 in comparison to 8.5% CAGR exhibited in 2016-2020.
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The demand for air purifier for home and offices is predicted to increase significantly over the forecast period. Increasing online penetration of leading air purifier manufacturers will also aid growth in the market.
High installation of air purifiers in schools, hospitals, and other institutions is likely to remain a chief growth driver. The demand from commercial sector will rise as well. More than 80% of the overall revenue from air purifiers is expected to come from the commercial sector. This is owing to manufacturers’ growing efforts to diversify their economies and develop innovative products.
Key Takeaways from the Air Purifier Market Study
- In terms of technology, HEPA filters account for a major share in the air purifier market. Demand in this category is expected to grow at a CAGR of 4.3% in 2020.
- Leading companies in the air purifier market will cover nearly 42% of sales.
- The U.S. will account for maximum demand in North America, sealing its dominance in the global market.
- Demand in the U.K. will grow at an impressive pace, pushing overall growth in the Europe market.
“As competition continues soaring, market players are likely to focus on making air purifiers smarter. They are integration concepts of artificial intelligence to enable improve machine-human interaction,” says an FMI analyst.
Who is Winning?
Leading manufacturers of air purifier are focusing on aggressive promotional strategies, advertisements, and new product launches to drive sales growth of air purifier globally.
Major players present in the air purifier market are
- Koninklijke Philips N. V
- LG Electronics Inc.
- Xiaomi Corporation
- Afpro Filters B.V.
- Dyson Ltd.
- Godrej Appliances
- Condair Group AG
- Daikin Industries, Ltd.
- Honeywell International Inc.
- Whirlpool Corporation
- Japan Air Filter Malaysia Sdn. Bhd.
- Hitachi Limited
- Dyson Technology Ltd
- Panasonic Corporation
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