What This Report Will Provide?
This study involved the extensive use of both primary and secondary sources. The research process involved the study of various factors affecting the industry to identify the segmentation types, industry trends, key players, competitive landscape, key market dynamics, and key player strategies.
Expected Revenue Growth:
[131 Pages Report] The residential air purifiers market is projected to reach USD 13.6 billion by 2025 from USD 9.2 billion in 2020, at a CAGR of 8.2% during the forecast period.
Major Growth Boosters:
The growth of this market is majorly driven by the growing popularity of smart homes, supportive government regulations for effective air pollution monitoring and control, increasing public-private funding for effective air pollution monitoring, rising levels of air pollution worldwide, and increasing public awareness related to the healthcare and environmental implications of air pollution.
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COVID-19 Impact on Global Residential Air Purifiers Market
According to our findings, the residential air purifiers market is expected to grow at an approximate CAGR of 8-10% during the next two years. According to our analysis, the below factors are playing a key role in shaping the growth of the global market;
The COVID-19 outbreak has generated major remunerative opportunities for air purifier manufacturers, with high-performance units, comprising HEPA and activated carbon technologies, being highly popular, to minimize the spread of the virus for enclosed spaces. Premium, high-performance air purifiers are capable of filtering out particles up to 1 micron, and the size of the COVID-19 virus is estimated to be around 1.2 microns. Consequently, manufacturers have displayed confidence in being able to provide a solution for indoor environments, during the outbreak, which will sustain demand for the near future.
- In 2020, LG launched its extended line of PuriCare Air Purifiers, including LG PuriCare 360° Air Purifier and PuriCare Mini.
- In 2019, Philips India launched its Philips 800 series air purifiers in India.
- In 2018, Daikin announced the completion and recent start of its full-scale operations of a new air conditioner factory in Vietnam by its subsidiary, Daikin Air Conditioning Vietnam. This helped the company expand its presence in the Asia Pacific region.
- In 2018, Dyson entered the Indian market with the opening of its new store in Delhi, India. The store will provide a range of vacuum cleaners, air purifiers, and hair dryers.
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Growing popularity of smart homes
Smart connected homes are equipped with smart devices that enable residents to control or program an array of automated home electronic devices/products remotely through a smartphone. Smart homes are usually equipped with devices, such as detectors and sensors, to monitor, analyze, and control the quality of air indoors. When the air quality is below the desired level, the sensors intimate the residents of impurities in the air and signal the air quality monitors to start purifying the air.
Regional Growth Analysis:
Asia Pacific is the largest regional market for residential air purifiers. The fast adoption of advanced indoor air quality monitoring technologies, ongoing technological advancements in the field of particulate sensors, rising public-private funding and investments, and the presence of supportive government regulations are key factor driving the residential air purifiers market in Asia Pacific.