The global air purifier market size was valued at USD 8.37 billion in 2020 and predicted to hit around USD 22.84 billion by 2030, poised to grow at a compound annual growth rate (CAGR) 10.6% during the forecast period 2021 to 2030.
Increasing prevalence of airborne diseases coupled with rising pollution levels in urban areas contribute as the prime factors for the air purifier market growth. Moreover, increasing disposable income, improved standard of living, and rising health consciousness are the other key factors expected to propel the growth of the industry. Increasing requirement for the adoption of air pollution control equipment, specifically in the developing countries anticipated to prosper the demand for air purifiers in the coming years.
As per a recent survey, clean air is of the utmost importance for the consumers to avoid various health problems. Besides this, growing industrialization along with rising construction & mining activities in developing countries prominently contributes to the air pollution that in turn expected to propel the demand for air purifier products over the analysis period. Availability of surplus natural resources in the developing and under-developed regions offers attractive opportunities for the industrial sector to raise their manufacturing facility.
Growing industrialization, stringent environmental protection laws, and awareness for controlling pollution are the important factors projected to influence positively on the market growth especially in the United States over the forecast period. The High-Efficiency Particulate Air (HEPA) technology segment projected to dominate the United States market over the analysis period as it is proved as the most effective technology for trapping the harmful airborne particles. The United States is projected as the most polluted country across the globe due to significant presence of industries as well as increased traffic population in the region. Transportation sector was examined to contribute nearly 20% for the overall pollution in the region. In the wake of same, government has issued stringent regulations to curtail the rising air pollution.
HEPA technology segment held the majority of value share in the year 2019 and projected to exhibit substantial growth over the analysis period. HEPA filters are extremely efficient in trapping the airborne particles such as smoke, pollen, dust, and bio-contaminants.
On the other hand, activated carbon filters poses exceptional trapping capacity because of larger surface area of carbon granules that makes them very effective in trapping fumes, gases, and odors. Even so HEPA filters are significantly effective in trapping airborne particles they to trap odors, gases, and chemicals. Consequently, activated carbon filters are largely used in combination with HEPA filters to enhance the efficiency of the air purifiers.
The commercial application captured the largest market share of nearly 70% in the year 2019 because of rising demand of air purifiers in educational institutions and office spaces. Commercial applications include hospitals, offices, shopping malls, hotels, educational centers, movie theaters, conference centers, and other recreational facilities. Air purifiers are installed at commercial spaces in account to maintain the indoor air quality. Furthermore, rapid urbanization across the globe expected to propel the growth of the segment over the forecast period.
Besides this, the residential application anticipated to witness the fastest CAGR of around 12% over the analysis period. Residential applications include residential properties and small & large scale homes. The Asia Pacific anticipated to exhibits the fastest growth in the residential application over the forecast timeframe due to increasing pollution levels along with rapid urbanization in the developing countries that include India and China.
The Asia Pacific anticipated to be the fastest growing regional market during the forecast period. In addition, the region expected to lead the global market on account of various factors that include rising industrialization & rapid urbanization along with rising population with increased disposable income. Apart from this, the region has prominent reserve of natural resource that attracts industries to establish their manufacturing facility in the region, thereby escalating the air pollution in the region that in turn triggers the demand for air purifiers.
On the other side, North America projected to maintain its significant market share in the upcoming years. The market has grown at a rapid pace because of notable contribution from technological advancement and numerous applications. The United States is among the prominent countries that are active in controlling and monitoring the air pollution emitted from different industries. Furthermore, introduction to stringent regulations by the Environment Protection Agency and the Clean Air Act predicted to surge the demand for air purifiers over the analysis period.
Key Companies & Market Share Insights
The global air purifier industry is highly diverse in nature because of the presence of several international and regional players in the market. Major market players mainly focus towards the new product development and enhancement. In the wake of same, they invest prominently in the research & development (R&D) activity that has led to the invention of several innovation products. For instance, integration of Internet of Things (IoT) and artificial intelligence (AI) in the air purifier to convert them into smarter and advanced product is one of the prominent leap in the air purifier technology.
Some of the prominent players in the air purifier market include:
Report Scope of the Air Purifier Market
|Market Size||USD 16.99 Billion by 2027|
|Growth Rate||CAGR 10.6% From 2020 to 2027|
|Largest Market||Asia Pacific|
|Fastest Growing Market||North America|
|Segments Covered||Technology, Application|
|Regional Scope||North America, APAC, Europe, Rest of the World|
|Companies Mentioned||Honeywell International, Inc., IQAir North America, Inc., LG Electronics, Inc., Aerus LLC, Unilever PLC, Daikin Industries, Ltd., Panasonic Corporation, Koninklijke Philips N.V., Whirlpool Corporation, and Hamilton Beach Brands, Inc.|
Segments Covered in the Report
This research study comprises complete assessment of the market by means of far-reaching qualitative and quantitative perceptions, and predictions regarding the market. This report delivers classification of marketplace into impending and niche sectors. Further, this research study calculates market size and its development drift at global, regional, and country from 2016 to 2027. This report contains market breakdown and its revenue estimation by classifying it based on technology, application, and region:
By Regional Outlook
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