Residential Air Purifier Estimated To Reach USD 8.65 Billion By 2024
Added: (Sat Jan 20 2018)
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The global residential air purifiers market is estimated to reach USD 8.65 billion by 2024 and is projected to witness growth at a CAGR of over 6.0% during the forecast period of 2016 to 2024.
In 2016, Kent RO Systems and Hindustan Sanitary ware India Ltd (HSIL) entered into residential air purifier business. These new entrants into air purifier business are expected to boost the growth of residential air purifier market. Moreover, leading market players of residential air purifiers are also running campaigns for creating awareness and to increase adoption of air purifiers as their marketing strategy in developing countries such as India, China, Brazil, Turkey, Malaysia and South Africa. For instance, in 2014, a digital awareness campaign through Facebook and YouTube is launched by Philips in China and India to create awareness about risk of indoor air pollution and requirement of residential air purifiers.
High R&D investment with low profit margin is obstructing the growth of residential air purifier market. Stagnant growth of residential air purifier in developed regions such as North America and Western Europe is also hindering the market growth. While increasing level of household air pollution and stringent regulations for maintaining (Indoor Air Quality) IAQ is boosting the residential air purifier market across the globe. Rising urbanization and growing awareness regarding the harmful impact of indoor air pollutants on health is likely to drive the demand of residential air purifiers over the forecast period.
The global residential air purifier market is segmented based on technology, product type and distribution channel. Product segment is further bifurcated into fume & smoke collector and dust collector. Dust collector is more preferred in countries due to is cost effectiveness. The global fume & smoke collector market is expected to reach USD 5.62 billion by the end of 2024. Removal of wet & dry vapours, gasses from indoor environment is expected to boost the demand of fume & smoke collector in the near future. Increasing demand of removing smoke from house hold environment is likely to bolster the fume & smoke collector market during the forecast period.
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Rising investment in building environmental infrastructures and increase in adoption of residential air purifier products in countries such as Mexico, Brazil, Saudi Arabia and The United Arab Emirates (UAE) is likely to drive the residential air purifier market in Latin America and Middle East & Africa region.
The major players in the residential air purifier market are Daikin Industries, 3M, Phillips, Honeywell, and Sharp. Some of the key vendors in the residential air purifiers markets are Alen, Airgle, Guardian Technologies, Austin Air, Blueair, EcoQuest International, Hamilton Beach Brands, Homeimage, Fellowes, omeimage, Hoover, IQAir, Sunbeam Products, Whirlpool, Winix, Oreck, and Rabbit Air among others.
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