The global air purifier market size is expected to reach USD 18.21 billion by 2027, exhibiting a CAGR of 10.8% over the forecast period, according to a new report published by Grand View Research, Inc. Factors, such as the rising air pollution along with awareness pertaining to the benefits associated with air purifier are expected to fuel the growth.
Exponential rise in the demand for clean air, owing to the rising population levels coupled with growing respiratory issues, especially in urban areas are anticipated to fuel the market. Globally, increasing disposable income coupled with growth in spending on home appliances is expected to drive the market growth. Moreover, rise in the number of industrial activities, especially in the emerging countries, is expected to boost the demand for air purifiers, especially in Heating, Ventilation, and Air Conditioning (HVAC) applications.
Nowadays, air purifiers are also equipped with features, such as Wi-Fi, indicators, and sensors. Moreover, manufacturers are also developing Artificial Intelligence (AI)-enabled air purifiers with voice recognition feature. Manufacturers also engage in R&D activities for developing compact and high-efficacy air purifiers at competitive prices. These factors are projected to positively influence the market growth in the forthcoming years.
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Further key findings from the report suggest:
- HEPA emerged as the largest technology segment in 2019 with a market share of 37.8%, owing to improved efficiency of the technology when it comes to trapping dust, dust mites, pollens, and other indoor allergens
- The commercial application segment dominated the global air purifier market with a revenue share of 71.0% in 2019, owing to increasing adoption in hotels, offices, public buildings, educational institutions, and hospitals among others
- Asia Pacific emerged as the leading regional market and accounted for the largest revenue share in 2019 owing to the massive industrialization, environmental protection laws, and rising awareness to curb pollution
- North America is projected to expand at a CAGR of 10.7% over the forecast period, owing to high purchasing power of consumers in addition to increasing awareness regarding the prevalence of numerous airborne diseases
- Advanced R&D activities by the market participants have led to extremely innovative designs, which have optimized the adoption of air purifiers across the globe