The need for an energy-efficient air purifier and R&D being undertaken to bring innovative products to the market is aiding the market growth. However, the high cost of these products and technical limitations associated with air quality monitoring products are expected to restrain the growth of this market during the forecast period.
What the Market Looks Like?
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.The Asia Pacific market accounts for largest market share for residential air purifiers in 2019
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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What Drives the Market?
The growth of the Residential Air Purifiers Market is primarily influenced by the following factors:
- Growing popularity of smart homes
- Increasing urbanization and indoor air pollution
- Supportive government regulations for effective air pollution monitoring and control
- Increasing public awareness pertaining to the healthcare implications of air pollution
The growing awareness among consumers regarding air purification in the wake of COVID-19 is an opportunity for air purifier retailers to scale up their sales. Some companies are increasing the production of air quality systems with the addition of different technologies such as High-Efficiency Particulate Air (HEPA) filters, photocatalytic purifiers, activated carbon purifiers, and ionic filters.
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Objectives of the Study
- To define, describe, segment, and forecast the global residential air purifiers market by technology, type, and region
- To provide detailed information about the factors influencing the market growth (such as drivers, restraints, opportunities, and challenges)
- To analyze micromarkets1 with respect to individual growth trends, prospects, and contributions to the overall residential air purifiers market
- To forecast the size of the residential air purifiers market in five main regions, along with their respective key countries, namely, North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa
- To profile the key players in the residential air purifiers market and comprehensively analyze their core competencies2
- To track and analyze competitive developments, such as acquisitions, expansions, product launches, and R&D activities of the leading players in the residential air purifiers market
- To benchmark players within the residential air purifiers market using the “Competitive Leadership Mapping” framework, which analyzes market players on various parameters within the broad categories of business and product strategy