The global air purifier market size is expected to reach USD 22.80 billion by 2028 and is expected to expand at a CAGR of 10.0% from 2021 to 2028. The market for air purifiers is primarily driven by increasing air pollution levels, coupled with the outbreak of the COVID-19 pandemic and the rising awareness pertaining to the benefits of air purifiers. Air Purifier filter the air that circulates through the system. It traps and holds various types of particulates and contaminants such as pollen, dust & dirt, bacteria & microorganisms, hair & animal fur, fibers & lint, metal, plaster or wood particulates, mold & mold spores, that have an effect on the health and comfort.
Moreover, growing health consciousness, improving standards of living, and rising disposable income are expected to fuel the market growth. The rising adoption of air pollution control equipment, especially in developing regions across the globe, is anticipated to drive the market over the forecast period. The rising awareness regarding a healthy lifestyle, especially among the urban youth, is expected to significantly contribute to the market growth.
Several governments are focusing on regulating air pollution by introducing several stringent regulations and standards for indoor air quality, which is projected to drive the industry over the forecast period.
The governments of various countries have introduced lockdown measures to contain the spread of COVID-19. Thus, stay-at-home and work-from-home norms have further intensified the demand for air purifiers. Furthermore, there is a significant demand for air purifiers from hospitals, universities, and government agencies as consumers are exploring ways to avoid the spread of coronavirus.
Air purifiers assist in eliminating various health hazards caused by poor air quality by removing contaminants, including dust, smoke, and pollen. In addition, these products aid people suffering from asthma, airborne allergies, and other respiratory conditions. Thus, increasing health awareness among consumers is expected to drive the product demand over the forecast period.
New product developments and technological advancements amid the COVID-19 pandemic are anticipated to augment the market growth. For instance, in September 2020, Aurabeat Technology Limited, a Hong Kong-based company, introduced Aurabeat AG+ Silver Ion Plasma Sterilization Air Purifier, which can eliminate more than 99.9% of COVID-19 within 30 minutes.
The HEPA technology segment accounted for the largest revenue share of 39.9% share in 2020 owing to the high efficiency of HEPA filters in removing airborne particles as compared to other technologies, thereby augmenting its penetration in the market. The commercial application segment is expected to expand at the fastest CAGR from 2021 to 2028 on account of the growing demand for air purifiers in hospitals, universities, and government facilities amidst the COVID-19 pandemic.
In the APAC market, Malaysia is likely to expand at the fastest CAGR of 19.5% over the forecast period on account of worsening air quality due to urbanization and seasonal haze, coupled with the increasing health awareness and a growing emphasis on good indoor air quality. In September 2020, MANN+HUMMEL introduced two new high-performance room air purifiers, namely OurAir TK 850, which is suitable for filtering the air in indoor spaces of up to 70 m, and the OurAir SQ 2500, which is ideal for spaces up to 200 m.
Air Purifiers can be defined as valuable and the most sophisticated systems used for air purification. The market is very much organized even in developing economies such as India and China as well. The market in the Asia Pacific region is expected to grow at a CAGR of around 14% from 2020 to 2028. The product in the past found acknowledgment only in the premium segment but now is finding demand from mid-segment as well. The industry rivalry in the market is currently high and is expected to further get fueled due to the rising demand post-pandemic.
Existing manufacturers and brands are trying hard to diversify their product portfolio across almost all price points, are taking concentrated efforts to expand and catalyze their R&D efforts and are investing heavily in such efforts. Awareness creation regarding health benefits of air Purifier is a major challenge faced by industry participants. Strengthening of distribution channels, focus on tier-2 cities especially in developing markets, considerable rise in marketing spend, are some of the top priorities of industry participants.