QY Research has recently released a new report with a title, “Global Air Purifiers Market Size is Projected to Reach 23,148 million USD by 2025,” for the anticipated period of 2018-2025. The report states that the global air purifier market was valued at US$ 12.07 Bn in the year 2018 and is likely to reach at US$ 23.14 Bn by the end of 2025. The market is growing with a healthy CAGR of 9.74% throughout the projected period.
The global air purifier market is expected to develop remarkably due to the industrial and vehicular pollution coupled with rising occurrences of airborne diseases during the forecasted period.
Global Air Purifiers Market: Drivers and Restraints
Due to growing awareness about the adverse effects of air pollution on health the manufacturers are developing advanced air purifiers which are expected to fuel the growth of the global air purifiers market over the projected period. One of the trends that boost the growth of the market is the arrival of smart technologies across the globe. Besides, consumers can easily control and track the air quality through their smartphones that leads to escalating the growth of the global air purifier market in the near future.
However, the stringent government regulations towards the use of smart purifiers are likely to restrain the growth of the market throughout the anticipated period.
Global Air Purifiers Market: Forecast by Applications
On the basis of applications, the market is segmented into Commercial, and Residential.
Global Air Purifiers Market: Key Players
Some of the leading companies operating into the global market for air purifiers are Lexy, Sharp, Beiangtech, Philips, Austin, Panasonic, Samsung, Daikin, Blueair, Honeywell, Midea, Coway, Whirlpool, Xiao Mi, Electrolux, and YADU.
Global Air Purifiers Market: Competitive Landscape
The leading companies are focusing on advantages such as after-sales service, better performance, and better technical advancement. Consequently, they take the majority of the market share at a high-end market. As competition strengthens the price gap between the different products brands constantly reduces. Similarly, there will be a variation in gross profit over the predicted period.
The market is expected to remain constant with the frequent adoption of acquisitions and strategic alliances to increase the presence of key players in the market. The market is expected to stay mature during the projected period.
Global Air Purifiers Market: Geographical Outlook
Asia Pacific is expected to dominate the market due to growing urbanization and the increasing pollution throughout the forecasted period. North America is also likely to grow at a significant rate due to the massive industrialization, and the stringent environmental protection laws during the projected period.