The air purifiers market is projected to expand significantly from an estimated US$ 23.72 billion in 2024 to approximately US$ 48.9 billion by 2034. According to a study by Fact.MR, East Asia will spearhead the growth in demand for air purifiers over the next decade.
The surge in global air pollution and rapid urbanization are expected to be the primary drivers of the global demand for air purifiers until 2034. Governments worldwide are increasingly allocating resources to combat the escalating threat of air pollution, further fueling the sales of air purifiers. Particularly promising growth opportunities are anticipated in key markets such as the United States, the United Kingdom, India, and China, countries that are among the largest contributors to global air pollution.
Air purifier companies are focusing on launching their products to gain a competitive advantage over other market players and improve their sales going forward. At the Smarter Living event in Bangalore, India, Xiaomi, a renowned Chinese consumer electronics company announced the launch of a new range of air purifiers along with other products in April 2023. The new air purifiers feature a pre-filter and True HEPA filter to provide the best results.
Key Takeaways from Market Study
The global air purifier market is set for significant growth, with worldwide demand expected to rise at a robust compound annual growth rate (CAGR) of 7.5% from 2024 to 2034. By the end of 2034, the market is forecasted to reach a valuation of US$ 48.9 billion. Key drivers of this growth include surging levels of air pollution, rising disposable incomes, a high incidence of respiratory disorders, the growing popularity of healthy living trends, and the launch of advanced air purifiers. These factors are contributing to a heightened awareness and need for cleaner air, prompting more consumers to invest in air purification solutions.
In East Asia, the demand for air purifiers is expected to reach a market value of US$ 5.85 billion by 2024, reflecting the region’s rapid industrialization and urbanization, which have exacerbated air quality issues. Additionally, the sales of air purifiers for residential use are projected to increase rapidly, with an anticipated CAGR of 11.7% over the next decade, highlighting the growing consumer focus on indoor air quality. In India, air purifier sales are expected to rise at a CAGR of 8.3% across the study period from 2024 to 2034, driven by similar concerns over air pollution and health. This trend underscores the global recognition of air purifiers as essential devices for ensuring healthier living environments.
List of Key Companies Profiled in The Report
- American Air & Water Inc.
- Eureka Forbes Ltd.
- Koninklijke Philips N.V.
- Panasonic Corporation
- Daikin Industries Ltd.
- LG Electronics
- Hitech Ultraviolet Pvt. Ltd.
- IQAir
- Honeywell International Inc.
- Sharp Corp.
- Others
Winning Strategy
Manufacturers of air purifiers ought to concentrate on creating goods that can effectively filter the air while simultaneously eliminating particulates. Providers of air purifiers ought to concentrate on offering reasonably priced units to clients in emerging nations with significant pollution levels.
Competitive Landscape
Leading air purifier brands are actively launching feature-rich products to expand their market presence and drive revenue growth. For instance, in April 2022, Israel-based Aura Air introduced its smart air management platform in India, establishing a local presence in Chennai. While currently manufactured in Israel, the company plans to explore long-term local manufacturing in India. Aura Air purifiers boast advanced capabilities, including the detection, capture, and elimination of 99.9% of viruses, bacteria, mold, and allergens as small as 0.3 microns. These IoT-enabled devices provide real-time updates via mobile phones on indoor and outdoor Air Quality Index (AQI) metrics, encompassing VOCs, CO2, CO, and fine particulate matter levels.
Another notable move in the competitive landscape occurred in April 2020, when Daikin Industries Ltd. invested US$ 2 million in Locix Inc., a U.S.-based startup specializing in spatial intelligence solutions. This strategic investment aims to enhance Daikin’s air conditioning solutions business by integrating advanced spatial intelligence technologies. These initiatives underscore the industry’s commitment to innovation and technological advancement in addressing global air quality challenges.
