According to the new market research report by MarketsandMarkets, residential air purifier 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 growth of Air Purifier 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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Also, 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.
The Asia Pacific market accounts for largest market share for Air Purifier Market in 2019
Asia Pacific is the largest regional market for residential air purifiers. The fast adoption of advanced indoor air quality monitoring technologies, ongoing technological advancements in the field of particulate sensors, rising public-private funding and investments, and the presence of supportive government regulations are key factor driving the Air Purifier Market in Asia Pacific.
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Based on technology, the residential air purifier market is segmented into HEPA filters (high-efficiency particulate arrestence or high-efficiency particulate air) and other technologies. The other technologies segment comprises electrostatic precipitators, activated carbon, UV filters, and ionic filters. The HEPA segment accounted for the larger market share in 2019.
Based on type, the Air Purifier Market is segmented into portable/stand-alone purifiers and in-duct purifiers. The portable/stand-alone purifiers segment is expected to witness the highest growth during the forecast period. This is mainly due to the need to remove sources of pollutants or allergens from indoor air, growing popularity of smart homes/ambient-assisted living, and increasing public awareness pertaining to the healthcare implications of air pollution.
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Key Market Players
The prominent players in Air Purifier Market are Daikin Industries, Ltd. (Japan), Sharp Corporation (Japan), Honeywell International Inc. (US), LG Electronics Inc. (South Korea), Panasonic Corporation (Japan), Koninklijke Philips N.V. (Netherlands), and Dyson (UK).