Air Purifier Market Growth & Trends
The global air purifier market size is expected to reach USD 24.62 billion by 2027, according to a new report by Grand View Research, Inc., expanding at a CAGR of 12.6% from 2020 to 2027. Rising air pollution levels and the growing awareness about the health benefits associated with air purifiers are likely to drive the market over the forecast period.
Pollen, dust, mold spores, VOCs, pet dander, and smoke particles can pose serious health risks. Thus, air purifiers play a vital role in removing these contaminants from the air, in turn, improving air quality. Moreover, air purifiers have become a necessity due to rising outdoor and indoor pollution levels and growing concerns regarding the health problems associated with air pollution.
The COVID-19 pandemic has affected several countries across the globe. A large number of people are quarantined at the moment owing to the prevailing circumstances associated with the COVID-19 pandemic. As a result, consumers are looking for air purifiers to protect them from germs, viruses, molds, dust, asbestos, formaldehyde, odors, and other indoor pollutants.
Social media campaigns and government partnerships with local influencers to help brands in spreading the word about the global pandemic are creating awareness among people about the latest technologies/devices that can help in curbing the spread of COVID-19. This, in turn, is expected to create new opportunities for air purifier manufacturers over the coming years.
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Air Purifier Market Report
Air Purifier Market Report Highlights
- The HEPA technology segment accounted for a revenue share of 40.0% in 2019 on account of the high reliability of HEPA filters in removing airborne particles, which is likely to boost their penetration in the global market
- The residential application segment is anticipated to witness significant growth in the forecast period owing to the rising awareness about the risk of smoke particles, VOCs, and other particulate matter to human health
- The market in Europe accounted for a revenue share of 21.3% in 2019 on account of the booming automotive market, favorable industrial policies, and economic development in the region
- The market in Mexico is likely to expand at a CAGR of 13.4% from 2020 to 2027 on account of the rising installation of comprehensive ambient air quality monitoring systems and emissions inventory and organization of air quality management programs
- In October 2019, Molekule, a U.S.-based manufacturer offering air purification solutions, launched its new product, Molekule Air Mini. It is a home air purification device that is ideal for smaller spaces.