Air Purifier Market Reaches $28.8B by 2031

The global air purifier market is set to experience significant growth, reaching an estimated value of $28.8 billion by 2031, according to a recent report by Meticulous Research®. This market is expected to grow at a compound annual growth rate (CAGR) of 8.9% from 2024 to 2031. The surge in demand for air purifiers is attributed to increasing urbanization, rising indoor air pollution levels, and a growing public awareness of the health risks associated with poor air quality. Additionally, the increasing demand for energy-efficient air purifiers and governmental initiatives to enhance air quality are further propelling market growth.

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However, high initial costs and maintenance expenses remain challenges to broader market adoption.

Key Market Dynamics

The air purifier market's expansion is underpinned by several factors. Urbanization and indoor pollution levels are escalating, leading to a heightened demand for air purifiers, particularly energy-efficient models. Public awareness regarding the dangers of poor air quality is increasing, and governments worldwide are implementing measures to improve air quality standards. These factors collectively fuel the market's growth. Conversely, the high costs associated with purchasing and maintaining air purifiers pose a challenge to the market's expansion.

In addition, the growing adoption of air conditioners equipped with inverter and air purification technologies, along with advancements in consumer electronics, is expected to present new growth opportunities for market stakeholders. Nevertheless, challenges such as limited coverage areas of air purifiers and the recurring costs of filter replacements continue to impact market growth.

Market Segmentation

The air purifier market is categorized into several segments based on product type, circulation, portability, distribution channel, and end user.

Product Type: The market includes HEPA purifiers, activated carbon air purifiers, ionic air purifiers, UV air purifiers, hybrid air purifiers, and others. Among these, HEPA purifiers are expected to dominate in 2024, accounting for approximately 48% of the market share. This segment's leadership is driven by increasing air pollution, especially in urban areas, growing awareness of health risks associated with poor air quality, and stringent government regulations. For instance, in August 2023, Dyson launched the Purifier Big+Quiet with a HEPA-H13 grade filter, capable of purifying rooms as large as 1,000 sq. ft., addressing the need for cleaner indoor air.

The hybrid air purifiers segment, however, is anticipated to witness the highest growth rate during the forecast period, propelled by the rising prevalence of airborne diseases, the effectiveness of UV light against certain viruses, and the increasing adoption of UV and HEPA air purifiers in healthcare settings. Notably, in August 2021, Signify Holding introduced the EcoLink Air Purifier with UV-C technology and a HEPA filter in India, capable of simultaneously purifying and disinfecting the air.

Circulation: The market is further segmented into forced circulation and natural circulation systems. Forced circulation purifiers are expected to hold the largest market share in 2024, driven by their widespread use in industrial sectors and the popularity of standard air purifiers like HEPA models. This segment is also forecasted to experience the highest growth rate during the forecast period.

Portability: In terms of portability, the market is divided into standalone/portable and in-duct/fixed units. The in-duct/fixed segment is projected to account for about 57% of the market share in 2024, driven by technological advancements in HVAC systems and increased investments by commercial users in enhancing air quality within workspaces. The standalone/portable segment is expected to grow at a higher CAGR, fueled by the rising sales of portable air purifiers in the residential sector due to their versatility and the growing disposable incomes of consumers.

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Distribution Channel: The market is segmented into online and offline channels. The offline segment is expected to dominate with a 72% market share in 2024, owing to consumer preference for in-store guidance, brand loyalty, and the convenience of immediate product acquisition. However, the online segment is predicted to grow at a faster pace, driven by the expansion of e-commerce, the round-the-clock availability of online stores, and the benefits of online shopping, such as product variety, ease of comparison, and customer reviews.

End User: The market is segmented into industrial, residential, and commercial users. The commercial segment is expected to hold the largest share, around 55%, in 2024, supported by strategic developments from key players, stringent indoor air quality regulations in commercial buildings, and increased public awareness of health risks related to poor air quality. For example, in July 2023, ISO-Aire introduced two commercial-grade air purifier models designed for various spaces, including classrooms and salons. The residential segment is anticipated to exhibit the highest growth rate, driven by increasing disposable incomes, improved living standards, and a growing emphasis on maintaining healthy home environments.

Regional Outlook

Geographically, the air purifier market is segmented into North America, Europe, Asia-Pacific, Latin America, and the Middle East & Africa. Asia-Pacific is expected to dominate the market in 2024, capturing around 43% of the market share. The region's large share is due to the presence of key market players, rapid industrialization and urbanization, rising disposable incomes, and technological advancements in HVAC systems. The severe air pollution problem in many Asia-Pacific countries, coupled with strict government regulations and the launch of advanced air purifiers by market players, is driving demand. For example, in September 2022, LG Electronics launched a new commercial air purifier in Australia to enhance air quality in various commercial spaces. The Asia-Pacific region is also projected to record the highest CAGR of approximately 10% during the forecast period.

Key Market Players

Prominent players in the air purifier market include Honeywell International Inc. (U.S.), Dyson (Singapore), Panasonic Corporation (Japan), IQAir (Switzerland), Unilever PLC (U.K.), Blueair (Sweden), Koninklijke Philips N.V. (Netherlands), Samsung Electronics Co. Ltd. (South Korea), LG Electronics Inc. (South Korea), Carrier Global Corporation (U.S.), Winix Inc. (South Korea), Whirlpool Corporation (U.S.), Sharp Corporation (Japan), Resideo Technologies Inc. (U.S.), and AllerAir Industries Inc. (Canada).

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Related Reports :

Europe Air Conditioners Market : https://www.meticulousresearch.com/product/europe-air-conditioners-market-5693

North America Air Conditioners Market : https://www.meticulousresearch.com/product/north-america-air-conditioners-market-5632

Asia-Pacific Air Conditioners Market : https://www.meticulousresearch.com/product/asia-pacific-air-conditioners-market-5681

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This release was published on openPR.