|12-20-2016 08:05 AM CET - Advertising, Media Consulting, Marketing Research||
Valuation of GCC Air Purifiers Market to reach US$ 85.2 Mn by 2020
Press release from: Future Market Insights
Although considered as a luxury, demand for air purifiers is steadily growing in the Gulf Cooperation Council (GCC), according to Future Market Insights’ (FMI) new research report, “Air Purifiers Market: GCC Industry Analysis and Opportunity Assessment 2014-2020”. FMI projects the GCC air purifiers market to reach US$ 85.2 Mn by 2020.
In a survey conducted by FMI with air purifier manufacturers and distributors/retailers around the world, nearly 80% of respondents indicated that the HEPA technology will expand at an annual growth rate of 5%-10% between 2015 and 2020. The respondents also believed that brand value and purification capacity were the most important features that buyers looked for while purchasing an air purifier.
A majority of respondents in FMI’s survey on air purifiers market in GCC were of the view that single-point retail outlet accounted for 0%-20% of the total air purifier sales in GCC. Air purifier sales through shopping malls were estimated to be between 41% and 60% by the respondents.
According to the respondents, increasing pollution and health-related problems were the key factors fuelling the demand for air purifiers in GCC. A majority of the respondents were of the view that growing per capita income will have a moderate impact on the sales of air purifiers in GCC.
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The key players in the GCC air purifiers market include Sharp Corporation, LG Electronics, Samsung Electronics, Hitachi Ltd., and Panasonic Corporation.
Sharp Corporation is marketing its air purifiers to consumers in UAE, Kuwait, and Qatar markets. Sharp is using its patented PlasmaCluster Ion Technology and incorporating it in different home appliances, including air purifiers.
LG Electronics, in collaboration with Saudi Arabia-based Al-Hassan Ghazi Ibrahim Shaker Co. recently launched a new range of air purifiers with five-stage filtration system. LG air purifiers in UAE are sold through AL Yosuf Electronics. The company has also made its products available on shopping websites, such as Carrefour UAE and SharafDG UAE.
Samsung Electronics operates in GCC through its home appliances sales group, “Samsung Gulf Electronics”. The business strategy of Samsung is aimed at collaboration and partnering with prominent local players to capture a larger share of the market.
Demand for air purifiers is robust in Saudi Arabia and UAE. According to FMI’s analysis, these two countries collectively hold a share of over 60% of the GCC air purifiers market in 2014. FMI projects these two countries to account for bulk of the demand for air purifiers during the forecast period.
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Saudi Arabia & UAE Account for Bulk of the Demand
The Saudi Arabia air purifiers market, valued at US$ 14.85 Mn in 2014, is anticipated to be worth US$ 41.33 Mn by 2020. The key factors fuelling the demand for air purifiers in Saudi Arabia include focus on medical tourism and increased investment in infrastructure activities.
The UAE air purifiers market is expected to be worth US$ 26.10 Mn by 2020. Like Saudi Arabia, UAE is projected to develop its medical infrastructure in a bid to develop non-oil based sectors. Owing to the focus on medical tourism, construction of a number of hospitals is in the pipeline. FMI opines these factors to provide an impetus to the air purifiers market in UAE.
The air purifiers market in rest of GCC (Oman, Kuwait, Bahrain, and Qatar) is projected to reach a valuation of US$ 17.79 Mn. According to FMI, the air purifiers market in these countries is still at a nascent stage, and it will take a while before they are adopted on a large scale.
Future Market Insights (FMI) is a leading market intelligence and consulting firm. We deliver syndicated research reports, custom research reports and consulting services, which are personalized in nature. FMI delivers a complete packaged solution, which combines current market intelligence, statistical anecdotes, technology inputs, valuable growth insights, an aerial view of the competitive framework, and future market trends.
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This release was published on openPR.
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