Air Purifier Market Worth $25.97 Billion By 2030 | Grand View Research, Inc.

 

The global air purifier market size is expected to reach USD 25.97 billion by 2030, according to a new report by Grand View Research, Inc. It is expected to expand at a CAGR of 8.1% from 2022 to 2030. The market is primarily driven by increasing air pollution levels, coupled with the outbreak of the COVID-19 pandemic and the rising awareness pertaining to the benefits of air purifiers. Air purifiers assist in eliminating various health hazards caused by poor air quality by removing contaminants, including dust, smoke, and pollen. In addition, these products aid people suffering from asthma, airborne allergies, and other respiratory conditions. Thus, increasing health awareness among consumers is expected to drive the product demand over the forecast period.

Lockdown measures to curb the spread of COVID-19 and the stay-at-home and work-from-home norms have boosted the demand for air purifiers in residential applications. Furthermore, the demand for air purifiers increased in healthcare and other commercial facilities amidst the pandemic owing to their ability to limit the spread of infectious diseases. New product developments and technological advancements amid the COVID-19 pandemic are anticipated to augment the market growth. For instance, in September 2020, Aurabeat Technology Limited, a Hong Kong-based company, introduced Aurabeat AG+ Silver Ion Plasma Sterilization Air Purifier, which can eliminate more than 99.9% of COVID-19 within 30 minutes.

Wildfires and stubble burning that are increasingly found in the U.S., Australia, and India are some of the key reasons for causing air pollution. The smoke has several health implications such as eye and respiratory tract infection, lung infection, bronchitis, and heart failure. This has prompted consumers to buy air purifiers and is likely to augment the market growth over the forecast period. The pandemic provided an opportunity for companies with higher cashflows to acquire air purifier companies resulting in increased activity in the market. For instance, in November 2021, iRobot Corporation acquired Aeris Cleantec AG in a USD 72 Million all-cash deal in a bid to strengthen its portfolio of intelligent home innovation solutions.

Asia Pacific dominated the market and accounted for over 40.0% share of the global revenue in 2021 on account of several factors, including rapid urbanization and industrialization, along with a growing population with increased disposable income. Moreover, rising smog and air pollution cases, especially in countries such as India and China, are expected to increase the adoption of air purifiers, thereby complementing the regional market growth. Growing urbanization, political policies, and increasing industrialization are some of the factors that have affected the ecological balance and deteriorated the quality of air in South Korea. Rising awareness regarding health hazards and diseases caused due to exposure to harmful particulates at workplaces or homes is anticipated to positively impact the market growth in the country.

The North American market is anticipated to expand at a CAGR of 7.2% over the forecast period. Air quality policies such as establishing national ambient air quality standards by the U.S. EPA, the U.S. Clean Air Act, and comprehensive strategies for emission reduction by Environment Canada are expected to offer new opportunities for air purifier manufacturers. The growing installation of comprehensive ambient air quality monitoring systems, coupled with the development and implementation of regulatory actions and organizing air quality management programs to create awareness among people, is expected to surge the demand for air purifiers in Mexico over the coming years.

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