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Smart Air Purifiers Market Size to reach $10,411.4 million by 2027, registering a CAGR of 11.6% from 2020 to 2027


Smart Air Purifiers

iCrowdNewswire   Jan 8, 2021  2:10 PM ET

According to a new report published by Report Ocean, titled, “Smart air purifier Market by Type, Technique, and End User: Opportunity Analysis and Industry Forecast, 2020–2027,” the global smart air purifier market size was valued at $5,200.0 million in 2019, and is projected to reach $10,411.4 million by 2027, registering a CAGR of 11.6% from 2020 to 2027. Smart air purifiers can be connected to smartphones with the help of an application and can be controlled and operated remotely. Smart air purifiers have become essential components for smart homes, owing to their ability to connect with other devices through technologies such as Bluetooth or Wi-Fi. It provides information about surrounding air quality in real time. Performance settings of smart air purifier can be fine-tuned using smartphone application.

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Rise in level of pollution in countries such as India, China, Sri Lanka, Russia, and Brazil has triggered demand for smart air purifiers. For instance, according to the WHO, air quality in Brazil is considered as moderately unsafe as it has concentration of PM2.5 exceeding 10 µg/m3. In addition, in Mumbai, India, air quality index has increased by 15% from 2017 to 2018, as per the data furnished by US Consulate. Growth in awareness regarding impact of air pollution on health around the globe has created need for air purifiers. For instance, according to the HEI (Health Effects Institute) based in the U.S., air pollution contributed to 6.67 million deaths around the world in 2019. This is expected to boost growth of the smart air purifier market during the forecast period.

Depending on type, the dust collector segment accounted for the maximum share in 2019, and is expected to register a CAGR of 12.2% during the forecast period 2020 to 2027. By region, Asia-Pacific generated the highest revenue in 2019 and is expected to grow at the highest CAGR during the forecast period, followed by LAMEA.

Strict government norms regarding air pollution in countries such as Germany, Canada, India, China, Russia, and Brazil has created need for air purifier. For instance, in October 2020, India’s Ministry of Law and Justice has passed a new law through an ordinance “Commission for Air Quality Management in National Capital Region and Adjoining Areas Ordinance 2020.” As per this law, jail term of five years and fine of INR 1 Crore has been kept as punishment for violation of CPCB (Central Pollution Control Board) norms and standards.

By technique, the High Efficiency Particulate Air (HEPA) segment is expected to register highest CAGR of 13.1% during the forecast period.

Depending on end user, the residential segment accounted for the highest share of revenue in 2019, and commercial segment is expected to garner a CAGR of 12.5% from 2020 to 2027.

Players in the smart air purifier market has adopted product launch as their key developmental strategies to sustain intense competition and expand their foothold in the global air purifier market. For instance, in November 2019, Xiaomi Corporation based in China has launched new smart air purifier “Mi Air Purifier 3”. This air purifier is equipped with three layers of filtration; primary filter, HEPA filter, and activated carbon filter.

COVID-19 has positively affected demand for smart air purifiers during 2020 as HEPA filters are able to filter corona virus. However, production of smart air purifiers hamper, owing to prolonged lockdown imposed by governments around the globe.

The key players profiled in the smart air purifier market report include Coway Co., Ltd., Dyson Technology Limited, Honeywell International Inc., Levoit, LG Electronics Inc., Xiaomi Corporation, Koninklijke Philips N.V., Sharp Corporation, Unilever PLC (Blueair AB), and Winix Inc.

Key Findings Of The Study

The report provides an extensive analysis of the current and emerging smart air purifier market trends and dynamics.
Depending on product type, the dust collector segment dominated the smart air purifier market, in terms of revenue in 2019 and is projected to grow at a significant CAGR during the forecast period.
By end user, the residential segment registered highest revenue in 2019.
Asia-Pacific is projected to register the highest growth rate in the coming years.
The key players within the smart air purifier market are profiled in this report, and their strategies are analyzed thoroughly, which help understand the competitive outlook of the smart air purifier industry.
The report provides an extensive analysis of the current trends and emerging opportunities of the market.
The in-depth smart air purifier market analysis is conducted by constructing estimations for the key segments between 2020 and 2027.

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Keywords:    Smart Air Purifiers Market, Smart Air Purifiers Market size, Smart Air Purifiers Market share, Smart Air Purifiers Market growth, Smart Air Purifiers Market trends, Smart Air Purifiers Market forecast

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