The Global Smart Air Purifier Market was valued at USD 5.34 Billion in 2020 is expected to reach USD 11.91 Billion by 2027, with a growing CAGR of 12.40% during the forecast period.
The primary factor influencing the growth of the smart air purifier market is the increasing consumer awareness about pollution and the growing prevalence of the respiratory disease. For instance, according to the World Health Organization (WHO), around 65 million people have moderate to severe chronic obstructive pulmonary disease (COPD), from which about 3 million people die each year, making it the third leading cause of death across the globe.
Rapid urbanization and increased construction activities are some of the major factors to increase pollution levels across the globe, which in turn, proliferating the growth of the market. Moreover, the rising disposable income of the population especially in the Asia Pacific region has led to an increase in purchasing power of the people. Furthermore, market players in the smart air purifier market are focusing on enlightening customers about the need for smart air purifiers, thus increase the market demand.
Based on the end user, the market has been segmented into residential, commercial, and other. The commercial segment is expected to grow at the highest CAGR during the forecast period owing to the several health advantages related to improved air quality and additionally consequences in elevated productivity. Moreover, growing awareness on decreasing the carbon footprint of commercial buildings is predicted to propel the growth of this segment. However, the residential segment holds for highest market share in the smart air purifier market.
A few air purifiers produce ozone, which is risky to the environment as well as to humans. Thereby, the stringent regulations by the government for the use of such smart air purifiers hinder the smart air purifier market growth. Moreover, high maintenance costs are the restraining factor for the growth of the market. The different types of air purifiers are based on the use of disposable and replaceable filters which adds more cost to consumers, limits the growth of the market. However, the spike in the cases of COVID-19 creates massive opportunities for the growth of the market.
Global Smart Air Purifier Market by Region Outlook (Revenue, USD Billion, 2021-2027)
In terms of geography, the Asia Pacific held the largest market share in 2019 and is expected to show the same pattern during the forecast period. The growth in this region is attributed to increasing industrialization as well as rapid urbanization. Moreover, the increasing pollution is one of the significant factors for the growth of the market due to growing airborne diseases. Rising pollution levels in countries such as China and India is expected to fuel the regional product demand.
The Global Smart Air Purifier Industry Segmentation:
Global Smart Air Purifier Market by Type Industry Outlook (Revenue, USD Billion, 2021-2027)
Global Smart Air Purifier Market by Technique Industry Outlook (Revenue, USD Billion, 2021-2027)
Global Smart Air Purifier Market by End User Industry Outlook (Revenue, USD Billion, 2021-2027)
The key players operating in the smart air purifier market are: