Portland,OR, Aug. 16, 2023 (GLOBE NEWSWIRE) -- Allied Market Research published a report, titled, “Smart Air Purifiers Market by Product Type (Dust Collector, Fume and Smoke and Others), Technique (High-efficiency Particulate Air (HEPA), Thermodynamic Sterilization System (TSS), Ultraviolet Germicidal Irradiation, Ionizer Purifiers, Activated Carbon Filtration and Others), and End user (Residential, Commercial and Others): Global Opportunity Analysis and Industry Forecast, 2023–2032". According to the report, the global smart air purifiers market was valued at $5,475.0 million in 2020, and is projected to reach $17,656.3 million by 2032, registering a CAGR of 10.1% from 2023 to 2032.
Smart air purifiers are technologically advanced products that have proven to significantly improve human health. They claim to keep your home air clean by limiting access to air pollution and maintaining the indoor humidity level. A smart air purifier utilizes a built-in sensor, Wi-Fi or Bluetooth connectivity, and mobile applications to remotely monitor and manage the quality of the air.
Prime determinants of growth
Owing to the increase in number of deaths due to air pollution has created a serious concern regarding the effects of air pollution on human health. In addition, smart air purifiers are made up of electronic chips, motors, fans, and filters, which use raw materials such as carbon fiber, copper, and plastic. Prices of these raw materials often fluctuate, which affects profitability of manufacturers. Furthermore, Players in the smart air purifier market are adopting new technologies, such as AI (Artificial Intelligence) and Nano technology to strengthen their foothold in the market.
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Report coverage & details:
| Report Coverage | Details |
| Forecast Period | 2020–2032 |
| Base Year | 2022 |
| Market Size in 2022 | $5,475.0 million |
| Market Size in 2032 | $17,656.3 million |
| CAGR | 10.1% |
| No. of Pages in Report | 220 |
| Segments covered | Type, Technique, End user, and Region |
| Drivers | Increase in air pollution levels in urban areas Rise in awareness regarding effects of air pollution on human health Rise in disposable income |
| Opportunities | Technological innovations and investments in R&D activities |
Restraints | Fluctuation in raw material prices Emission of ozone from smart air purifiers |
Covid-19 Scenario
- Due to the COVID-19 pandemic and the subsequent global lockdowns, the smart air purifiers market faced a downturn.
- However, as the global situation started improving, the demand for smart air purifiers was restored back. This, in turn, presented various growth opportunities for companies operating in the smart air purifiers market.
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The product type segment to maintain its leadership status throughout the forecast period.
Based on product type, the dust collectors segment held the highest market share in 2022, accounting for around half of the global smart air purifiers market revenue and is estimated to maintain its leadership status throughout the forecast period and projected to manifest the highest CAGR of 11.3% from 2023 to 2032, owing to an increase in demand for dust collecting smart air purifiers can be attributed to its features, such as high filtering efficiency and low maintenance cost.
The rent segment to maintain its leadership status throughout the forecast period.
Based on technique, the high-efficiency particulate air (hepa) segment held the highest market share in 2022, accounting for less than two-fifths of the global smart air purifiers market revenue and is estimated to maintain its leadership status throughout the forecast period, and projected to manifest the highest CAGR of 11.5% from 2023 to 2032, owing to the rise in adoption of HEPA filtration technology in smart air purifiers can be attributed to its features, such as high filtering efficiency (about 99.5%) and ability to filter pollutants as small as 0.3 microns..
The residential segment maintains its lead position during the forecast period.
Based on end user, residential segment accounted for the largest share in 2022, contributing to less than two-thirds of the global smart air purifiers market revenue, owing to a increase in demand for smart air purifiers in the past few years, owing to their ease of operation and high efficiency in purifying viruses, bacteria, pollen, pet dander, and smoke during cooking. However, the commercial segment is expected to portray the largest CAGR of 11.5% from 2023 to 2032. Owing to the increase in demand for smart air purifiers in commercial spaces can be attributed to rise in health issues, owing to poor quality of ambient air.
Asia-Pacific to maintain its dominance by 2032.
Based on region, North America held the highest market share in terms of revenue in 2022, accounting for more than one-third of the global smart air purifiers market revenue, owing to industrialization and business expansion by a key market player in the region. However, Asia Pacific is expected to witness the fastest CAGR of 14.6% from 2022 to 2031, owing to rising construction and infrastructure sectors in developing countries such as India, China and others.
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Leading Market Players: -
- Coway Co. Ltd.
- Dyson Technology Limited
- Honeywell International Inc.
- Levoit
- LG Electronics Inc.
- Koninklijke Philips N.V.
- Sharp Corporation
- Unilever PLC (Blueair AB)
- Winix Inc
- Xiaomi Corporation
The report provides a detailed analysis of these key players of the global smart air purifiers market. These players have adopted different strategies such as new product launches, business expansion, acquisition, collaboration, and others to increase their market share and maintain dominant shares in different regions. The report is valuable in highlighting business performance, operating segments, product portfolio, and strategic moves of market players to showcase the competitive scenario.
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