Will air purifiers soon become a necessity rather than a luxury? Craving fresh air at least in the confines of their homes, consumers scurry for air purifier, whose sales have jumped up by 30 per cent and the market projected to grow at a CAGR 29 per cent in the next four years.
According to a joint study released by the Assocham-TechSci Research, the residential air purifiers market is set to touch $38.99 million by 2023, up from $14.14 million now, backed by rapid urbanisation, increased purchasing power, expanding urban population and deteriorating air quality. Some other key factors expected to boost demand are growing technological advancements, aggressive marketing strategies by air purifier companies, increasing incidences of airborne diseases and aspiration to lead a healthier lifestyle, the report added.
It is estimated that air purifiers are among the fastest growing products in the home appliances space. Annually, about 2.8 lakh to three lakh air-purifiers are sold in India, a majority being sold through e-commerce platforms, seeing a growth rate of 30 per cent every year, say industry sources. The residential sector accounted for a revenue share of around 22 per cent in the overall air purifiers market in 2017, on account of increasing airborne disease in the country, due to rising air pollution, according to the report.
On the other hand, the industrial air filters market which stood at $293.27 million in 2017 is forecast to grow at a CAGR of 6.07 per cent to cross $392.63 million by 2023. Also, the need for frequent replacement of air filters in the construction sector is spurring demand for air filters, noted the joint study.
The presence of high concentration of PM2.5 and PM10 in the air leads to high pollution levels in northern parts of India, especially Delhi-NCR, which is among the most polluted regions in the country. As a result, demand for residential air purifiers from northern India is naturally increasing. If Delhi is taken as the microcosm of the shape of cities to come, then homes, offices and enclosed spaces with devices that filter the dangerous PM 2.5 particulate matter from the air could well become a norm soon.
Fastest growing home appliance product
It is estimated that air purifiers are among the fastest growing products in the home appliances space. Annually, about 2.8 lakh to three lakh air-purifiers are sold in India, a majority being sold through e-commerce platforms, seeing a growth rate of 30 per cent every year.