LONDON--(BUSINESS WIRE)--Technavio market research analysts forecast the global residential portable air purifier market to grow at a CAGR of close to 7% during the period 2018-2022, according to their latest report.
This market research report segments the global residential portable air purifier market by technology (HEPA technology, electrostatic precipitators, and ionizers and ozone generators), by product (dust collectors, fume and smoke collectors, and other products), and by distribution channel (offline distribution channel and online distribution channel) and key regions (the Americas, APAC, and EMEA).
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In this report, Technavio analysts highlight technological innovations and portfolio extension leading to product premiumization as a key factor contributing to the growth of the global residential portable air purifier market:
Technological innovations and portfolio extension leading to product premiumization
Vendors operating in the global residential portable air purifier market are engaged in product innovation and portfolio extension to gain market share and profits. With the decrease in the air quality of both indoor and outdoor environments, there is a demand for innovative and highly efficient cleaning technology among consumers. Therefore, companies operating in the global residential portable air purifier market are focusing on launching advanced air purifiers with improved product functions. Product advances by vendors primarily include the clear air delivery rate (CADR) feature, air humidification/dehumidification feature, use of nanotechnology, high-energy efficiency, and reduced noise level.
“Due to the growing awareness of health consciousness, consumers are willing to pay a premium price for innovative air purifiers that require limited maintenance. For instance, Honeywell International offers the HPA204 air purifier that can clean the air in a large room. This air purifier does not involve heavy usage of electricity, making it an energy-efficient device. It comes with four cleaning levels which help in reducing volatile organic compounds and certain airborne germs. It also helps to capture larger particles and reduce odors. Such product innovations by vendors lead to price premiumization,” says a senior analyst at Technavio for home, kitchen, and large appliances research.
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Residential portable air purifier market – segmentation analysis
Of the three major technology segments, the HEPA technology segment held the largest market share in 2017, accounting for over 79% of the market. However, the market share for this application is expected to decrease by around 1% by 2022.
In 2017, the Americas led the global residential portable air purifier market with a market share of over 49%, and the US was the key leading country in this region. Although APAC held the smallest share of the market, it is expected to witness the maximum growth of close to 3% over the forecast period.
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