LONDON--(BUSINESS WIRE)--The latest market research report by Technavio on the global residential water purifier market provides an analysis of the most important trends expected to impact the market outlook from 2018-2022.
According to Technavio analysts, the global residential water purifier market is expected to grow at a CAGR of close to 17% during the forecast period. Product innovations with a focus on technological advancements is a major factor driving the market’s growth. To gain a competitive edge over their competitors, prominent players have started focusing on technological advancements to innovate their products. One of the key technologies that is driving the market’s growth is the multi-stage purifiers technology. The technology used in multi-technology-based water purifiers is a combination of different technologies which ensures the water is clean and free of contaminations like germs. The combination used in multi-stage water purifiers may be either RO+UV filters or RO+UV+UF filters.
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In this report, Technavio highlights the growing online and omnichannel retailing as one of the key emerging trends in the global residential water purifier market:
Global residential water purifier market: Growing online and omnichannel retailing
With the growth in e-commerce, consumers prefer to make purchase decisions only after an extensive research online. This helps them to compare the features of different products and brands, along with the pieces. Hence, many leading brands are currently focusing on delivering improved sales experiences to their customers. Players have increased their investments in devising account management and supply-chain management strategies, along with enhanced product assortments.
“Players are launching informative and interactive websites to enhance the browsing experience of their users. The e-commerce platform enables the consumer to voice their opinion about products and read other customer reviews to make informed purchases decisions. E-retailers offer features that allow consumers to compare water purifiers of several brands on the basis of price, popularity, and customer reviews. Several prominent players in the market are developing their own distribution channels to cater to different customer segments and guarantee maximum visibility of their products in the market,” says a senior analyst at Technavio for research on home, kitchen, and large appliances.
Global residential water purifier market segmentation
This market research report segments the global residential water purifier market into the following products (multiple technology-based water purifier, RO water purifier, gravity-based water purifier, and UV water purifier) and key regions (the Americas, APAC, and EMEA).
The multiple technology-based water purifier segment held the largest market share in 2017, accounting for nearly 35% of the market. The market share for this product is expected to increase nearly 6% by 2022. The fastest growing product is RO water purifier, which will account for nearly 33% of the total market share by 2022.
APAC was the leading region for the global residential water purifier market in 2017, accounting for a market share of nearly 72%. By 2022, APAC is expected to continue dominating the market and register the highest growth of nearly 10%.
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