Air purifier market to touch $39 mn by 2023
New Delhi: India's residential air purifiers market is projected to grow at a CAGR of over 29 per cent from the current $14.14 million to $38.99 million by 2023, backed by rapid urbanisation, increased purchasing power, expanding urban population and deteriorating air quality, according to a report.
The Assocham-TechSci Research joint study said some other key factors expected to drive the market are growing technological advancements, aggressive marketing strategies by air purifier companies, increasing incidences of airborne diseases and aspiration to lead a healthier lifestyle which is anticipated to boost demand.
The residential sector accounted for a revenue share of around 22 per cent in the overall India air purifiers market in 2017, on account of increasing airborne disease in the country, due to rising air pollution, according to the report. 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 increasing, the study said.
In 2017, industrial air filters market stood at $293.27 million and 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.