MRRSE has added a new research report on the "Global Market Study on Air Treatment Products: App-enabled Devices to Gain Traction during the Forecast Period 2016 - 2024" to its collection.
Albany, NY -- (SBWIRE) -- 12/19/2016 -- Air treatment products such as air purifiers, humidifiers, and dehumidifier's processes clean the air by removing smog, particulate matters, and micro-organisms to make it clean and breathable as required. Humidifiers and dehumidifiers also adjust moisture level in order to reduce the growth of micro-organisms.
Global consumption of air treatment products was 77,738 thousand units in 2015 and is anticipated to increase at a CAGR of 11.2% in terms of value over the forecast period (2016–2024).
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Increasing air pollution is one of the major factors causing long-term respiratory diseases and premature deaths. Increasing per capita disposable income along with rising health awareness among consumers are factors driving the growth of the global air treatment products market. According to IBIS World, global per capita disposable income is expected to grow 1.9% annually till 2021. However, lack of adoption of air treatment products, mainly air purifiers due to high costs and maintenance costs is expected to hamper growth of the air treatment products market to a certain extent.
Trends in the global air treatment products market include technologically advanced product offerings such as app-enabled devices for smartphones.
On the basis of product type, the global air treatment products market can be segmented into air purifier, humidifier, and dehumidifier. Air purifier segment accounted for 74% value share in the global air treatment products market in 2015 and is expected to retain its dominance throughout the forecast period. It is also anticipated to be the fastest growing segment during the forecast period, exhibiting a value CAGR of 12.9% over the same period.
On the basis of application, the global air treatment products market is segmented into residential, commercial, and industrial. Residential segment is expected to expand at the highest CAGR over the forecast period, followed by commercial segment. Commercial segment is anticipated to account major market share in terms of value and retain its dominance throughout the forecast period. This is mainly attributed to increasing adoption of air purifiers in hospitals, laboratories, offices, and embassies across the globe.
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On the basis of key region, the global air treatment products market has been segmented into North America, Latin America, Europe, Asia Pacific, and the Middle East & Africa. Asia Pacific dominated the market with over 26.3% of the overall air treatment products market volume share in 2015. The market in North America accounted for the second-highest share of 26.1% in 2015. The market in Asia Pacific is anticipated to expand at the highest CAGR in terms of value and volume over the forecast period.
Some of the key players identified in the global air treatment products market are Atlas Copco AB, Samsung Electronics Co., Ltd., LG Electronics Inc., Panasonic Corporation, Sharp Corporation, Honeywell International Inc., and De'Longhi S.p.A.
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Key players in the global air treatment products market are focusing on enhancing their global presence by entering or expanding their footprint in largely untapped countries such as India, China, and other southeast nations. Manufacturers are focusing on capitalizing on economies of scale in these regions to increase production, profitability, and offer cost-effective products in order to target the cost-sensitive populace in the region.