The long-term outlook for the global air treatment products market remains positive, with the market value expected to increase at a CAGR of 11.2% during the forecast period.
New York, NY -- (SBWIRE) -- 10/17/2016 -- Global sales of air treatment products are estimated to be valued at US$ 35.6 Bn by 2016 end, witnessing a Y-o-Y growth of 8.3% over 2015. Air purifier segment is expected to continue to account for a major share in the air treatment products market throughout the forecast period, to account for 84.1% by 2024.
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Demand for energy-efficient and cost-effective solutions is expected to increase over the forecast period. By product type, air purifier segment is expected to continue to dominate the market in terms of value and volume share throughout the forecast period. Changing climatic conditions and increasing air pollutants such as particulate matter (PM2.5, PM10), smog, and harmful gasses have led to increasing incidence of long-term respiratory diseases and premature deaths. Such factors are expected to increase demand for air treatment products throughout the forecast period. However, lack of consumer awareness and high prices of products are factors leading to the low adoption of air purifiers, especially in developing countries.
On the basis of application, the commercial segment accounted for the largest market value share in 2015. The commercial segment in the global air treatment market is expected to be valued at US$ 14.0 Bn by 2016 end, registering Y-o-Y growth of 8.5% over 2015.
North America is the largest market for air treatment products. The market in the region is estimated to be valued at US$ 13.7 Bn by 2016 end. The air treatment products market in Asia-Pacific is anticipated to expand at a significant CAGR of 17.2% in terms of value over the forecast period (2016–2024). Increasing air pollution in Asia Pacific, especially in China and India, is expected to drive demand for air treatment products during the forecast period.
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Key players in the global air treatment products market include Atlas Copco AB, Samsung Electronics Co., Ltd., LG Electronics Inc., Panasonic Corporation, Sharp Corporation, Honeywell International Inc., and De'Longhi S.p.A. Major players in the market are focusing on the production of cost-effective and energy-efficient products in order to increase sales in high potential cost-sensitive markets in Asia Pacific.
Implementation of stringent ozone emission norms and safety regulations across various countries worldwide is expected to influence air treatment products manufacturers to focus on innovation and launch products in order to retain their position in the market.