Competition Intensifies in India Water Purifier Market; Revenues to Record Nearly 20% CAGR through 2020
Valley Cottage, NY -- (SBWIRE) -- 06/14/2019 -- Competition in the India water purifier market continues to intensify, buoyed by rising demand in light of increased consumer awareness regarding safe drinking water. While prominent domestic companies vie to guzzle leading shares, India water purifier market is fast becoming a hub for international players, including Panasonic and Amway, who eye tapping latent opportunities. An analytical research study of FMI envisages the India water purifier market to record a spectacular CAGR of nearly 20% over the period of forecast, 2014 to 2020.
International companies are taking measures to introduce and launch their products in India water purifier market. Meanwhile local companies in India water purifier market are bidding on wider consumer base with their products at competitive prices for sustaining in the competition. This expansion strategy of domestic companies in India water purifier market is back by the fact that adoption is increasing faster in cities and smaller towns, compared to metros.
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Supremacy of Kent RO Systems, Eureka Forbes' LivPure and Aquaguard, and HUL's Pureit has recently been witnessing a tug from new entrants such as Blue Star and AO Smith. The report opines that demand for pure and affordable water will significantly underpin growth of the India water purifier market in the near future. The demand for water purifier in India has gained immense momentum in recent years in light of awakening toward healthier living, along with dearth of portable water sources, thereby making use of water purifiers imperative. Additionally, growing contamination of water bodies, coupled with fast reduction of fresh water resources continue to underpin growth of the India water purifiers market.
White India water purifier market has witnessed several entrants, not many have realized success with water being a complicated area, and technology still being at evolving stage. However in this underpenetrated market, competition concerns for players does not lie in existing and emerging companies, but with the consumer belief that boiled water is safe for consumption. Leading players in the India water purifier market are therefore leveraging their brand equity distribution strength, and focusing on the launch of new water purifier models.
Despite growing permeation of water purifiers in India, demand for products based on cutting-edge technology has struggled amid developments. Prominent companies are introducing new technologies for expanding their customer base, meanwhile focusing on aftersales services which prevail as a key revenue stream for these companies. Investments in new facilities and research is a key focus area among players in India water purifier market, with consumer preferences and demand representing continuous evolution. Unorganized nature of the India water purifier market, along with consumer unawareness regarding selection of right technology to suit water condition, continues to deter growth of the market.
The report states that unorganized players continue to account for majority shares of the market, however their supremacy is poised to be challenged by growing number of organized market players who focus more on investments in research and innovation. Opportunities abound in the India water purifier market, with considerable space for new players to play a vital role with novel product developments along with service and quality.
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Technological advancements is another key growth determinant for India water purifier market, with innovation and research in technology posing positive effects on demand for air purifiers. Cost-effective technologies have made it possible for larger part of the country's population to afford water purifiers. Penetration rate of low-cost products, such as the gravity-based water purifiers, has remained high in India, however recent years have showcased growing adoption of high-end water purifiers owing to rising penetration of international companies in India water purifier market. Manufacturers who focus on the development of low-cost variants and take strategic steps to expand their market reach are likely to witness positive growth prospects in the foreseeable future.