New York, Dec. 12, 2022 (GLOBE NEWSWIRE) -- As per a study conducted by Persistence Market Research, the global Air Purification Market is anticipated to secure US$ 28.01 Billion in 2022, whereas, it was valued US$ 28.80 Billion in 2021. Growth of the Air Purification market can be attributed to the increase in the number of vehicles on road, due to urbanization, which results in a significant amount of toxic gasses.
The market for Air Purification is likely to flourish significantly, securing US$ 142.93 Billion while recording a CAGR of 17.7% during the forecast period from 2022-2032.
The high demand for these filters in the automotive industry is attributed to their benefits for aftermarket services. The filters are principally utilized to clean the internal combustion engines and improve efficiency while shielding automotive engine components from harmful dust particles. An air filter aims to strain the air imbibed by the engine during a series of strokes.
Air purifier manufacturers are competing based on dust-holding capacity, uniform air-flow supply, and filtering performance. The end-user is inclining towards sustainable alternatives, including the utilization of washable and reusable air purifiers. These filters control harmful emissions by providing high indoor air quality, attributed to their uniqueness in preventing microbiological growth.
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Key Takeaways from the Market Study
- By application, commercial sector is expected to possess 56% market share for Air Purification market.
- By product type, High-Efficiency Particulate Air (HEPA) segment is expected to register considerable revenue in 2022 and is expected to depict a growth rate of nearly 13.7% through 2032.
- The South Asia air purification market is poised to register a growth rate of 15.8% through 2032
- North America is expected to possess 21.2% market share for Air Purification in 2022.
Moreover, the number of vehicles on the road is increasing at a very high rate. The fuel gases emitted from these vehicles is very harmful. Thus, this has led to a great market opportunity for the air purifiers market. Key players and new emerging players are focusing on utilizing and providing the best of the technology in the form of air purifiers. Thus, technological up-gradation, increase in investment of the same, and research and development have contributed to the air purifiers market to expand.
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Competitive Landscape
The prominent companies partaking in the global Air Purification market share include American Air & Water Inc., Daikin Industries Ltd., Eureka Forbes Ltd., Hitech Ultraviolet Pvt. Ltd., Honeywell International Inc., IQAir, Koninklijke Philips N.V., Panasonic Corporation, LG Electronics, and Sharp Corp., among others. These firms are adopting strategies such as partnerships, joint ventures, and product line expansions to enhance their presence in the global market.
- In May 2021, Daikin launched Air Purifiers, portable room air purifiers designed to enhance the indoor air quality for the Middle East and Africa. Two models are introduced by the company, namely the premium and economy models.
- In October 2020, Koninklijke Philips N. V. announced 'The Urban Living Series', a new line of air purifiers in India. These air purifiers feature VitaShield and AeraSense Intelligent technologies for superior indoor pollutant class filtration.
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