Indian residential air purifiers market is projected to grow at a CAGR of more than 29% from the current level of USD 14.14 million to USD 38.99 million in 2023, backed by rapid urbanisation, increasing purchasing power, expanding urban population and deteriorating air quality, according to an ASSOCHAM-TechSci Research joint study.
Some of the 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 are anticipated to boost demand for air purifiers in India, noted ASSOCHAM-TechSci Research on ‘Bio Medical Waste & air pollution’.
The residential sector accounted for a revenue share of around 22% in the overall India air purifiers market in 2017, on account of increasing airborne disease in the country, due to rising air pollution. Rising air pollution, both outdoor as well as indoor, is solely responsible for increasing the number of asthma and chronic obstructive pulmonary disease (COPD) patients resulting in a significant opportunity for air purifiers in the residential sector.
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 joint study.
In 2017, industrial air filters market stood at USD 293.27 million and is forecast to grow at a CAGR of 6.07% to cross USD392.63 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.