Lately major cities such as New Delhi, Beijing, and many more in Asia and across the globe are reeling under major air pollution. This has resulted in the rise in cases of respiratory illnesses. The demand for air treatment products is witnessing substantial growth in these regions and many more across the globe. In 2015, 77.74 million units of air treatment products were sold and the sale is projected to rise a healthy 11.2% CAGR for the forecast period of 2016 up to 2024. The market is expected to value US$35.6 bn at the end of 2016, recording an 8.3% year-on-year growth.
Rise in Disposable Income Driving Global Air Treatment Products Market
According to a report by IBIS World, the recorded growth in disposable incomes across the globe per capita is 1.9% annually. It is expected to remain the same or grow till the end of 2021. The global market is witnessing increased expenditure on healthcare due to the rise in disposable incomes. A major part of the healthcare expenditure is for respiratory diseases. The rising pollution levels across the globe is the factor for the rise in incidences of respiratory diseases and this is driving the demand in the global air treatment products market.
High Maintenance Cost Hampering Growth in Global Air Treatment Products Market
The air treatment products available in the market today are yet in the nascent stage of development. This results in the products being expensive and the cost of maintenance to be on the higher side. Consumers are spending on air treatment products to reduce the out of pocket spending in healthcare for respiratory illnesses. The cost of air treatment products is high which demotivates consumers from opting for air treatment products, especially in the developing markets. This is a major restraint for the global air treatment products market.
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Companies Innovating Futuristic Devices to Attract Consumers
The high cost of air treatment products is shying away many potential customers from opting for air treatment products. Companies are working on developing new air treatment products which will attract the newer tech savvy generation. The new air treatment products are power saving which allows companies to market to products in a way where the consumer will end up saving the entire cost of the air treatment product in a certain time period. This is expected to push the global air treatment market.
Also companies are launching new products based on the internet-of-things platform where the devices are easily controllable from a smartphone or a computer. This gives the user complete control over the devices and should appeal the tech savvy generation. This is projected to increase sale and revenue generation in the global air treatment products market.
Manufacturers Targeting India and China
Major areas in India and China are reeling under heavy air pollution. Manufacturers are targeting the regions as the rising air pollution worries is expected to generate demand for air treatment products in the countries. Companies are hence coming up with cost-efficient solutions for the regions as the consumer pattern in the region is quite cost conscious. The Asia Pacific region is expected to expand at a staggering 17.2% CAGR for the forecast period.
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Major players in the global air treatment products market are AMFAH Group, Sharp Corporation, Atlas Copco AB, Winix Inc., Honeywell International Inc., De’Longhi S.p.A., Panasonic Corporation, Samsung Electronics Co., Ltd., and LG Electronics Inc.