Rising global air pollutions is a spot of bother for every individual as it leads to a plethora of respiratory illnesses. The reason why major companies and even governments are campaigning aggressively towards air treatment products. The result is 77.74 million units of air treatment products being sold globally in 2015. The global air treatment products market is expected to rise at a staggering 11.2% CAGR for the forecast period of 2016 up to 2024.
Rise in Pollution Levels Driving Global Air Treatment Products Market
Rise in air pollution levels is a major factor in the increasing respiratory disease cases across the globe. A large number of these case even turn fatal due to continuous exposure. The solution is using an air treatment product such as an air filter to clean the air off its particulate matter and polluting gases and provide the consumers with clean and fresh air. This is expected to drive the global air treatment products market.
The rise in disposable incomes among consumers is a major factor for the growth in global air treatment products market. The rise in incomes has resulted in the increased spending on healthcare owing to various illnesses. Consumers prefer spending on air treatment products instead of healthcare owing to high cost. This is expected to result in unprecedented growth in the global air treatment products market.
Manufacturers Launching Technologically Advanced Air Treatment Products
Manufacturers are targeting the current generation of tech savvy consumers. The products manufactured and launched contain modern technology allowing people to control their devices using their smartphones remotely. Also manufacturers are coming up with cost-effective and power saving devices to attract consumers in the developing markets leading to a major push to the global air treatment products market.
High Maintenance Costs Restraining Global Air Treatment Products Market
Air treatment products are undergoing aggressive development owing to it still being in the nascent stage of development. The result is high cost of maintenance of the air treatment products due to the availability of spare parts and lack of technical know-how about the repairs of air treatment products. Consumer awareness is also not at the highest level about air treatment products resulting in hampering the global air treatment products market and is a major restraint.
Asia Pacific Dominant Region in Global Air Treatment Products Market
Asia Pacific is expected to dominate the global air treatment products market owing to the higher pollution levels in the market region, especially in countries such as India and China. The Asia Pacific market accounted for over 26.3% market share in terms of volume in 2015. The market is expected to grow at the highest CAGR in terms of volume and revenue. North America and Europe market regions are expected to grow at a steady rate for the forecast period.
Major companies in the air treatment products market across the globe are LG Electronics Inc., Atlas Copco AB, De’Longhi S.p.A., Panasonic Corporation, AMFAH Group, Samsung Electronics Co. Ltd., Winix Inc., Sharp Corporation, and Honeywell International Inc.
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