The rising demand for Air purifiers in India can be directly proportionated to the rising population in the country. The experts from various market research companies have noticed that the indoor air in the Indian homes is more polluted than the outdoor air. A point of major concern, this problem needs to be addressed. Hence, there is a rising demand for Air purifiers in the country.
The Air purifiers are known to clean the indoor air by removing impurities such as tiny dust particles, pollen, and smoke that cause damage to human health. One of the largest growing electronics markets in the world, India is expected to grow at 41 percent CAGR between 2017 and 2020 to reach US$400 Billion.
The global giants view India as one of the major markets from where their future growth is likely to emerge. The favorable population composition and increasing disposable incomes would be primarily driving the growth in the Indian consumer market. The market for Air purifiers has become highly competitive over the course of time; welcoming the fight for innovation and advancement in technology. The Air purifier segment is growing at a CAGR of 45 percent and is considered a niche category in the Indian market. All the leading brands have entered into the category with technically advanced products that offer promising results.
Clearly, India has seen rapid development in the past two decades, along with the growth in pollution in Tier I and Tier II cities like Mumbai, Bangalore, Delhi, Pune, etc. However, this state of the country has taken a different turn for various Air Purifying giants across the globe. These metropolitan cities have resulted in a remarkable demand and awareness among the consumers for Air purifiers. The opened gateways for global Air purifying giants like Panasonic, Air Phillips, Sharp have benefitted the country in multiple ways, specifically in the cities that generate demand for Air purifiers at their roots. This has eventually opened innumerable opportunities and challenges for global organizations in the market. As a result, the weak distribution channels have strengthened, thereby creating awareness, intensifying marketing and increasing penetration into tier I and tier II markets.
Air Purifier manufacturing giants like Panasonic are planning a shift from only importing their Air purifiers to India to setting up local manufacturing units in the country. Manish Sharma, the Panasonic India, and South Asia President and Chief Executive Officer said, “We are still importing Air purifiers, but I am seriously considering (manufacturing) because this market is growing quite rapidly. So, we are considering to look at manufacturing them also in India, possibly from next year”. The Japanese firm sold 5,000 units of Air purifiers in the last fiscal and is expecting to raise the number to 20,000 units this fiscal.
Air purifier manufacturers are witnessing a definite rise in the sales, as Air purifiers have become a necessity more than a luxury for Indian homes, offices, and institutions. The increase in demand and sales of the Air purifiers is a result of both commercial and domestic needs of the country. Moreover, rising disposable incomes maximized electrification of rural areas and wide usability of online sales aid the growth in demand. This has influenced industry leaders like Sharp, that owns 52% market share in the Air purifier business, launched its extensive range of HEPA Air purifiers in the country.
The advancements in the technology and its cost-effectiveness function is the major growth driver in the industry. The market is expected to increase at a 9 percent CAGR to reach US$ 48.37 Billion upto 2022. Jayati Singh Chakraborti, Business Head- Air Phillips, India, while highlighting the advancement of its newly introduced Air purifiers said, “As a health and well-being company, we offer solutions that let you control the air you breathe and ensure your family breathes fresh air. The Phillips Air purifiers come with patented Vitashield IPS technology with multi-level filtration that can remove up to 0.02 microns pollutants keeping the air 99.97 percent allergen free”.
Beholding the immense scope for growth in the Indian Air purifying industry, many international consumer electronics brands are now getting looking at the Indian market for seeking feasible expansion opportunities in the country. Tecnova top management consulting firms in india.
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