Three new reports by Verify Markets show that the air treatment markets in China, Hong Kong and Indonesia are expected to witness high growth rates within the next 7 years. Combined revenues for these three markets were estimated to be over $3.3 billion in 2019.
China’s air treatment systems market has been slowing down since 2017 from a double-digit growth to single digit growth due to improving air quality in major cities. The government’s efforts to cut coal consumption in China and improving PM2.5 levels have had a positive impact on China’s air quality.
“During our research, most companies interviewed stated that improving outdoor air quality in China is reducing demand for air treatment systems. Companies are now gearing towards educating the public about poor indoor air quality. Companies are focusing on claims for removal of formaldehyde, benzene, methanol, and other indoor pollutants. The spread of the coronavirus across countries, particularly in China, is expected to positively impact the air treatment systems market in 2020,” notes Chief Research Officer Shilpa Tiku. However, China is still the largest air treatment systems market and will continue to dominate the landscape with revenue projections reaching over $6.0 billion by 2026.
News media in Hong Kong covers air pollution extensively. In October 2019, poor quality was reported across the city. People in Hong Kong are becoming increasingly health-conscious. The air treatment systems market has been booming with new players and new products. Companies have been offering diverse products with multiple price points and attractive features consequently presenting ample choices to customers. Dyson Ltd. emerged as the largest player in Hong Kong by revenues in 2019.
Indonesia is expected to grow with a CAGR 16.6 during the forecast period. Increasing health awareness and degrading air quality in Indonesia is expected to drive sales of air treatment systems. Indonesia has been witnessing high levels of PM2.5 over the last decade. Sharp Corporation emerged as the largest player in Indonesia in 2019.
The air treatment systems reports capture growth drivers, restraints, market revenues, forecasts, technology trends, pricing trends, market share analysis, distribution trends, and other market trends. The base year for the study is 2019 and the forecasts are provided until 2026. These studies cover market size estimates for both systems and replacement filters. Key players in these markets include Dyson Ltd., Panasonic Corporation, Sharp Corporation, Koninklijke Philips N.V., Blueair AB, Beijing YADU Science & Technology Co., Ltd, Xiaomi Corporation, Helen of Troy Limited, A.O. Smith Corporation, and others.
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Verify Markets’ research methodology consists of extensive primary interviews with key participants in the market along with secondary sources to validate our information.