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3. Daikin Industries, Ltd. (Japan), Sharp Corporation (Japan), Honeywell International Inc. (US), LG Electronics (South Korea), and Panasonic Corporation (Japan) are the leading players in the Residential Air Purifiers Market

The residential air purifiers market is projected to reach USD 14.1 billion by 2026 from USD 9.6 billion in 2021, at a CAGR of 8.1%. Residential air purifiers are the most effective devices to improve indoor air quality and to reduce or remove the sources of pollutants and to ventilate with clean air. These are designed to filter the air in a single room or area and reduce indoor air pollution. Over the years, residential air purifiers have gained importance among homes and residential buildings with the inclination towards quicker, safer, simpler, and high-end air purifiers, encouraging the growth of the residential air purifiers market. Other factors driving market growth include the rising air pollution levels and increasing urbanization, which have further necessitated the need for better air quality at home. However, the high cost of these products and technical limitations associated with air quality monitoring products are expected to restrain market growth to a certain extent.

The global residential air purifiers market is fragmented and highly competitive. Some of the major players governing the overall residential air purifiers market include Daikin Industries, Ltd. (Japan), Sharp Corporation (Japan), Honeywell International Inc. (US), Samsung Electronics Co., Ltd. (South Korea), LG Electronics Inc. (South Korea), Koninklijke Philips N.V. (Netherlands), Dyson (UK), Unilever Group (UK), Panasonic Corporation (Japan), Whirlpool Corporation (US), AllerAir Industries Inc. (US), IQAir (Switzerland), Winix Co., Ltd. (South Korea), Xiaomi Corporation (China), Camfil AB (Sweden), Airpura Industries Inc. (Canada), Airgle Corporation (US), Hunter Pure Air (US), Kent RO Systems Ltd. (India), SHIL Limited (India). However, in the last few years, a number of smaller players have emerged from niche markets and are competing with global players based on price and technological innovation. Due to the intense competition in the market, major market players are increasingly focusing on expanding their geographic presence into high-growth emerging markets and strengthening their competitiveness in the market by launching new products based on desired technological capabilities or geographic presence.

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Daikin Industries, Ltd. (Japan) is a leading provider of essential solutions and services for air conditioning equipment. It has been serving the medical device industry for over 95 years. The company has a wide portfolio and seeks to strengthen it further through product launches and enhancements or upgrades. The companys strong focus on R&D activities has helped it build a strong portfolio of innovative products. It has invested about USD 300 million in advanced R&D centers and has earned a high reputation for its after-sales service. Daikin further seeks to expand the conditioning and fluorochemicals businesses under its strategic management plan, “FUSION 20.” Daikin achieved record sales and operating income in 2019 with USD 22,862.2 million and USD 2.49 billion, respectively. The company plans to gain a competitive edge by strengthening its existing businesses and making proactive investments in the IoT and AI sectors while also accelerating measures to be an environmental leader and support a sustainable global society.

Sharp Corporation (Japan) is a worldwide developer of core technologies that play an integral role in developing digital technologies such as optoelectronics, infrared, semiconductors, digital MFDs, LCD panels, and solar technology. Sharp aims to continuously improve lives through advanced technologies, with a commitment to innovation, quality, value, and design. Sharp is also committed to minimizing the environmental burden through the effective implementation of e-waste management processes. Sharp’s growth strategy for the residential air purifiers business mainly concentrates on expanding its production capacity and meeting the rising customer demand. The company’s focus on increasing investments in product development enables it to introduce innovative products, thus capturing a significant market share. The company further aims to bank on internal growth with strategic acquisitions in the coming years.

Honeywell International Inc. (US) has a significant presence in the global residential air purifiers market, with products such as Air Touch S8 and Air Touch A5 air purifiers in its portfolio. The company develops products suitable for home care services. Honeywell’s strong presence in North America, Europe, the Asia Pacific, and the Middle East & Africa enables it to reach out to a larger customer base. Honeywell is currently concentrating on developing new products and expanding its customer reach. For example, in November 2020, Honeywell launched its Electronic Air Cleaners (EACs) with UV Systems and indoor air quality (IAQ) sensors that help remove impurities from the air and provide filtration & disinfection. The company majorly focuses on product & process innovation, for which it invested nearly USD 1.33 billion for research & development activities in 2020. It also focuses on expanding its geographic reach and customer base by providing products with cutting-edge technologies. The company also aims to maintain its market position in North America and Europe through expansions.

Related Reports:

Residential Air Purifiers Market by Technology (High Efficiency Particulate Air (HEPA), Electrostatic Precipitators, Activated Carbon, Ultraviolet), Type (Portable Air Purifiers, In-duct Air Purifiers), COVID-19 Impact - Global Forecast to 2026

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