Increase in disposable income, demand for water purification systems, and rise in concerns toward health and well-being among the global population drive the growth of the global water purifier market.
According to the report, the global water purifier industry generated $29.9 billion in 2020, and is anticipated to generate $92.1 billion by 2031, witnessing a CAGR of 10.1% from 2022 to 2031.
Prime determinants of growth
Increase in disposable income, demand for water purification systems, and rise in concerns toward health and well-being among the global population drive the growth of the global water purifier market. Moreover, surge in incidence of waterborne diseases presents new opportunities in the coming years.
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Leading Market Players: –
- Amway Corporation
- A. O. Smith Corporation
- Best Water Technology
- Eureka Forbes Limited
- Halo Source Inc.
- Kent Ro System Ltd.
- LG Electronics
- Panasonic Corporation
- Suez Water Technologies & Solutions (SUEZ)
- Tata Chemicals Ltd.
- The outbreak of the Covid-19 pandemic has had a negative impact on the global water purifier market, owing to disruptions in the supply chain.
- Temporary closure of the production hubs of water purifiers also hampered the market growth.
- Nevertheless, increase in hygiene and health during the pandemic boosted the demand for water purifier and the trend is going to continue post-pandemic as well.
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The residential segment to maintain its leadership status throughout the forecast period
Based on end user, the residential segment held the highest market share in 2020, accounting for nearly three-fourths of the global water purifier market, and is estimated to maintain its leadership status throughout the forecast period. This is owing to deteriorating water quality, rise in urbanization, and surge in incidence of waterborne diseases. However, the commercial segment is projected to manifest the highest CAGR of 10.6% from 2022 to 2031, owing to rise in the number of offices, schools, restaurants, and hotels all around the globe.
The retail stores segment to maintain its lead position during the forecast period
Based on technology, the retail stores segment accounted for the largest share in 2020, contributing to nearly three-fourths of the global water purifier market, and is projected to maintain its lead position during the forecast period. This is owing to higher affinity of consumers toward physical stores. Moreover, the online segment is expected to portray the largest CAGR of 11.6% from 2022 to 2031, because brands in water purifiers that use retail stores and direct sales are now expanding their channel into online divisions to attract more customers.
Asia-Pacific, followed by Europe & North America to maintain its dominance by 2030
Based on region, Asia-Pacific, followed by Europe & North America held the highest market share in terms of revenue 2020, accounting for more than two-third of the global water purifier market. This is due to increase in urbanization, surge in income levels, and rise in health awareness among people in this region. However, the LAMEA region is expected to witness the fastest CAGR of 12.3% from 2022 to 2031, owing to rise in penetration level of water purifiers, upsurge in population, and deterioration in quality of water.
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