Global Car Air Purifier Market 2020-2024 | 9% CAGR Projection Over the Next Five Years | Technavio
LONDON--(BUSINESS WIRE)--Feb 5, 2020--
The car air purifier market size is poised to grow at a CAGR of more than 9% during the period 2020-2024, according to the latest market research report by Technavio. Request a free sample report
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Technavio has announced its latest market research report titled global car air purifier market 2020-2024 (Graphic: Business Wire)
In the last few decades, the automobile industry has grown far and wide, not only in the leading economies but also in emerging countries. For instance, in Europe, the number of new car registrations in the region rose by more than 9% during the last decade. Countries such as the UK, France, Germany, and Spain are the leading markets for the automobile industry in the region. However, countries such as China and India are the fastest-growing markets in terms of automotive sales. This is attributed to the rapid economic development and the rise in the disposable income in these countries. Such growth in the global automobile industry is expected to boost the growth prospect in the global car air purifier market in the next five years.
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As per Technavio, the growth in online sales of car air purifiers will have a positive impact on the market and contribute to its growth significantly over the forecast period. This research report also analyzes other important trends and market drivers that will affect market growth over 2020-2024.
Car Air Purifier Market: Growth in Online Sales of Car Air Purifiers
The revenue generated by the global online car air purifier market has been growing gradually over a period. This is mainly attributed to factors such as the growing adoption of smartphones and Internet, and improving logistics infrastructure in emerging economies. Moreover, online stores are proving to be a convenient way to shop as it saves time and allows customers to choose from a wide range of product portfolios. Furthermore, several vendors are venturing onto websites to minimize the cost of assembling a physical store, which requires higher operational cost. All these factors are boosting the significance of online platforms for the sale of car air purifier, which will have a positive impact on the growth of the car air purifier market during the forecast period.
“Factors such as the growth in multi-functional car air purifier and increase in demand for ionizer car air purifier will have a significant impact on the growth of the car air purifier market value during the forecast period,” says a senior analyst at Technavio.
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Car Air Purifier Market: Segmentation Analysis
This market research report segments the car air purifier market by product (counter-up and built-in), technology (HEPA filters, ionizers and ozone generators, and others) and geography (APAC, North America, Europe, South America, and MEA).
The European region led the market in 2019, followed by Europe, APAC, South America, and MEA respectively. This is attributed to the high number of private vehicle owners in the region, which fostered higher adoption and demand for car air purifiers. However, during the forecast period, the APAC region is expected to register the highest incremental growth due to the presence of the developing economies in region that are affected by air pollution.
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Some of the key topics covered in the report include:
Five Forces Analysis
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SOURCE: Technavio Research
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PUB: 02/05/2020 03:30 PM/DISC: 02/05/2020 03:30 PM