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NEW YORK , Dec. 9, 2021 /PRNewswire/ -- The global residential water purifier market is fragmented due to the presence of many international and regional players. The international players are focusing on expanding their presence by entering new markets, which is creating stiff competition for regional players. This is compelling many vendors to revamp their market strategies and leverage the latest technologies to offer quality products at competitive prices.
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Residential Water Purifier Market: Size and Segmentation Analysis
Technavio expects the global residential water purifier market size to grow by USD 9.25 billion between 2020 and 2025, expanding at a CAGR of 9.33% during the forecast period. The report analyzes the residential water purifier market by product (multiple technology-based water purifier, RO water purifier, UV water purifier, and gravity-based water purifier), distribution channel (offline and online), and geography (APAC, Europe , North America , South America , and MEA).
By product, the market witnessed maximum demand for multiple technology-based water purifiers from residential customers. The incorporation of multiple technologies such as RO, UV, microfiltration (MF), and ultrafiltration (UF) has been crucial in driving their adoption. The market growth in this segment will be significant during the forecast period. Similarly, by distribution channel, the offline segment accounted for maximum sales of residential water purifiers in 2020.
In terms of geography, the market will witness maximum growth in APAC. The region currently holds 77% of the global market share and will continue to remain as the largest market for residential water purifiers during the forecast period. Factors such as the rising prevalence of water-borne diseases and increasing consumer awareness regarding the benefits of consuming purified water are contributing to the growth of the residential water purifier market in APAC.
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Residential Water Purifier Market: Growth Drivers
The residential water purifier market is driven by product innovations with a focus on technological advancements. The growing competition in the market is compelling vendors to focus on launching innovative products with technological advancements. For instance, Eureka Forbes, one of the dominant players, offers AquaSure Xpert. It is a multi-stage water purifier that uses RO+UV+UF purification technologies. This product also has a feature that notifies its user when the cartridges run out or need to be replaced. Such innovative product offerings are attracting consumer interest, which is positively influencing the market growth.
In addition, the increasing penetration of low-cost residential water purifiers will further accelerate the market growth. However, the easy availability of packaged drinking water will adversely affect the growth potential of the market.
Some of key Residential Water Purifier Players:
Amway Corp.: The company offers residential water purifer products under the brand name eSpring.
Eureka Forbes Ltd.: The company offers residential water purifer products under the brand name Aquaguard.
Haier Smart Home Co. Ltd.: The company offers residential water purifer products under the brand name Candy.
Honeywell International Inc. The company offers table top water purifiers and dispensers for residential applications.
KENT RO Systems Ltd.: The company manufactures and sells a wide range of water purifiers for residential applications.
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Residential Water Purifier Market Product Outlook (Revenue, USD bn, 2020-2025)
Residential Water Purifier Market Distribution Channel Outlook (Revenue, USD bn, 2020-2025)
Residential Water Purifier Market Geography Outlook (Revenue, USD bn, 2020-2025)
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Residential Water Purifier Market Scope
Accelerate at a CAGR of 9.33%
APAC, Europe, North America, South America, and MEA
China, India, Japan, US, and Germany
Leading companies, competitive strategies, consumer engagement scope
Amway Corp., Eureka Forbes Ltd., Haier Smart Home Co. Ltd., Honeywell International Inc., KENT RO Systems Ltd., Koninklijke Philips NV, LG Electronics Inc., Panasonic Corp., Unilever Group, and Whirlpool Corp.
Parent market analysis, Market growth inducers and obstacles, Fast-growing and slow-growing segment analysis, COVID-19 impact and future consumer dynamics, market condition analysis for the forecast period.
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Technavio is a leading global technology research and advisory company. Their research and analysis focuses on emerging market trends and provides actionable insights to help businesses identify market opportunities and develop effective strategies to optimize their market positions.
With over 500 specialized analysts, Technavio's report library consists of more than 17,000 reports and counting, covering 800 technologies, spanning across 50 countries. Their client base consists of enterprises of all sizes, including more than 100 Fortune 500 companies. This growing client base relies on Technavio's comprehensive coverage, extensive research, and actionable market insights to identify opportunities in existing and potential markets and assess their competitive positions within changing market scenarios.
Technavio Research Jesse Maida Media & Marketing Executive US: +1 844 364 1100 UK: +44 203 893 3200 Email: [email protected] Website: www.technavio.com/
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