Explore 3 Growth Opportunities for the Air Purifier Industry in 2024

Under the situation that demand has continued to decline for many years, most of the head brands in the past two years have turned their attention to the polishing of high-end products. Excellent high-end products have sprung up like mushrooms, but from the perspective of industry scale, the air purifier industry is still difficult to reverse the continuous decline. Decline. However, in the first two months of this year, we clearly see that with the recovery of demand and the continuous improvement of the strength of the middle and low-end products, the middle and low-end price segments have been continuously activated, and the market share has ushered in a small increase. In this context, by combing the current situation of the industry, we summarize the three major growth opportunities for the development of the air purifier industry in 2024.

Opportunity 1: Continue to dig deep below the line and hold on to the high-end market.

According to Ovid Cloud Network (AVC) omni-channel push total data, the proportion of online retail sales of air purifiers in 2023 has reached 87%. In terms of growth rate, the share of online channels has peaked compared to just 0.5 percent growth in 2022. From a horizontal point of view, the entire small home appliance category is facing the same situation, many small home appliance brands on the basis of stable online sales, more and more attention to offline channels. Compared with the online traffic dividend peaking, high marketing costs, price war and other issues, offline channels are relatively less "intense". Since the second half of 2023, offline demand has continued to pick up, showing a trend of increasing volume and price, and has continued to this day. The relatively high average price is also more beneficial to the sales of high-end products. At the same time, offline stores also undertake a series of tasks such as channel expansion, brand awareness improvement, and brand image building. Take the online head brand as an example, Xiaomi, Honeywell, 352, IAM and other brands have also begun to gradually increase the offline layout and achieved certain results.

Opportunity 2: Focus on the mass market and get rid of the "IQ tax" impression

As far as the current situation is concerned, the core demand of air purifiers is still in addition to formaldehyde. However, from the product level, the retail volume of formaldehyde digital display accounts for only 6.6 of the mass products that account for nearly 80% of the sales volume. At this stage, the coverage of this function in the middle and low-end markets is still extremely limited. The vast majority of budget-constrained consumers have a weak perception of formaldehyde removal ability, which has gradually reduced air purifiers to products with "IQ tax" attributes. In 2024, we noticed that brands led by Xiaomi and Midea began to gradually lower the formaldehyde digital display function to below 2000 yuan. Xiaomi's new air purifier 5S is the first time to lower the formaldehyde digital display function to below 1500 yuan, so that more consumers can intuitively understand the aldehyde removal ability of purifiers and gradually eliminate the impression of "IQ tax" in the air cleaning industry.

Opportunity 3: Break through the existing crowd and break the stereotype of empty net = in addition to formaldehyde

Although the current demand for aldehyde removal is still the main demand for purifiers, with the high homogeneity of product promotion and selling points and the weak performance of the real estate market, it is difficult to support the positive growth of the purifier industry only by the demand for aldehyde removal. From the point of view of subdivision demand, the growth rate of subdivisions such as odor removal, allergen removal and pet air purifier is quite rapid, and the head brand accelerates the layout.

Take pet purifiers as an example. Among the TOP10 brands in retail sales since 2024, there are 3 brands with professional pet purification products, and they have unique designs in the appearance and function of the products, and they have also gained a certain amount since they went on the market. market share. This also makes us firmly believe that the demand for pets and allergens has the potential to continue to grow for a long time in the future.

In general, the current empty net market has entered a new stage of bottoming out, and the brand's confidence in the empty net industry is also increasing. However, market changes have always been full of uncertainties and challenges. If you want to emerge in this highly competitive market, you must always maintain a keen insight, keep up with the pace of the industry, continue to innovate and make progress. Only in this way can You can control the growth opportunity of the empty net market.