The COVID-19 pandemic has raised market demand and the value of a wide range of things that so long craved for attention. Personal protective equipment like face masks and gloves, hand sanitizers, and air purifiers have become indispensable to our lives over the past few months.
These are perhaps the only things that we have in our hands as of now to fight the coronavirus as a successful vaccine is still far from reality. Air purifiers, especially, have been high on demand, following the coronavirus outbreak.
COVID-19 Helping Air Purifier Sales
Air pollution leads to about 6.5 million deaths each year, making it the world’s fourth-largest threat to human health, according to a 2016 report by the International Energy Agency. The threat has only grown since then, with this year becoming an exception.
Air purifiers can, to a large extent, help people who are suffering from asthma, airborne allergies and other breathing disorders. And since COVID-19 is airborne, air purifiers have seen a surge in residential and commercial demand as a preventive measure.
Air Purifier Market Poised to Grow Further
Coronavirus is primarily transmitted from an infected to a healthy person through respiratory droplets and contact routes. According to the United States Environmental Protection Agency, air purifiers can diminish airborne contaminants, which comprise viruses in any confined space. However, one would still need to use it along with the other best practices recommended by the Centers for Disease Control and Prevention for an ideal plan to protect oneself against the disease.
Per a report from Research and Markets, the global portable air purifier market was valued at $8.27 billion in 2019 and is expected to reach $13.75 billion by 2027 at a CAGR of 12.1% between 2020 and 2027. According to a new market report published by Industry Research, the global air purifier market was valued at $19,232 million in 2017 and is expected to witness a CAGR of more than 32.4% from 2018 to 2024, reaching $182,101.1 million by the end of the forecast period.
Our Choices
Given the growing cases of coronavirus in the United States since states started reopening, the importance of air purifiers will only grow from here. We have shortlisted four stocks in this space that are set to grow in the near term on surging demand.
Whirlpool Corporation WHR is one of the largest manufacturers of home appliances in the world. Besides, it also produces hermetic compressors for refrigeration systems and offers quality air purification solutions. According to Whirlpool, the company’s HEPA purifiers are capable of removing as much as 99.97% of particles from the air.
The company’s expected earnings growth rate for next year is 27.1%. The Zacks Consensus Estimate for current-year earnings has improved 26.9% over the past 60 days. Shares of the company have gained 66.3% over the past three months. Whirlpool sports a Zacks Rank #1 (Strong Buy). You can see the complete list of today’s Zacks #1 Rank stocks here.
Koninklijke Philips N.V. PHG operates as a health technology company worldwide. The company manufactures smart air purifiers and humidifiers. The products come with HEPA filters for increased protection.
The company’s expected earnings growth rate for the current year is 7.1%. The Zacks Consensus Estimate for current-year earnings has improved 17.5% over the past 30 days. Shares of the company have gained 26.6% over the past three months. Koninklijke Philips carries a Zacks Rank #2 (Buy).
Johnson Controls International plc JCI offers a wide range of filtration products. From residential and commercial buildings, to clean room environments, the company is committed to offering best-in-class, reliable filtration products every time.
The company’s expected earnings growth rate for the current year is 12.2%. The Zacks Consensus Estimate for current-year earnings has improved 29% over the past 30 days. Shares of the company have gained 43.6% over the past three months. Johnson Controls carries a Zacks Rank #2.
Unilever NV UN entered the air purifier space with the acquisition of Sweden-based Blue-Air, which has been one of the market leaders in air purifying solutions, with the leading filtration technologies and design.
The company’s expected earnings growth rate for next year is 3.9%. The Zacks Consensus Estimate for current-year earnings has improved 7.6% over the past 30 days. Shares of the company have gained 20.5% over the past three months. Unilever has a Zacks Rank #2.
5 Stocks Set to Double
Each was hand-picked by a Zacks expert as the #1 favorite stock to gain +100% or more in 2020. Each comes from a different sector and has unique qualities and catalysts that could fuel exceptional growth.
Most of the stocks in this report are flying under Wall Street radar, which provides a great opportunity to get in on the ground floor.
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Koninklijke Philips N.V. (PHG): Free Stock Analysis Report
Whirlpool Corporation (WHR): Free Stock Analysis Report
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Unilever NV (UN): Free Stock Analysis Report
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