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Wildfires, Pandemic Drive Air Purifier Sales: 4 Stocks to Watch
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The COVID-19 pandemic has changed the market demand for a variety of products. Things that were not given importance till sometime back have become necessities— like air purifiers.
While COVID-19 is definitely a reason for which people have realized the significance of air purifiers, there are also other reasons boosting demand. The massive wildfires in the West, which have sent smoke and dust far across to the East coast cities, have also seen people buying air purifiers.
Wildfires, COVID-19 Helping Air Purifier Sales
The western wildfires are wreaking havoc in the United States. With more than half a dozen wildfires across the drought-parches areas of North California, things are only going to turn worse. According to a USA Today report, experts predict that some of the fires may continue to burn till winter.
The extreme heat and dust are making things difficult for people in the west coast. Staying indoors when the region has poor air quality due to wildfire smoke is important, but fine particles in the air can still make their way indoors.
Air pollution accounts for around 6.5 million deaths each year, according to a 2016 report by the International Energy Agency. And this has only grown, with COVID-19 making the past year and a half an exception.That’s why running an air purifier or air filter can be helpful. This has resulted in a surge in air purifier sales.
Air Purifier Market Thriving
According to research and consulting firm Verify Markets, the air treatment market system is projected to grow 29% in 2021, driven majorly by fears of the Delta variant of the coronavirus and an unprecedented climate change. According to a Bloomberg report, Google Trends shows, search engine queries for air purifiers have jumped 140% over the past month.
This follows 57% growth in sales in 2020 when Americans bought air purifiers to keep their homes disinfected amid the spread of coronavirus. According to a Global Market Insights report, the global portable air purifier market is expected to hit $30billion by 2027 at a CAGR of 12.1% from 2020 to 2027.
Stocks to Watch
Given the growing cases of coronavirus being reported in the United States lately, the demand for air purifiers will only grow from here. We have shortlisted four stocks in this space that are poised to grow.
Whirlpool Corporation (WHR - Free Report) is one of the largest manufacturers of home appliances in the world. 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. Whirlpool has a Zacks Rank #2 (Buy). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
The company’s expected earnings growth rate for next year is 41.5%. The Zacks Consensus Estimate for current-year earnings has improved 9.3% over the past 30 days.
Carrier Global Corp. (CARR - Free Report) is a provider of heating, ventilating and air conditioning, refrigeration, fire, security and building automation technologies. Following the COVID-19 outbreak, the company has launched a wide range of air purifiers for residential units, schools and single apartments.
The company’s expected earnings growth rate for next year is 32.5%. The Zacks Consensus Estimate for current-year earnings has improved 6.3% over the past 30 days. Carrier Global has a Zacks Rank #2.
Johnson Controls International plc (JCI - Free Report) 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 18.8%. The Zacks Consensus Estimate for current-year earnings has improved 0.8% over the past 30 days. Johnson Controls International has a Zacks Rank #3 (Hold).
Honeywell International Inc. (HON - Free Report) over the years has grown into a market leader in air purifier systems. It manufactures a wide range of home air quality products that include air purifiers, humidifiers, dehumidifiers and electronic air cleaners.
The company’s expected earnings growth rate for the current year is 14.1%. The Zacks Consensus Estimate for current-year earnings has improved 1% over the past 30 days.
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Wildfires, Pandemic Drive Air Purifier Sales: 4 Stocks to Watch
The COVID-19 pandemic has changed the market demand for a variety of products. Things that were not given importance till sometime back have become necessities— like air purifiers.
While COVID-19 is definitely a reason for which people have realized the significance of air purifiers, there are also other reasons boosting demand. The massive wildfires in the West, which have sent smoke and dust far across to the East coast cities, have also seen people buying air purifiers.
Wildfires, COVID-19 Helping Air Purifier Sales
The western wildfires are wreaking havoc in the United States. With more than half a dozen wildfires across the drought-parches areas of North California, things are only going to turn worse. According to a USA Today report, experts predict that some of the fires may continue to burn till winter.
The extreme heat and dust are making things difficult for people in the west coast. Staying indoors when the region has poor air quality due to wildfire smoke is important, but fine particles in the air can still make their way indoors.
Air pollution accounts for around 6.5 million deaths each year, according to a 2016 report by the International Energy Agency. And this has only grown, with COVID-19 making the past year and a half an exception.That’s why running an air purifier or air filter can be helpful. This has resulted in a surge in air purifier sales.
Air Purifier Market Thriving
According to research and consulting firm Verify Markets, the air treatment market system is projected to grow 29% in 2021, driven majorly by fears of the Delta variant of the coronavirus and an unprecedented climate change. According to a Bloomberg report, Google Trends shows, search engine queries for air purifiers have jumped 140% over the past month.
This follows 57% growth in sales in 2020 when Americans bought air purifiers to keep their homes disinfected amid the spread of coronavirus. According to a Global Market Insights report, the global portable air purifier market is expected to hit $30billion by 2027 at a CAGR of 12.1% from 2020 to 2027.
Stocks to Watch
Given the growing cases of coronavirus being reported in the United States lately, the demand for air purifiers will only grow from here. We have shortlisted four stocks in this space that are poised to grow.
Whirlpool Corporation (WHR - Free Report) is one of the largest manufacturers of home appliances in the world. 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. Whirlpool has a Zacks Rank #2 (Buy). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
The company’s expected earnings growth rate for next year is 41.5%. The Zacks Consensus Estimate for current-year earnings has improved 9.3% over the past 30 days.
Carrier Global Corp. (CARR - Free Report) is a provider of heating, ventilating and air conditioning, refrigeration, fire, security and building automation technologies. Following the COVID-19 outbreak, the company has launched a wide range of air purifiers for residential units, schools and single apartments.
The company’s expected earnings growth rate for next year is 32.5%. The Zacks Consensus Estimate for current-year earnings has improved 6.3% over the past 30 days. Carrier Global has a Zacks Rank #2.
Johnson Controls International plc (JCI - Free Report) 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 18.8%. The Zacks Consensus Estimate for current-year earnings has improved 0.8% over the past 30 days. Johnson Controls International has a Zacks Rank #3 (Hold).
Honeywell International Inc. (HON - Free Report) over the years has grown into a market leader in air purifier systems. It manufactures a wide range of home air quality products that include air purifiers, humidifiers, dehumidifiers and electronic air cleaners.
The company’s expected earnings growth rate for the current year is 14.1%. The Zacks Consensus Estimate for current-year earnings has improved 1% over the past 30 days.