Shaving is part of a personal grooming routine, and is getting more coverage and recognition on account of the growing beauty consciousness amongst the masses. While traditional shaving methods are witnessing a decline due to occurrences of abrasions and cuts due to their usage, a number of individuals prefer using electric shavers as they eliminate these possibilities. Electric shavers do not require creams, gels, soap or water, and are much more convenient to use. They also prove economical in the long run. Moreover, the introduction of low cost alternatives in the electric shavers market is expected to provide further impetus to market growth.
According to a report published by Transparency Market Research (TMR), the global electric shavers market is expected to arrive at a valuation of US$17.7bn by the end of the forecast period. The market is prognosticated to exhibit a steady CAGR of 5.7% up to 2024. While the market is largely male-dominated, and predicted to continue being so, female electric shavers market is predicted to witness high growth during the forecast period. The briskly rising awareness of personal grooming and the increased spending capacity of people toward luxury items, are predicted to the prime factors propelling the market.
What are the key factors driving the electric shavers market worldwide?
Automation is one phenomenon taking over each industry. Consumers demand automation in all walks of life, due to their exposure to new and better technology. With emerging economies coming at fore, consumers find themselves prepared to shell out that extra dollar for enhanced comfort and convenience. The trends are witnessing an increased expenditure pattern toward luxury and convenience items, and the growing awareness amid the consumers regarding personal hygiene and beauty is a key factor that could promote the market positively. Recently, Panasonic announced a sponsorship agreement with a leading name of Major League Baseball, naming themselves as the Official Shavers and Trimmers of the New York Yankees for the upcoming baseball seasons.
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While some segments of the electric shavers market, such as those incorporated with clippers and wet/dry attachments are classified to be expensive, the advent of small scale players providing the same features at lower costs could impact the higher cost products due to threat against market survival. The availability of low cost electric shavers against traditional shavers are expected to hit the market and ensure lucrative opportunity for electric shavers worldwide.
Which regions are predicted to be the leading ones geographically?
A: TMR segments global market for electric shavers into Europe, Asia Pacific, Europe, the Middle East & Africa and Latin America, consumption of electric shavers leads by market share in Europe. Countries such as Germany, UK, Italy and France, owing to high purchasing power of individuals, showcases high revenue opportunities. The rapidly growing economies of countries such as India and China, leading to urbanization, ensure that Asia Pacific witnesses brisk growth in the global electric shavers market. Some of the leading names of the market include Panasonic Corporation, Procter & Gamble, Conair Corporation, Koninklijke Philips N.V., and Spectrum Brand Holdings.