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Household Vacuum Cleaners Market In-Depth Analysis with Booming Trends till 2022 Key Players AB Electrolux, Haier Group Corp., LG Electronics, Miele & Cie. KG, Samsung Electronics Co
Household Vacuum Cleaners Market
Household vacuum cleaners market is projected to reach $16,657 million by 2022. at a CAGR of 4.7%. Upright vacuum cleaners segment is estimated to dominate this market during the analysis period. Asia-Pacific accounted for more than one-third of the market in 2015 and would maintain its dominance throughout the forecast period.
Growth in urban population in developing nations, improved infrastructural facilities, and rise in awareness towards cleanliness and hygiene worldwide, are factors that drive the market. Cost-effectiveness, safety, efficiency, high accessibility to corner & small areas, and automation in household cleaning has resulted in increased demand for vacuum cleaners. In addition, improvement in living standards, rise in disposable income, increase in working population, coupled with high purchasing power, and ease of operations in vacuum cleaners are anticipated to further drive the demand for household vacuum cleaners globally. However, unawareness, high energy consumption in conventional type of vacuum cleaners, and high prices of robotic cleaners limit the market growth.
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Canister household vacuum cleaners segment accounted for about one-fourth of global household vacuum cleaners market in 2015, as these are the most commonly used vacuum cleaners for household cleaning, due to their high suction power and easy accessibility. In addition, robotic household vacuum cleaners segment is the fastest growing segment, and is projected to account for over 20% of the overall market by 2022, owing to their various advanced features such as automated GPS system, self-charging, navigation sensors, and self-adjusting cleaning head.
Asia Pacific accounted for the majority of revenue in 2015, owing to the increased adoption of automated cleaning solutions in metro cities, increased awareness about health & hygiene, rise in popularity of robotics & drum household vacuum cleaners, and growth in disposable incomes. Moreover, government initiatives such as "Swach Bharat Abhiyan" and rapid urbanization in countries such as India, Malaysia, and South Korea are expected to further boost the demand for vacuum cleaners in this region.
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Stiff government regulations in Europe regarding energy efficiency by the EU and decrease in lifespan of products are anticipated to facilitate the demand for stick, handheld, and robotic vacuum cleaners in the European region. Low product differentiation and presence of significant number of small and large market players have resulted in price reduction of these products.
Geographically, Asia-Pacific region is expected to maintain its leading position, followed by Europe. Asia-Pacific on account of significant demand from countries such as China, Australia, Japan, South Korea, India, and other South Asian countries, is expected to pose lucrative opportunities for the market players. Moreover, in North America and LAMEA regions, the growth momentum would continue as a result of favorable economic conditions and growing awareness.
Key findings of the study:
o In the year 2015, upright vacuum cleaners led the overall household vacuum cleaners market revenue, and is projected to grow at a CAGR of 2.7%.
o Robotic vacuum cleaners are expected to gain a significant market share over the forecast period, owing to their automotive GPS operations and increased demand in household segment due to its ease of access.
o Others vacuum cleaners segment is projected to grow at a CAGR of 4.9%. The offline mode of sale is projected to generate the highest revenue in the mode of sale segment.
o Asia-Pacific generated the highest revenue, among all regions in 2015, owing to rising female working population & growing demand for programmed products.
o China is the major shareholder, accounting for about one-third share of the Asia-Pacific household vacuum cleaners market.
The key players in the household vacuum cleaners market focus on expanding their business operations in the fast-growing emerging countries with new product launch as their preferred strategy. The major players profiled in this report include AB Electrolux, Haier Group Corp., LG Electronics, Inc., Miele & Cie. KG, Samsung Electronics Co., Ltd., Dyson Ltd., Bissell Inc., iRobot Corporation, Panasonic Corporation, and Koninklijke Philips N.V.
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