Electric Shavers Market is to reach US$17.72 bn by the end of 2024
Furthermore, the increasing demand for improved lifestyle, especially among consumers across developed nations will aid the market’s expansion. According to Transparency Market Research (TMR), the global electric shavers market, which stood at US$10.8 bn in 2015, is forecast to reach US$17.72 bn by the end of 2024. If these figures hold true, the global electric shavers market will exhibit a positive CAGR of 5.7% between 2016 and 2024.
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Clippers to Remain Dominant Product Segment
Based on product, the global electric shavers market is segmented into foil shaver, rotary shaver, wet/dry shaver, accessories, and clippers. Both in terms of revenue and volume, the clippers segment dominated the overall market in 2015. According to TMR, clippers accounted for over 71.37% of the overall market based on volume in 2015. The advent of this product has replaced its manual counterpart across many countries. Furthermore, owing to the cheaper price of clippers than other types of shavers, their demand is currently higher than other segments in the market. Besides this, the market also witnesses considerable demand for rotary and foil shavers.
By end use, the global electric shavers market can be broadly classified into male and female. Male users emerged dominant holding over 66.3% of the overall market in 2015. Through the course of the forecast period, male consumers will constitute the dominant segment. However, the rising preference towards personal grooming products is expected to fuel the demand for electric shavers among female consumers as well in the coming years.
According to TMR, the male segment will continue exhibiting steady demand for electric shavers on account of their daily use. Substantial growth is forecast for the female segment as the demand for convenient methods of hair removal scale higher. Moreover, the female users segment is likely to exhibit a higher CAGR during the course of the forecast period.
Asia Pacific to Emerge as Lucrative Market for Electric Shaver Manufacturers
Europe led the global electric shavers market both in terms of revenue and volume due to higher adoption rate of electric shavers. The region constituted over 40% of the global electric shavers market in terms of revenue in 2015. While Europe is prophesized to lose some of its market share to emerging nations in the future, it will continue leading the market through the forecast period. Likewise, North America is predicted to lose its market share in the near future.
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Nevertheless, the pace of gains will continue accelerating for the market. During the same time Asia Pacific is forecast to emerge as the most lucrative regions for electric shaver manufacturers. Rapid urbanization witnessed across emerging nations, coupled with the increasing disposable income and willingness of consumers to spend on personal grooming, will aid the expansion of the Asia Pacific electric shavers market.
The global electric shavers market is marked by intense competition from the major players operating in this market. Tactical mergers and acquisitions, joint ventures and partnerships, and product innovations are some of the key strategies adopted by these players to strengthen their position in the market. Panasonic Corporation, Procter & Gamble Co., Koninklijke Philips N.V. Spectrum Brand Holdings, Wahl Clipper GmbH and Conair Corporation are some of the key players operating in this market.
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