Press release
Electric Shavers Market to Expand at CAGR of 5.7 % During Forecast Period 2016-2024
The increasing demand for electric shavers among the female population is one of the key factors driving the electric shavers market at the global level. The female population make a lucrative consumer segment, which manufacturers are eyeing to capitalize on. However, the impact of the driver is low due to the weak penetration of electric shavers especially among female consumers in underdeveloped nations.
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Nevertheless, the rising preference towards personal care and grooming has fuelled the demand for electric shavers in both men and women. Besides this, the market is gaining from greater shift towards electric shavers from their traditional counterparts due to the increasing demand for greater comfort.
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.
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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.
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