South Korea Electric Shaver Market Size to Grow at a CAGR of 3.5% in the Forecast Period of 2023-2028
The report studies the latest updates in the market, along with their impact across the market. It also analysis the market demand, together with its price and demand indicators. The report also tracks the market on the bases of SWOT and Porter's Five Forces Models.
South Korea Electric Shaver Market Size, Share, Trends, Industry Report, Key Player, Major Segments, and Forecast
The key highlights of the report include:
Market Overview (2018-2028)
• Forecast CAGR (2023-2028): 3.5%
Electric shavers causes less irritation to the skin, aid in preventing redness, and in executing a comfortable shave. They save time, can be used anywhere and at any point of time, last longer as compared to the ordinary razors, and are convenient. The increasing awareness in the country about the benefits offered by electric shavers is driving the South Korea electric shaver market. In addition, the thriving personal care sector, fuelled by rising disposable income, robust urbanisation, and strong foothold of major personal care product manufacturing brands, are increasing the sale of electric shavers. The increasing demand for electric shavers to enhance presentability in social gatherings and special occasions is adding to the market growth.
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Growing number of social media users are enabling efficient branding and advertising of electric shavers, leading to a greater awareness about product variations and availability. Innovative taglines and display of features on short videos on social media are expanding the interest in the products available, thereby, providing impetus to the South Korea electric shaver market. Over the forecast period, the sale of electric shavers in South Korea is anticipated to witness a spike, due to the increasing number of female users. More Korean women spending money on beauty and personal care products is likely to generate demand for painless electric shavers in the forecast period.
South Korea Electric Shaver Industry Definition and Major Segments
An electric shaver is defined as an electrically powered device which completely removes hair, leaving the skin smooth and comfortable. They are commonly used to remove facial hair or body hair. Electric shavers are made up of three components, blade, foil, and housing. The blades oscillate or rotate taking energy from the electricity input, which can be in the form of a rechargeable battery or a cord that connects to a power outlet.
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Based on type, the market is segmented into:
• Foil Shaver
• Wet/Dry Shaver
• Rotary Shaver
By gender, the market is bifurcated into:
South Korea Electric Shaver Market Trends
The key trends in the South Korea electric shaver market include the thriving e-commerce sector, coupled with the increasing purchasing power of the working millennials and Gen Z. The increasing sale of consumer electronics via e-commerce websites is expanding the opportunities for the electric shavers market in South Korea. In addition, the increasing adoption of smart gadgets such as mobiles and laptops, are increasing the traffic on e-commerce platforms, which is escalating the accessibility of electric shavers in the country.
The growing research and development activities by electronic product manufacturers in South Korea, aimed towards increasing the battery life, efficiency, quality of product and design, are the crucial trends in the South Korea electric shaver market. Moreover, the progressive product innovations by the leading manufacturers are leading to the development of cost-effective, sustainable, and multi-functional electric shavers.
The increasing influence of western culture, films, and innovative media platforms are popularising personal grooming products among both men and women. The growing inclination of youth in the country to achieve flawless smooth skin with no facial or body hair is escalating the sale of electric shavers. The increasing emphasis on looks and hygiene, to attain accelerated career and personal growth is further boosting the demand of electric shavers in the country.
Key Market Players
The major players in the South Korea electric shaver market report are
• Koninklijke Philips NV
• Procter & Gamble Company (Braun)
• Panasonic Korea Co., Ltd.
• Zhejiang Runwe Electric Appliance Co., Ltd.
• Edgewell Personal Care Company
• Spectrum Brands, Inc. (Remington)
The report covers the market shares, capacities, plant turnarounds, expansions, investments and mergers and acquisitions, among other latest developments of these market players.
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