Global Electric Shavers Market to Reach USD 19.6 Billion by 2031, Driven by Rising Demand for Convenient Grooming Solutions

The electric shavers market is experiencing substantial growth, driven by increasing consumer preference for convenient, cost-effective grooming solutions and a rising focus on personal hygiene. Valued at USD 11.7 billion in 2022, the market is projected to grow at a compound annual growth rate (CAGR) of 6.0% from 2023 to 2031, reaching approximately USD 19.6 billion by 2031. This growth is expected to be supported by the development of advanced, ergonomic, and eco-friendly shavers that cater to a diverse range of consumer needs.

Market Overview

Electric shavers offer a solution to traditional grooming methods, providing an efficient, quick, and often safer alternative to manual shaving. Designed to handle hair growing in various directions, many electric shavers are also waterproof, rechargeable, and equipped with advanced features such as digital battery indicators and pop-up trimmers. Increasing demand for premium, cordless shavers with high-speed charging and longer runtime highlights the emphasis on convenience in today's market. Moreover, electric shavers are favored for their ability to reduce skin irritation and provide accessibility to hard-to-reach areas, particularly for head shaving and full-body grooming for both men and women.

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Market Size and Growth

With the market valued at USD 11.7 billion in 2022 and anticipated to reach USD 19.6 billion by 2031, the electric shavers industry is on a robust growth trajectory. Key factors driving this growth include consumer demand for convenient, affordable, and reusable grooming options. Electric shavers are especially popular among working professionals who prioritize efficiency and cost-saving, as a one-time investment in an electric shaver significantly reduces the recurring expense of salon visits.

For instance, while a salon shave can range from USD 17 to over USD 50, an electric shaver costs approximately USD 235 over three years, including replacement blades and optional accessories. This economic advantage, alongside the reduced risk of cuts and abrasions common in traditional shaving, is a compelling incentive for consumers.

Competitive Landscape

The electric shavers market is characterized by intense competition, with key players investing heavily in research and development to expand their product offerings and market share. Companies such as Panasonic Corporation, Koninklijke Philips N.V., Procter & Gamble Co., and Wahl Clipper Corporation focus on creating innovative and sustainable products, catering to environmentally conscious consumers. To broaden their customer base, many manufacturers are also exploring the female grooming segment, exemplified by Panasonic's 2021 launch of the ES-WL80-V and ES-WL60-G shavers specifically for women. Additionally, brand promotion and awareness campaigns play an essential role in enhancing visibility and expanding customer reach in an increasingly crowded market.

Market Segmentation
The electric shavers market can be segmented based on product type, end-user, distribution channel, and geography:

Product Type: Rotary and foil shavers cater to different grooming preferences, with rotary models preferred for head shaving due to their efficiency and less irritation.

End-User: Demand is strong among both men and women, with increasing traction for electric shavers designed for female-specific grooming.

Distribution Channel: Sales are distributed across online and offline channels, with a significant rise in e-commerce platforms contributing to market accessibility.

Regional Analysis

The Asia-Pacific region is expected to hold the largest market share through 2031, supported by rising disposable income and increasing expenditure on personal care products. In countries like China, expenditure on household and personal care items reached USD 3,781.2 per capita in 2021, marking a 13.6% increase over 2020. Moreover, the popularity of social media among younger generations, particularly Gen-Z, has bolstered the beauty and grooming markets in the region.

Europe, specifically Germany, is another major market due to a high level of health and beauty awareness among consumers. The presence of established electric shaver manufacturers in Europe further strengthens the region's market position, making it a competitive hub for technological advancements in personal grooming devices.

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Market Trends
Several trends are shaping the electric shavers market:

Eco-Friendly Innovations: Growing environmental awareness is encouraging manufacturers to develop sustainable, eco-friendly products. This includes the use of recyclable materials and energy-efficient technology.

Increasing Demand from Female Consumers: The electric shaver market is expanding beyond male grooming, with a notable increase in demand for products tailored to women's grooming needs.

Technological Advancements: Companies are incorporating digital innovations, such as digital battery indicators, rapid charging, and waterproofing, into their products to meet consumer expectations for convenience and reliability.

Future Outlook

The electric shavers market is expected to continue its upward trajectory, driven by factors such as a shift toward convenient personal care solutions, cultural influences favoring grooming, and increased adoption of sustainable products. Although challenges such as high initial costs and the availability of counterfeit products persist, the emphasis on R&D, brand promotion, and product diversification is likely to mitigate these concerns. The Asia-Pacific region, with its burgeoning middle-class population and rising awareness of personal grooming, is set to be a key growth area, while Europe's established market will remain significant due to its high-quality standards and consumer expectations.

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