Household Vacuum Cleaners Industry to grow at 4.5% CAGR from 2016 to 2024

Characterized by heavy consolidation, household vacuum cleaners market boasts of a limited number of players accounting for a major portion of the revenue share. This business space is heavily consumer-driven, given the upgraded lifestyles of consumers and their increasing disposable incomes. With changing consumer preferences toward high performance, excellent quality, cost-effective products, manufacturers have been vying with one another to develop the best possible cleaners.

Product differentiation is, in fact, one of prime strategies adopted by major companies, which integrate cleaners with superior upgradations such as bag-less technology, robotic mechanisms, HEPA filtration technique, and cyclonic technology, thereby providing an impetus to global household vacuum cleaners industry share, slated to grow at a CAGR of 4.5% over 2016-2024. Major corporations accumulating a significant share of this business space include Miele, Bissell, Dyson, Electrolux, Oreck, Hoover (TTI), Haier, and LG.

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The United States, being one of the frontrunners of high-grade technology deployment, stands to accumulate a significant chunk of global household vacuum cleaners market, given that consumers across this belt have adopted a hygienic but sedentary lifestyle that demands the utilization of superior domestic products. On these grounds, U.S. household vacuum cleaners industry is predicted to grow at a rate of more than 4% over 2016-2024. The region is perceived to be one of the major growth grounds for North America household vacuum cleaners market.

Speaking along the same lines, Mexico has been labelled as another lucrative revenue pocket for the North American belt. This is possibly due to the heavy influx of infrastructural development activities in the country coupled with the enhanced living standards and subsequently increasing disposable incomes. These factors are likely to catapult Mexico household vacuum cleaners industry, slated to record an annual growth rate of more than 5% over 2016-2024.

Browse key industry insights spread across 134 pages with 80 market data tables & 48 figures & charts from the report, “Household Vacuum Cleaners Market Size By Product (Cordless/Stick, Upright, Canister, Central, Drum, Wet/Dry, Robotic), Industry Analysis Report, Regional Outlook (U.S., Canada, UK, Germany, Japan, India, China, Mexico, Brazil), Application Growth Potential, Price Trends, Competitive Market Share & Unit Forecast, 2016 – 2024” in detail along with the table of contents:

https://www.fractovia.org/news/industry-research-report/household-vacuum-cleaners-market

Having reached the pinnacle of technological advancements, North America is predicted to strongly establish its position in global household vacuum cleaners market. The region is home to the major players of this business space, and serves to be an opportunistic ground for their R&D activities and product development.

With regards to this, it would not be wrong to state that innovative products such as cordless cleaners, robotic cleaners, etc., serve to majorly impact this regional landscape. As per statistics, cordless products accounted for more than 9% of the overall household vacuum cleaners industry share in 2015, and is slated to carve a lucrative growth path in the years ahead.

With the competitive landscape of household vacuum cleaners market defined by fierce competition, it is no novelty that new entrants find it arduous to penetrate the business sphere. The established players have already made it big across the globe and in the process, have posed heavy threats to new companies planning to attain a share of household vacuum cleaners industry.

Experts cite that to firmly consolidate their position, SMBs will have to adopt tried-and-tested growth tactics in addition to investing in R&D activities and deploying technological advancements in their products.

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