Global Electric Shavers Market is expected to foresee significant growth during the forecast period. Europe to witness the highest growth
- Himanshu Patni
- September 25, 2021
- CONSUMER GOODS, NEWS
- Electric Shavers Market, Electric Shavers Market Share, Electric Shavers Market size
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Global electric shavers market is expected to reach the market valuation of USD XX million by 2027 expanding at a reasonable CAGR of XX% during the forecast period (2021-2028) from USD XX million in 2020. An electrical device used for shaving, with oscillating or rotating blades behind a metal guard is known as an electric shaver. These razors are powered by a small DC motor which is also powered by either batteries or mains electricity.
The electric shavers market is witnessing an uptick because of the increasing demand for advanced shaving products and the rise in GDP that signifies the increased standard of living. For instance, as per the World Bank, GDP per capita worldwide increased from US$ 10,249 in 2015 to US$11,433 in 2019. Also, In 2021, Luxembourg has the fastest-growing economy with 5.86% and is the top country in GDP per capita (US$125,923) amongst the 10 richest economies. Consequently, consumers in the developed and developing countries where per capita income is witnessing a rise are spending more on premium shaving tools. Also, a rise in awareness for maintaining their appearance coupled with the availability of advanced electric shavers is gaining traction among consumers with high per capita incomes.
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Furthermore, the rising number of working professionals coupled with the growing preference for personal care and grooming among them are some significant factors due to which the market of electric shavers is experiencing a boost across the globe. For instance, as per the World Bank Data, nearly 3.5 billion were employed in 2019, up from 3.3 billion in 2016. However, the labor force was declined to 3.38 billion in 2020 owing to the impact of the coronavirus pandemic and worldwide shutdown of the workplaces. In addition to this, the growing consumer spending on personal care and the launch of new products by key industry leaders across the world are also driving the market growth.
However, some of the major restraints in the market include the lack of product differentiation and availability of low-quality domestic substitutes are impeding the growth of this market globally.
Based on type, the market is divided into foil shavers, clippers, wet/dry shavers, and rotary shavers. The clippers segment dominated the electric shavers market and grabbed XX% market share in 2020 and will witness a considerable CAGR of XX% during the forecast period (2021-2027F) owing to the growing use of clippers by hairdressers to trim longer hair more efficiently and in lesser time. furthermore, the wide availability of clippers and lower price of these trimmers are also expected to boost it’s market in the upcoming years.
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Based on distribution channels, the global electric shavers market is segmented into online and offline. The online segment occupied the largest share and is expected to grow at a CAGR of XX% during the forecast period 2021-2027. The segment generated revenue of US$ XX million in 2020 owing to the increasing number of internet users, growing social media users, and key promotional and marketing initiatives on social media platforms. For instance, in 2020, 1.3 million new users joined social media every day and 54% of social browsers use social media to research products.
Additionally, the report provides detailed report also provides insights of global electric shavers market according to the regions such as North America (United States, Canada, and the Rest of North America), Europe (Germany, France, Italy, Spain, United Kingdom, and Rest of Europe), Asia-Pacific (China, Japan, India, Australia, and Rest of APAC), Rest of World has been conducted. Europe dominated the market and generated revenue of USD xx billion in 2020 owing to an overall increase in consumer awareness regarding personal well-being and the growing spending on grooming products. At the same time, Asia-Pacific is also identified as a potential market offering significant growth opportunities for several market players in the global electric shavers market.
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Koninklijke Phillips N.V., Panasonic Corporation, Procter & Gamble, The Gillette Company, Conair Corporation, Braun GmbH, Wahl Clipper GmbH, Spectrum Brand Holdings, Remington Products Company, Havells India Ltd. are some of the key players operating in the global electric shavers market. Several M&As along with partnerships have been undertaken by these players to develop new and innovative products.
Global Electric Shavers Market Segmentation
Market Insight, by Type
- Foil Shavers
- Wet/Dry Shavers
- Rotary Shavers
Market Insight, by Distribution Channel
Market Insight, by End-User
Market Insight, by Region
- North America
- United States
- Rest of North America
- United Kingdom
- Rest of Europe
- Rest of Asia-Pacific
- Rest of World
Top Company Profiles
- Koninklijke Philips N.V.
- Panasonic Corporation
- Procter & Gamble
- The Gillette Company
- Conair Corporation
- Braun GmbH
- Wahl Clipper GmbH
- Spectrum Brand Holdings
- Remington Products Company
- Havells India Ltd.