Electric Shavers Market: Current Analysis and Forecast (2021-2027)

Report Description

Global Electric Shavers Market was valued at US$ 14.7 billion in 2020 and is anticipated to reach US$ 18.8 billion by 2027 displaying an elevated CAGR of 3.6% over the forecast period (2021-2027). Electric shavers are electrical devices used for shaving which are powered by a small DC motor. It is a razor having rotating or oscillating blades behind the metal guard. these shavers do not usually require the use of shaving creams, soaps, or water. Many modern electric shavers are rechargeable and are cordless.

With rapid technological advancement and the rising in the adoption of grooming products in our daily lives, there has been a surge in consumer spending on personal care across the globe which in turn is driving the growth of electric shavers. For instance, in 2019, consumer spending was at around USD 45,709,455,000, an increase from USD 42,939,185,000 in 2018. Also, owing to the launch of new and innovative products in the market is attracting more and more consumers globally. For instance, in 2020, nearly 4.37 million people used Philips electric and battery shavers and almost 2.7 million people used electric shavers of Braun company in Great Britain. 

The electric shavers market is growing exponentially on account of growth in the living standards coupled with the rising urban population across the world as the adoption of electric shavers is primarily witnessed among people living in urban areas. For instance, according to The World Bank Data, in 2018, nearly 55.27% of the global population was urban and it was increased to 56.15% in 2020. further, it has been anticipated that almost 60% of the world’s population will be living in urban areas. In addition to this, the rise in the younger population and the growing awareness regarding personal grooming are also driving the market growth globally.

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 prominent players operating in the electric shavers market. Several M&As along with partnerships have been undertaken by these players to facilitate customers with new and innovative products.

Insights Presented in the Report

“Amongst Type, clippers segment holds the major share”

Based on type, the market is fragmented into foil shavers, clippers, wet/dry shavers and rotary shavers. The clippers segment generated revenue of USD XX million in 2020 and is expected to grow at a CAGR of XX% during the forecast period to reach a market valuation of USD XX million by 2027F. The growth of this segment is attributed to the growing adoption of clippers in their regular use as these are cheaper than other types of electric shavers and does the length reducing job better than other trimmers. Further, the growth in technological advancement in the past years leading to the availability and launch of new and more precise clippers for grooming is also anticipated to support the growth of this segment. However, the market also witnesses considerable demand for rotary and foil shavers.

“Amongst Distribution Channel, online segment holds the major share”

Based on distribution channels, the market is fragmented into online and offline. The online segment generated revenue of USD XX million in 2020 and is expected to grow at a CAGR of XX% during the forecast period to reach a market valuation of USD XX million by 2027F owing to the shifting consumer behavior towards online shopping, the launch of several e-commerce sites and presence of retailer on an on-line platform. Additionally, the proliferation in a number of internet users and the growing penetration of e-commerce across the globe are further propelling the growth of this segment. For instance, according to the renowned market intelligence firm, the global E-Commerce market is expected to expand by USD 1 Trillion By 2025.

“Amongst End-User, Men segment holds the major share”

Based on end-user, the market is fragmented into men and women. The men segment generated revenue of USD XX million in 2020 and is expected to grow at a CAGR of XX% during the forecast period to reach a market valuation of USD XX million by 2027F. Rising awareness of self-care coupled with increasing product launches has positively influenced the demand for male grooming products. Also, men do the frequent shaving or trimming of their facial hair due to which there is high demand for electric shavers among male consumers. For instance, as per a survey conducted among 18+ aged men in the United States, nearly 20% of the men shave or trim everyday and 58% of men shave or trim at least 3 times per week. However, the women segment is also expected to grow at a CAGR of XX% during the projected timeframe owing to the rising awareness regarding personal grooming among females.

“Europe represents one of the largest markets of electric shavers market”

For a better understanding of the market dynamics of the electric shavers market, a detailed analysis was conducted for different regions across the globe including North America (the U.S, Canada, and the Rest of North America), Europe (Germany, France, Spain, United Kingdom, Italy, 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 US$ XX million in 2020 owing to technological advancements, an overall increase in consumer awareness, and the growing preference for mainatning their well-being.

Reasons to buy this report:

• The study includes market sizing and forecasting analysis validated by authenticated key industry experts
• The report presents a quick review of overall industry performance at one glance
• The report covers an in-depth analysis of prominent industry peers with a primary focus on key business financials, product portfolio, expansion strategies, and recent developments
• Detailed examination of drivers, restraints, key trends, and opportunities prevailing in the industry
• The study comprehensively covers the market across different segments
• Deep dive regional level analysis of the industry

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Research Methodology

Analyzing the historical market, estimation of the current market, and forecasting the future market of the Global Electric Shavers market were the three major steps undertaken to create and analyze the adoption of Electric Shavers in major regions globally. Exhaustive secondary research was conducted to collect the historical market numbers and estimate the current market size. Secondly, to validate these insights, numerous findings and assumptions were taken into consideration. Moreover, exhaustive primary interviews were also conducted, with industry experts across the value chain of the global electric shavers market. Post assumption and validation of market numbers through primary interviews, we employed a top-down/bottom-up approach to forecasting the complete market size. Thereafter, market breakdown and data triangulation methods were adopted to estimate and analyze the market size of segments and sub-segments the industry pertains to. Detailed methodology is explained below:

Analysis of Historical Market Size

Step 1: In-Depth Study of Secondary Sources:

Detail secondary study was conducted to obtain the historical market size of the electric shavers through company internal sources such as annual report & financial statements, performance presentations, press releases, etc., and external sources including journals, news & articles, government publications, competitor publications, sector reports, third-party database, and other credible publications.

Step 2: Market Segmentation:

After obtaining the historical market size of the electric shavers market, we conducted a detailed secondary analysis to gather historical market insights and share for different segments & sub-segments for major regions. Major segments included in the report as type, distribution channel, and end-user. Further country-level analyses were conducted to evaluate the overall adoption of electric shavers across the globe.

Step 3: Factor Analysis:

After acquiring the historical market size of different segments and sub-segments, we conducted a detailed factor analysis to estimate the current market size of the electric shavers. Further, we conducted factor analysis using dependent and independent variables such as the increasing disposable income and rising urban population. A thorough analysis was conducted for demand and supply-side scenarios considering top partnerships, merger and acquisition, business expansion, and product launches in the electric shavers sector across the globe.

Current Market Size Estimate & Forecast

Current Market Sizing: Based on actionable insights from the above 3 steps, we arrived at the current market size, key players in the Electric Shavers market, and market shares of the segments. All the required percentage shares split, and market breakdowns were determined using the above-mentioned secondary approach and were verified through primary interviews.

Estimation & Forecasting: For market estimation and forecast, weights were assigned to different factors including drivers & trends, restraints, and opportunities available for the stakeholders. After analyzing these factors, relevant forecasting techniques i.e., top-down/bottom-up approach was applied to arrive at the market forecast about 2027 for different segments and subsegments across the major markets globally. The research methodology adopted to estimate the market size encompasses:

• The industry’s market size, in terms of value (US$) and the adoption rate of electric shavers across the major markets domestically
• All percentage shares, splits, and breakdowns of market segments and sub-segments
• Key players in the electric shavers market in terms of products offered. Also, the growth strategies adopted by these players to compete in the fast-growing market

Market Size and Share Validation

Primary Research: In-depth interviews were conducted with the Key Opinion Leaders (KOLs) including Top Level Executives (CXO/VPs, Sales Head, Marketing Head, Operational Head, and Regional Head, Country Head, etc.) across major regions. Primary research findings were then summarized, and statistical analysis was performed to prove the stated hypothesis. Inputs from primary research were consolidated with secondary findings, hence turning information into actionable insights.

Split of Primary Participants in Different Regions

Market Engineering

Data triangulation technique was employed to complete the overall market estimation and to arrive at precise statistical numbers of each segment and sub-segment of the electric shavers market. Data was split into several segments & sub-segments post studying various parameters and trends in the areas of type, distribution channel and end-user of the electric shavers market.

The main objective of the Electric Shavers Market Study

The current & future market trends of Electric Shavers were pinpointed in the study. Investors can gain strategic insights to base their discretion for investments from the qualitative and quantitative analysis performed in the study. Current and future market trends were determined the overall attractiveness of the market at a regional level, providing a platform for the industrial participant to exploit the untapped market to benefit as a first-mover advantage. Other quantitative goals of the studies include:

• Analyze the current and forecast market size of Electric Shavers in terms of value (US$). Also, analyze the current and forecast market size of different segments and sub-segments
• Segments in the study include areas of types, distribution channel and end-user
• Define and analysis of the regulatory framework for the Electric Shavers industry
• Analyze the value chain involved with the presence of various intermediaries, along with analyzing customer and competitor behaviors of the industry
• Analyze the current and forecast market size of the Electric Shavers market for the major region
• Major regions studied in the report include North America, Europe, Asia-Pacific and Rest of the world
• Company profiles of the Electric Shavers market and the growth strategies adopted by the market players to sustain in the fast-growing market
• Deep dive regional level analysis of the industry