Electric Shavers Market to Grow with a CAGR of 3.7% Globally through 2028
Shift in
consumer preferences and grooming habits and technological advancements in
products are driving the Global Electric Shavers Market in the forecast period 2024-2028.
According to
TechSci Research report, “Global Electric Shavers Market - Industry Size,
Share, Trends, Competition Forecast & Opportunities, 2028”, the
Global Electric Shavers Market stood at USD 6.38 Billion in 2022 and is
anticipated to grow with a CAGR of 3.7% in the forecast period, 2024-2028. The
Global Electric Shavers Market is a dynamic and evolving sector driven by
various factors influencing consumer preferences, technological advancements,
and market dynamics. One of the primary drivers of this market is technological
innovation. Electric shavers continuously incorporate cutting-edge features,
such as precision sensors, flexible shaving heads, and smart technologies like
Bluetooth connectivity. These innovations enhance the user experience,
providing convenience and efficiency, and contribute to the overall growth of
the market.
Changing
consumer preferences and grooming habits represent another significant driver.
As lifestyles become busier, consumers seek quick and effective grooming
solutions, driving the demand for electric shavers. Additionally, societal
norms around personal grooming are shifting, with well-groomed facial hair and
a desire for convenience becoming more prevalent, further boosting the market.
The versatility of electric shavers, offering both dry and wet shaving options,
aligns with these changing preferences, contributing to their widespread
adoption.
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"Global Electric Shavers Market”
Environmental
considerations and sustainability have also emerged as drivers in the electric
shavers market. With a growing awareness of environmental impact, consumers are
increasingly opting for rechargeable electric shavers to reduce waste
associated with disposable razors. Manufacturers are responding to this trend
by incorporating eco-friendly materials, reducing packaging waste, and
implementing energy-efficient technologies. The emphasis on sustainability not
only aligns with consumer values but also presents a market opportunity for
manufacturers to differentiate their products and appeal to an environmentally
conscious customer base.
The rise of
e-commerce channels is reshaping the distribution and sales landscape of the
electric shavers market. Online platforms provide consumers with a convenient
way to explore a wide range of products, compare features, and make informed
decisions. The accessibility and ease of online transactions have led to a
surge in electric shaver sales through e-commerce channels. Manufacturers are
adapting their strategies to leverage digital platforms, creating official
brand stores and utilizing direct-to-consumer models to reach a global
audience. The online sales trend not only expands the market's reach but also
allows manufacturers to engage directly with consumers, fostering brand
loyalty.
Despite the
market's growth, it faces several challenges. Intense competition and market
saturation present hurdles for manufacturers aiming to differentiate their
products. Consumers, while seeking innovative features, remain price-sensitive,
challenging manufacturers to strike a balance between affordability and
quality. The rapid pace of technological advancements poses a risk of product
obsolescence, requiring manufacturers to continually invest in research and
development. Economic uncertainties, such as downturns and currency
fluctuations, can impact consumer spending and manufacturing costs, influencing
market dynamics. Moreover, the electric shavers market must address
environmental concerns by adopting sustainable practices throughout the product
life cycle, presenting both challenges and opportunities for industry players.
In conclusion,
the Global Electric Shavers Market is shaped by a complex interplay of drivers,
including technological innovation, changing consumer preferences,
sustainability considerations, and the rise of e-commerce. Navigating these
dynamics is essential for manufacturers to stay competitive and capitalize on the
evolving landscape of the electric shavers industry.
The Global Electric
Shavers Market is segmented into product type, distribution channel, regional
distribution, and company.
Based on product
type the market is segmented into Foil Shaver, Rotary Shaver, Wet/Dry Shaver,
Others.
Based on distribution
channel the market is segmented into online and offline.
Based on region
the market is segmented into five regions, North America, Europe, Asia Pacific,
Middle East & Africa, and South America.
Major companies
operating in Global Electric Shavers Market are:
- Andis
Co.
- Xiaomi
Corp.
- Braun
GmbH
- Conair
Corp.
- Koninklijke
Philips NV
- Panasonic
Corp.
- The
Procter and Gamble Co.
- Shanghai
Flyco Electrical Appliance Co. Ltd.
- Wahl
Clipper Corp.
- Wenzhou
Iweel Electric Co. Ltd.
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“Integration of
smart technologies is a significant trend that is expected to have an impact on
growth over the forecasted period. Shift in consumer preferences and grooming
habits and technological advancements in products will positively impact the
Global Electric Shavers Market. Due to the wide range of products available to
meet specific needs of, as well as the growing popularity of the online sales
channel, the market is growing at impressive rate through projected period,” said
Mr. Karan Chechi, Research Director with TechSci Research, a research-based
management consulting firm.
“Electric Shavers Market – Global Industry
Size, Share, Trends, Opportunity, and Forecast, Segmented By Product Type (Foil
Shaver, Rotary Shaver, Wet/Dry Shaver, Others), By Distribution Channel (Online,
Offline), By Region, By Competition, 2018-2028”, has evaluated the
future growth potential of Global Electric Shavers Market and provides
statistics & information on market size, structure, and future market
growth. The report intends to provide cutting-edge market intelligence and help
decision makers take sound investment decisions. Besides, the report also
identifies and analyzes the emerging trends along with essential drivers,
challenges, and opportunities in Global Electric Shavers Market.
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