Holding nearly 68.6% of the global electric shavers market, KoninKlijke Philips N.V., Procter & Gamble Co., and Spectrum Brand Holdings Inc. emerged as the top three players in 2015. The dominance of these companies is majorly ascribable to their established brand identify, finds Transparency Market Research (TMR) Through their products these companies try showcasing advanced technologies at pocket-friendly pricing. Their marketing strategies have helped them seal their dominance, rendering the vendor landscape of the global electric shavers market highly consolidated.
While the established companies exhibit rivalry amongst each other, they also face strong competitive trends from their regional counterparts. In the last few years, several small players have entered the market and are offering low cost electric shavers to woo consumers. Hence, despite the high degree of consolidation, the global electric shavers market is witnessing the prevalence of fierce competition.
According to TMR, the global electric shavers market will exhibit a CAGR of 5.7% between 2016 and 2024. At this pace, the market’s valuation is expected to reach US$17.7 bn by the end of 2024 from US$10.8 bn in 2015. By product, the clippers segment held the dominant volume-based share of 71.7% in the overall market in 2015. The segment is forecast to remain the market lead through the forecast period. Regionally, Europe held the largest revenue-based share of 40.3% in the overall market in 2015. The rising demand for automation in North America, Europe, and Asia Pacific is expected to create lucrative prospects for the market players.
Consumers’ Willingness to Spend on Personal Grooming to Boost Growth
“While household appliances and consumer electronics segments suffered on account of the global economic downturn in 2009, the personal care electronic appliances segment continued witnessing steady demand,” said a lead TMR analyst. In fact, growth witnessed in the market has accelerated in the past few years. With consumers becoming more serious about grooming than ever, the personal care appliances market is forecast to remain ahead of the curve even in the forthcoming years. The demand for electric shavers therefore invariably rose in the last few years. The growth trends will largely remain positive, giving impetus to the global electric shavers market.
Besides this, the electric shavers market will gain from the high demand for automation in the personal care appliances segment. With the launch of the latest technologies and the rising investments product innovations, the market is forecast to gain momentum in the coming years. In addition, the rising demand from female population for convenient methods of personal care and grooming will aid the market’s expansion around the world. The TMR report’s author adds, “Rapid urbanization back with rising willingness among consumers to spend on personal grooming will boost the global electric shavers market.”
Despite High Cost of Electric Shavers, their Market to Continue Exhibiting Lucrative Prospects
Despite favorable prospects, the market players are reeling under several difficulties. For starters the easy availability of cheap substitutes marketed by local players pose threat. Besides, the high price of electric shavers make them a luxury commodity, keeping a large section of buyers at bay. In addition, economic instability in a few developing nations and most underdeveloped countries are limiting the scope for the market’s expansion.
Despite being challenges faced due to the high cost of electric shavers, the market continues to be lucrative attracting several small and medium-scale companies. The rising demand for automation from customers is expected to keep the demand for electric shavers high through the forecast period. Besides this, the market will continue benefiting from tactical mergers and acquisitions and strategic collaborations between the market players.
This review is based on a TMR study, titled “Electric Shavers Market (Product - Foil Shaver, Rotary Shaver, Wet/Dry Shaver, and Clippers & Accessories; Distribution Channel - Health & Beauty Stores, General Merchandising/Mass Stores, and Supermarkets & Hypermarkets; End Use - Male and Female)-Global Industry Analysis, Size, Share, Growth, Trends and Forecast 2016 - 2024.”
The report segments the global electric shavers market as:
Global Electric Shavers Market, by Product Type:
- Foil Shavers
- Rotary Shavers
- Wet/Dry Shavers
Global Electric Shavers Market, by Distribution Channel:
- Health & Beauty Stores
- General Merchandising/Mass Stores
- Supermarkets & Hypermarkets
Global Electric Shavers Market, by End Use:
Global Electric Shavers Market, by Region:
- North America
- Rest of North America
- Rest of Europe
- Asia Pacific
- Rest of Asia Pacific
- Middle East
- Rest of Middle East
- South Africa
- Rest of Africa
- Latin America
- Rest of Latin America