Household Vacuum Cleaners Market: Increasing Living Standards of Individuals in Asia Pacific to Support Market Growth, Says TMR
The global household vacuum cleaners market is partially fragmented in nature and comprises four players collectively representing a share of 40% in the market. All these players are concentrating on strengthening their position in specific technology and product lines, as per Transparency Market Research (TMR). The threat of new entrants in this market is low and is predicted to stay the same in the coming years, although the competitive rivalry amongst companies is high.
The global household vacuum cleaners market is predicted to rise at a CAGR of 4.90% between 2012 and 2018 and will reach a value of US$14.6 bn by 2018. On the basis of product type, the segment of canister vacuum cleaners is the leading segment and is predicted to represent a share of 38.0% in the market by 2018. Nonetheless, the segment of robotic vacuum cleaners is anticipated to lower the share of the segment of canister type vacuum cleaners in the coming years. On the other hand, upright vacuum cleaners held the second position in the market in the past. This is due to their small size in comparison to that of canister vacuum cleaners, which enables easier storage.
Increasing Health Awareness to Bolster Asia Pacific Household Vacuum Cleaners Market
Geographically, the Asia Pacific household vacuum cleaners market is the leading and the most swiftly growing market and is poised to rise to 33.4% by 2018 due to the increasing disposable income, improved standards of living, rising health awareness, and the growing occurrence of asthma within this region. In Asia Pacific, China is the most dominant market for household vacuum cleaners and is predicted to maintain the same position in forthcoming years.
The Asia Pacific household vacuum cleaners market is predicted to reach US$4.88 bn by 2018. On the other hand, the growth of the market is also seen in regions such as North America and Europe. The increasing demand for upright vacuum cleaners is behind the growth of the market in this region. The increasing count of households having more than one number of vacuum cleaners is taking the Europe household vacuum cleaners market to a market value of 3.72 bn by 2018
Introduction of Efficient and Time Saving Household Vacuum Cleaners to Bode Well for Market Growth
The increasing levels of income and the presence of more than one vacuum cleaners in households will boost the growth of the market for household vacuum cleaners. This is due to the rising awareness of consumers regarding the increasing occurrence of infectious diseases and hygiene. In addition, the introduction of efficient and developed appliances will also work in favor of the growth of the global market. This is owing to the fact that the busy lifestyles of customers demand household cleaning equipment that are both time saving and efficient. Hence, the introduction of technologically advanced household vacuum cleaners will bolster the development of this market.
On the other hand, the skyrocketing power of bills associated with the utilization of household vacuum cleaners may impede the development of the market. This is due to the fact that these cleaners consume high amounts of electricity and this is why the average income households, particularly in China and India, face problems and are concerned about saving of energy.
Nonetheless, owing to the rising living standards of individuals, there is a huge demand for vacuum cleaners in developing nations such as Brazil, China, and India. All these nations present huge growth opportunities in the market, states a TMR analyst.
This information is based on the findings of a report published by Transparency Market Research titled, “Household Vacuum Cleaners Market - Global Industry Analysis, Size, Share And Forecasts 2012 - 2018.”
The report segments the global household vacuum cleaners market as:
- By product type
- Upright vacuum cleaners
- Canister vacuum cleaners
- Central vacuum cleaners
- Robotic vacuum cleaners
- Drum vacuum cleaners
- Wet/dry vacuum cleaners
- Other vacuum cleaners (Handheld, stick etc)
- By retail selling price
- Price less than USD 200
- Price more than USD 200
- By geography
- North America
- Rest of the World
Transparency Market Research (TMR) is a market intelligence company, providing global business information reports and services. Our exclusive blend of quantitative forecasting and trends analysis provides forward-looking insight for thousands of decision makers. TMR’s experienced team of analysts, researchers, and consultants, use proprietary data sources and various tools and techniques to gather, and analyze information. Our business offerings represent the latest and the most reliable information indispensable for businesses to sustain a competitive edge.
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