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.
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