Albany, NY -- (SBWIRE) -- 01/02/2018 -- The global electric shavers market is highly consolidated. The leading players of the global electric shavers market are making use of advanced technologies in their products and selling them at reasonable prices, states Transparency Market Research (TMR) in its new report. Key players have employed marketing as a key strategy to gain customers and acquire dominance in the market. Some of the leading players in the market are: Procter & Gamble Co., KoninKlijke Philips N.V., and Spectrum Brand Holdings Inc. These three companies have collectively held 68.6% of the market in 2015. Key players in the market are rivals of each other and they also face strong competition from regional companies, as many small new players have entered in the market of late. These new players are offering cheap electric shavers and winning customers. Thus, there shall exist fierce competition among players in the market in the coming years.
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According to TMR, the global electric shavers market will reach US$17.7 bn by the end of 2024. The market is expected to witness a modest CAGR of 5.7% between 2016 and 2024. On the basis of end use, the male segment is expected to continue to lead in the market. Nevertheless the preference for grooming products will also increase for the female segment in the coming years. By product, the clipper segment not only led in the past and held 71.7% of the market in 2015, but is expected to remain in its leading position even in the coming years. On the basis of geography, the most lucrative market is expected to be Europe.
Growing Importance of Grooming Boosting Growth of Market
The personal care electronic appliances market continued to grow despite the loss suffered by household appliances and consumer electronics markets during the economic downturn in 2009. This growth by the personal care electronic appliances market has continued over the years and has actually accelerated from a couple of years. The increasing importance of grooming in the lives of consumers today is the key reason behind the high growth of the personal care electronic appliances market and this included the growth of the electric shavers market. The growth trend will continue to remain positive in the years to come.
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Cheap Products from Local Players to Restrain Electric Shavers Market
The electric shavers market will also benefit from increasing demand for automation in the personal care appliances market. Owing to the launch of new technologies, the market is expected to gain further. Investments by players for research have enabled product innovations and are pushing the growth of the market further. Rapid urbanization and increasing willingness among consumers will give the electric shavers market a boost in the coming years. However, the availability of substitutes easily, which are cheaper will restrict the growth of the market. Local players are offering products at lesser price. Also, the high prices of electric shavers make it a luxurious commodity and not everyone can afford it. All these factors will restrain the growth of the electric shavers market. However, the market will benefit from mergers and acquisitions or strategic collaborations.