Household Vacuum Cleaners Market is expected to surpass USD 17.5 billion by 2024 with around 3% CAGR. Increasing industrialization has resulted in more employment opportunities in various regions, especially in Asia Pacific.
Sellbyville, DE -- (SBWIRE) -- 11/01/2018 -- Upright Household Vacuum Cleaners Market share is expected to register gains at around 4% CAGR. Initial introduction of the product, featuring robustness and affordable costs are the key factors expected to fuel the segment growth. Canister household vacuum cleaners market size dominated the industry accounting for over 40% of the business revenue. Relatively lower costs, ease of usability and availability are the prominent factors influencing the high consumer adoption.
Household Vacuum Cleaners Market is expected to surpass USD 17.5 billion by 2024 with around 3% CAGR. Increasing industrialization has resulted in more employment opportunities in various regions, especially in Asia Pacific. Rising working population in urban areas result in surging demand for home appliances, to save consumer's time and provides ease of doing household chores. Better infrastructure, sophisticated technology and communication facility characterize urbanization. Increasing urbanization in emerging countries such as Brazil, India and Korea will surge the demand for technologically advanced household appliances. High living standard will lead to increase in the adoption of more sustainable living measures.
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In 2014, 82% of the population were living in urban areas of North America. Latin America & Caribbean had 80% urbanized population whereas, in Europe, 73% of people were leaving in urban areas. Asia Pacific region dominated in terms of population density and includes 53% of world's urban population. Rising awareness towards adoption of eco-friendly products, and cleanliness in residential and surrounding areas will drive household vacuum cleaner market growth over the forecast years.
The stick vacuum cleaners demand is increasing owing to its benefits such as convenient alternative for full-d heavy vacuum cleaners. These vacuum cleaners provide ease of mobility and handling, specifically for homes with kids, pets, and other mess causing elements. These vacuum cleaners are used as a supplementary to the upright vacuum cleaners. Its application in cleaning small apartments, home or cabin makes the product more useful for limited cleaning areas. Moreover, ability to be converted into handheld vacuums for dusting stairs and cars.
Dyson, Bissel, and Dirt Devil are competitors developing stick vacuum cleaners with advanced cleaning ability and with competitive pricing. The companies are introducing high technology stick vacuum cleaners for addressing quick cleaning need. For instance, in December 2016, Hoover introduced LiNX Signature Cordless stick vacuum cleaner. This product features sleek design and powerful performance for all floor types and for furniture cleaning. iRobot launched Roomba 900 series has the unique feature of self-recharging. It can recharge itself with home base charging station and resume the cleaning task. It also has innovative cleaning technology and other features which requiring more maintenance.
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According to U.S. Energy Information Administration (EIA), annual average cost of residential electricity will increase by 3% in 2017 and 2.4% by 2018. As per Institute of Energy Research (IER), U.S. residential electricity prices has increased by 34% between 2005 to 2015. Vacuum cleaners with high power consumes more electricity and increase the power bill. Increasing price in residential electricity discourage the consumers to buy appliances. This decreases the vacuum cleaners buying decision and negatively affect the Residential vacuum cleaners market growth.
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