Albany, NY -- (SBWIRE) -- 01/02/2018 -- With only a few companies, such as Panasonic, Philips, and P&G, having a stronghold on the entire market, the global market for shavers demonstrates a consolidated competitive landscape, finds a research report by Transparency Market Research (TMR). These companies are likely to aggressively focus on innovation and product development to remain in competition over the next few years.
According to the research report, the global shavers market offered an opportunity worth US$46.38 bn in 2015. Estimated to rise at a CAGR 4.80% during the period from 2016 to 2024, the market will reach US$70.24 bn by the end of the forecast period. In terms of volume, the market is anticipated to touch 7.90 billion units mark over the same period of time. The demand for non-electric shavers is higher than their electric counterparts. Researchers expect this scenario to remain same throughout the period of the forecast, thanks to the user-friendly features of non-electric shavers and no requirement of electricity or battery for their operations.
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Europe to Maintain Supremacy in Global Shavers Market
In this research report, a geographical analysis of the global market for shavers has also been provided to the readers. As per the study, the worldwide shavers market is spread across North America, Latin America, the Middle East, Europe, Africa, and Asia Pacific. In 2015, Europe acquired the dominant position in this market with a share of nearly 43%. The regional market is anticipated to retain its position throughout the period of forecast on the grounds of the economic recovery in Europe, owing to which, consumers are again getting the confidence to uptake system razors and electric shavers.
Asia Pacific and Latin America are also expected to witness a healthy progress in their market sizes, thanks to the increasing trend of urbanization and the rise in the purchasing power of consumers, notes the research study.
Growing Interest of Consumers in Self Grooming to Fuel Demand for Shavers
"The increasing aesthetic consciousness and the growing interest in personal grooming among people across the world are having the most prominent influence on the uptake of shavers for the removal of facial and body hairs," says an analyst of TMR. The global market for shavers is also gaining significant impetus due to the rising awareness among consumers regarding personal hygiene and cleanliness.
While the female population base in developed countries has emerged as a prominent consumer base of shavers, reflecting greatly on the market's growth; their counterparts in the emerging economies are still showing less interest in personal grooming, which may hamper the progress of this market over the forecast period. Along with this, the dearth of knowledge regarding personal hygiene among them may also hamper the market to some extent in the long run.
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Over the forthcoming years, the rise in disposable income of consumers, which is likely to increase their purchasing power, will have a positive impact on the market for shavers across the world. The escalating investments from leading players to increase the research activities, in a bid to invent state-of-art products, is also projected to propel this market remarkably in the near future, states the research report.