Albany, NY -- (SBWIRE) -- 02/05/2018 -- A handful of businesses with a large revenue collection dominate the global shavers market, thus making its competitive landscape consolidated, observes Transparency Market Research in a newly published report. Most of the companies are expected to put enormous focus on product innovations to churn out better products for the consumers. This is a primary determinant that has been fueling the market until now, and is expected to continue doing so in the near future as well.

Spectrum Brands Holdings Inc., Panasonic Corp., and Philips are some of the topmost grossing players that exist in the global shavers market. Several other businesses such as Procter & Gamble Co., Super-Max Group, Conair Corp., Wahl Clipper Corp., and Energizer Holdings Inc. also have a significant share in this market.

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As per the TMR report, the global shavers market was valued at US$46.38 bn in 2015 and is expected to fetch a revenue of US$70.24 bn by the end of 2024. During the forecast period from 2016 to 2024, the market is predicted to rise at a CAGR of 4.80%. With respect to volume, the global shavers market is expected to register the sale of 7.90 billion units over the same forecast period.

User-friendly Non-Electric Shavers Segment Shows Maximum Growth

The non-electric shavers segment has held a superior market share based on preference for the particular product type, as compared to the electric equivalents. This trend is also expected to continue in future, mainly due to the user-friendly characteristic of the non-electric shaving equipment. The ability to work without the use of extra powering agents such as direct electricity or detachable batteries further makes them more appealing for use.

From a regional perspective, Europe maintains the leading position in the global shavers market with respect to the revenue generated. As per recent studies, the European market had a share of 43% in 2015, thus corroborating its leading presence.

Rising Awareness about Personal Grooming Leads to Surging Sales

With improving lifestyles and overall quality of life all over the globe, an increase in personal grooming has been noted amongst the masses. This is one of the most important factors behind the rise of the global shavers market. An increasing need for removing facial and body hair in order to showcase a good appearance has thus been a crucial growth driver in the market. Rising awareness about personal hygiene and cleanliness also have contributed substantially towards the upsurge in the global shavers market.

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In the near future, soaring disposable income and easy availability of shaving and grooming items is likely to have a positive impact on the global shavers market's growth. Several leading companies in this industry have funneled money for carrying out product innovations and research, so that the quality of products in the global shavers market undergoes continuous improvement.

In contrast to the driving agents for the global shavers market, a few hindrances also exist for the same. One such primary restraint involves less interest shown by males regarding grooming and cleanliness in some parts of the world. Another restraint deals with having less knowledge and a willingness to stay groomed and hygienic, especially in the lesser developed regions in the world. However, this picture is soon expected to change, as the reach of better, less costly products improves.