Personal Care Electrical Appliances growth
By types of personal care appliances, oral care appliances are expected to grow at the fastest CAGR of 7.4% during 2022 to 2031.
WILMINGTON, DELAWARE, UNITED STATES, July 15, 2024 /
EINPresswire.com/ -- According to a new report by Allied Market Research entitled, "
Personal Care Electrical Appliances Market by Product Type, Gender, and Distribution Channel: Global Opportunity Analysis and Industry Forecast, 2022 – 2031 ", the global personal care electrical appliance market size was valued $ 19,648.80 million and it is expected to reach $ 42,521.99 million by 2031, registering a CAGR of 6.8% during 2022–2031.
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Based on personal care electrical appliances market analysis, Hair care appliances held the highest share in 2020 in personal care electrical appliances market followed by hair removal appliances, collectively capturing around 75% of the global personal care electrical appliances market share throughout personal care electrical appliances market forecast period. North America is the largest market and is expected to retain its position during the forecast period.
The demand for personal care electrical appliances industry is growing at a steady pace. Personal care electrical appliances market is witnessing increasing year on year growth during forecast period. However, the adoption is faster in Asia-Pacific and LAMEA. Penetration of the personal care electrical appliances products in the North American and European market is high, especially for the products such as hair straighteners and dryers. And now manufacturers are targeting developing nations such as India and China as the potential markets. Growing population and improving economic conditions are the key reasons fueling the growth of personal care markets in Asia-Pacific.
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China has attracted a huge number of manufacturers of personal care electrical appliances and has transformed itself into a cost-effective manufacturing hub. Many of the companies have shifted their manufacturing base from West to the East, and especially to China, due to low labor cost and other manufacturing expenses. Expectedly, this scenario will lead to a shift in the manufacturers’ strategy from low-cost offering to product differentiation and innovation. This is also expected to bring an arrangement in production bases and distribution channel, so that the final price of the product can be lowered down.
The personal care electronic appliances market has a limited number of players and the top ten companies that dominate the market holds approximately 70% of share. Rest of the market is captured by other small brands and local non-branded products. Procter & Gamble and Conair are the two leading companies in the market. The market for non-branded products is decreasing gradually as people are now more concerned about the quality. This change in the consumer preferences has been noticed even in the developing nations. Hair care appliances are expected to lead the global market during 2020–2031, followed by hair removal products. However, hair removal products are expected to grow at a comparatively faster rate favored by expected replacement of manual razors and shavers with electric shavers. Amongst hair care appliances, hair stylers market would grow at the fastest rate as people are more interested in getting styled hair rather than just straightening. Oral care appliances are gradually gaining prominence in the global market and is expected to be the fastest growing product segment during the forecast period.
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High penetration of salon services across the globe along with increase in demand for professional beard dressing products and changes in grooming patterns, especially among male consumers are the major factors accelerating the market growth. In addition, wide scale promotion and advertisements have resulted in increased consumer awareness translating into greater product adoption. Increase attentiveness towards personal grooming and beauty driving personal care electrical appliances market growth. Increasing beauty consciousness among women and men is one of the major trend in personal care electrical appliances market, which lead to drive the personal care market.
Key findings of the study
Among various types of personal care appliances, oral care appliances are expected to grow at the fastest CAGR of 7.4% during 2022 to 2031.
By gender, the female segment accounted for high market share of the shavers market in 2020; however, the men segment of the market is projected to grow at the highest CAGR during the forecast period.
North America would continue to lead the global market during 2020–2031
Asia-Pacific would witness the highest CAGR of 8.4% during 2022–2031, though it would still remain the third largest market by 2020
North America holds the largest market share and is expected to continue its hold on the global market throughout the forecast period. Europe is the second-largest market in the current scenario followed by APAC. As western countries are developed, fashion and grooming is of greater importance in these regions compared to Asia-Pacific and LAMEA. Therefore, such products are limited to higher class people in APAC region. However, improving economic condition, enhancement in lifestyle and increasing hygiene awareness are the key factors propelling the market particularly in Asian countries. Panasonic and Philips are some of the key companies enjoying a strong foothold in the APAC market. Philips is benefitting from awareness and brand reputation that it has built in the Asian countries.
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Remington Products Company, Procter & Gamble, Conair Corp., Philips, Panasonic Corporation, Groupe SEB, Colgate Palmolive, Helen of Troy L.P., HoMedics Inc., and LION Corp are the leading global players in this market
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