The Global Market for Electric Shavers is Projected to Exceed US$6.0 Billion by 2020
Convenience
& Cost Benefits Drive the Global Electric Shavers Market, According to a New
Report by Global
Industry Analysts, Inc.
GIA announces the release of a
comprehensive global report on Electric Shavers. The global market for Electric
Shavers is projected to exceed US$6.0
billion by 2020, driven by
the convenience and cost benefits offered by electric shavers when compared to conventional
shaving kits, and design and functional advancements.
The electric shavers market is witnessing
steady growth, supported by the indispensable use of these devices in personal
grooming. A large number of electric razors available in the marketplace are
operated without the use of shaving cream, soap gel, or water for shaving,
which saves consumers the time, effort and money required for purchasing these
products. Ease-of-use is a major factor encouraging sales of cordless electric
shavers that offer consumers more convenience and are cost-effective as they use
rechargeable batteries. Electric shavers enable high precision shaving with reduced risk of razor burns, irritations, abrasions and
cuts. Besides shaving facial hair, modern electric shavers are also equipped
with design elements and components that enable users to remove unwanted body
hair particularly from the chest, abdomen, legs, head, and underarms. In
addition, the accessories provided with electric shavers enable users to change
their looks and styles in accordance with the latest fads in facial hair.
Future growth in the market will be driven
by the increasing desire among men and
women to appear well-groomed at all times, urban expansion, rural urbanization,
and growing disposable incomes as a result of rapid economic growth in
the underpenetrated large emerging markets of Asia-Pacific and Latin America. Electric shavers have evolved over
time with manufacturers making the body more ergonomic to provide better grip
and incorporating more compact, powerful and quieter motors, besides engineering
the shape and movement pattern of cutting blades in order to ensure optimum
shave. Shaver advancements that are poised to benefit market prospects in the
near term include the contour-detect technology that adapt to facial contours, the
water-proof technology, and shavers with automatic cleaning stations. Portability
and easy charging with built-in charging systems have also made electric razors
much more user-friendly ultimately expanding user base.
As stated by the new market research report
on Electric Shavers, Europe represents the largest market worldwide. Asia-Pacific
represents the fastest market with a CAGR of 7.1% over the analysis period. Steady
economic growth, expanding young population, westernization of lifestyles,
improving retail environment, and rising per-capita incomes fuelling consumer
spending on personal care appliances such as electric shavers represent key
growth drivers in the region. China and India, which represent two of the
largest countries in the world with young population, offer significant
opportunities for growth. On the other hand, the North American and European
markets are largely buoyed by product innovation, with consumers purchasing
products with improved styling, durability, handling and lower maintenance.
Key players covered in the report include Conair
Corporation, BaByliss, Helen of Troy Limited, Koninklijke Philips N.V.,
Panasonic Corporation, The Procter & Gamble Company, The Gillette Company,
Braun GmbH, Spectrum Brands Holdings Inc., Remington Products Company, and Wahl
Clipper Corporation, among others.
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