Grooming is one of the basic manner that every individual is specifically focusing on. Be it how they look or how the dress themselves up, people are extremely cautious these days about their looks and appearance. This has stimulated the business for several companies that are dealing in this industry. These businesses are developing new tools, devices, clothes that can give the consumer a makeover and their business a significant boost. One device in particular is gaining major traction in grooming domain i.e electric shaver. These electric power reduce the time consumed in trimming the beard or removing unwanted hairs from the body. Looking at the popularity, Transparency Market Research has published a report on global electric shavers market.
According to report, the global electric shavers market is projected to witness a substantial 5.7% CAGR between 2016 and 2024. This growth rate is the result of, various players capturing the opportunities that the market offers. With the businesses advancing in global electric shavers market, it is anticipated by the experts that the market shall reach to a value of US$ 17.72 bn by the end of 2024. It is noticeable that the global electric shavers market stood strong at US$ 10.8 bn at the end of 2015.
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Sustainability Path Not an Easy Task
Though there are several opportunities in the global electric shavers market, it is not easy for new players to enter the global electric shavers market. This is because the market is predominantly consolidated. This is because the dynamics of the market is dominated by few prominent players that hold majority of the share of global electric shavers market.
To overcome these challenges, the new players are merging and partnering with some of the prominent players. These strategies are allowing the players to accommodate essential resources that can help them achieve a sustainable future in the competitive landscape of global electric shavers market.
On the flip side, the veterans of the market are focusing and investing on acquisitions. These acquisitions help the businesses to expand their operations in multiple regions along with boosting their production capacity. Acquisitions also allow the players to gain access to the resources of the acquired business that can help them strengthen their grip over global electric shavers market in the projected time frame.
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Product Category to Be Dominated by Clippers Segment
On the basis of product type, the global electric shavers market is segmented into clippers, wet/dry shavers, shavers, and rotary shavers. Out of these segments, the clippers are anticipated to emerge as a dominant segment during the forecast period. The dominance of the segment is the result of downfall in the prices of these instruments and growing preference towards personal grooming. These factors have surged the demand for electric clippers across the globe, as a result, the clippers are expected to dominate the global electric shavers market during the forecast period of 2016 2024. The segment is expected to account for 71.37% from 2016 to 2024.
Asia Pacific to Dominate the Regional Domain
Although Europe held major share in the global electric shavers market, approximately 40% of total share. However, currently Asia Pacific is the fastest emerging region for the players of global electric shavers market. This is because of the rising disposable income of the people in countries like India and China. These people are spending more on personal grooming and hence Asia Pacific is projected to be the most lucrative region for the businesses in global electric shavers market between 2016 and 2024.
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