Transparency Market Research (TMR) witnesses the global electric shavers market has a highly consolidated vendor landscape. The key players operating in the global electric shavers market are Procter & Gamble Co., Spectrum Brand Holdings Inc., and KoninKlijke Philips N.V. These key players accounted for the leading share of 68.6% in the overall revenue of the global electric shavers market in the year 2015.
The key players operating in the market are facing competition due to their rivalry and presence of several small and regional players in the market. Additionally, this competition is an increasing threat to the entry of new players. Thus, new players are trying to offer cheap electric shavers in order to win customers.
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According to TMR, the global electric shavers market is projected to collect revenue of US$17.7 bn by expanding at a CAGR of 5.7% over the forecast period from 2016 to 2024.
Based on end user, the male segment dominated the global electric shavers market and is expected to retains its lead in the market over the forecast period. Nonetheless, the preference for grooming products among female is expected to drive the growth of the market over the coming years. On the basis of region, Europe dominated the global electric shavers market with 40% shares and is expected to be dominant over the forecast period.
Growing Attention to Personal Aesthetics to Boost Growth of Market
The electric savers market is gaining traction among consumers due to the growing demand for personal care electronic appliances coupled with growing attention toward personal aesthetics. This demand is expected to grow over the forecast period and is likely to be the key factor fuelling the growth of the global electric shavers market. Additionally, growing inclination toward the personal care electronics at home is fuelling the growth of the global electric shavers market. In addition, the growing importance of grooming in the day-to-day life of consumers is propelling adoption of electric shavers.
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Furthermore, rapid urbanization is leading to an increase in the disposable income of mid-earning customers in developing countries. This is propelling the growth of the global electric shavers market. Besides, the increasing adoption of automation in the personal care appliances in the market is benefiting the electric shavers market. Introduction of the newer technologies and new and advanced products is expected to further boost to the growth of the market.