Electric Shavers Market Analysis and Latest Trends
Electric shavers are grooming devices used for shaving facial and body hair. They use electric power to operate a set of oscillating or rotating blades that remove the hair by cutting it close to the skin's surface. Electric shavers are an alternative to traditional manual razors and are preferred by those who seek convenience, comfort, and better skin protection.
The global electric shavers market has witnessed significant growth over the years. The rise in disposable income, increasing male grooming trends, and shifting consumer preferences towards grooming products with advanced features are some of the key factors driving the market growth. Additionally, the convenience offered by electric shavers, such as no requirement of water or shaving cream, appeals to busy consumers.
The market is witnessing the emergence of several technological advancements and innovative features in electric shavers. Players in the market are focusing on product development and incorporating advanced technologies such as self-cleaning, cordless operation, and precision trimming. These features enhance the overall shaving experience and attract consumers looking for high-performance grooming solutions.
Furthermore, the rising trend of online retailing and increasing e-commerce platforms provide manufacturers with wider market reach and enhanced product visibility. Online sales channels offer convenience, competitive pricing, and a wide variety of options to consumers, which further contributes to market growth.
The electric shavers market is also benefiting from the increasing awareness of personal grooming among men and the growing influence of social media and celebrities. Personal grooming has become associated with a sense of style and self-care, leading to increased demand for electric shavers.
Overall, the electric shavers market is projected to grow at a compound annual growth rate (CAGR) of 4.4% during the forecast period. The market growth is driven by factors such as increasing disposable income, shifting consumer preferences towards advanced grooming products, technological advancements, and the rising trend of online retailing.
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Electric Shavers Major Market Players
The global market for electric shavers is highly competitive, with several key players dominating the industry. Some of the leading companies in the market include Philips, Panasonic Corporation, Conair Corporation, Gillette, Braun, Helen of Troy Limited, Spectrum Brands Holdings, Inc, Remington Products Company, Wahl Clipper Corporation, Eltron Company, Wahl Clipper Corporation, Izumi Products Company, Flyco, POVOS, and SID.
Among these players, Philips is one of the most renowned brands and leads the electric shavers market. The company has been continuously introducing innovative products and focusing on research and development to enhance its market presence. Philips has a strong distribution network and a well-established brand reputation, which has contributed to its consistent market growth. The company is expected to witness significant growth in the coming years due to increasing consumer preference for electric shavers.
Panasonic Corporation is another prominent player in the electric shavers market. It offers a wide range of electric shavers known for their quality and performance. The company has a strong presence in the Asian market and has been expanding its market share globally. Panasonic's focus on product innovation and its commitment to delivering superior user experience has helped it gain a competitive edge.
Gillette, a subsidiary of Procter & Gamble, is a well-known brand in the shaving industry. While Gillette primarily focuses on traditional manual razors, it has also been investing in electric shavers to cater to a wider consumer base. The company's strong brand recognition and customer loyalty are key factors contributing to its market growth.
In terms of market size, the global electric shavers market was valued at approximately $10 billion in 2020 and is projected to reach over $15 billion by 2026, growing at a CAGR of around 6%. The market is driven by factors such as increasing disposable incomes, rising grooming consciousness among men, and technological advancements in electric shavers.
As for sales revenue, Philips reported a revenue of $21.5 billion in 2020, while Panasonic Corporation generated revenue of $58.2 billion. Spectrum Brands Holdings, Inc, the parent company of Remington Products Company, reported revenue of $2.9 billion in the fiscal year 2020. However, specific revenue figures for other companies mentioned are not readily available.
Overall, the electric shavers market is expected to witness significant growth in the coming years due to increasing demand for grooming products, technological advancements, and changing consumer preferences. Key players like Philips, Panasonic Corporation, and Gillette are likely to continue leading the market, leveraging their brand reputation, product innovation, and wide distribution networks.
What Are The Key Opportunities For Electric Shavers Manufacturers?
The electric shavers market has witnessed consistent growth over the past few years due to changing consumer preferences and technological advancements. The increasing focus on personal grooming and convenience has driven the demand for electric shavers. Additionally, the rising disposable income and urbanization have fuelled market growth. The future outlook of the electric shavers market looks promising, with continued growth expected due to the introduction of innovative features such as cordless functionality and multiple attachments for different grooming needs. Furthermore, the market is anticipated to expand geographically as manufacturers aim to tap into emerging markets with untapped potential.
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