Electric Shavers Market Size Worth USD 19.6 billion by 2031, with a CAGR of 6% | by TMR Study
The market for electric shavers is anticipated to grow during the forecast period due to a growth in the requirement for an inexpensive and convenient shaving solution as well as an increased emphasis on hygiene and health.
Wilmington, Delaware, United States, Nov. 08, 2023 (GLOBE NEWSWIRE) — Transparency Market Research Inc. – The global electric shavers market was estimated to have acquired US$ 11.7 billion in 2022. It is anticipated to register a 6% CAGR from 2022 to 2031 and by 2031; the market is likely to gain US$ 19.6 billion.
The purpose of electric shavers is to capture hair that grows in all directions. Using these shavers lessens the need to visit salons for professional grooming. The majority of electric shavers are waterproof and rechargeable. In the market, high-end cordless electric shavers are becoming more popular.
These shavers provide a 90-minute runtime with a quick charge time and an integrated pop-up trimmer. A digital battery indicator is also included. Rotating shavers’ blades can often cut up to 150 times per minute.
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Key Findings of the Market Report
- Electric head shaver heads provide speed, effectiveness, and adaptability.
- Less skin irritation is another benefit of these shavers.
- Those who are not concerned for an extremely close shave favor them.
- Better and more secure access to difficult parts of the head and face is made possible by electric shavers.
- When shaving in both dry and wet circumstances, these shavers provide superior comfort and grip.
Market Trends for Electric Shavers
- Hair removal from the axilla is a universal technique. Sixty percent of British men aged 16 to 24 frequently shave off body hair. Around 12 percent of patients had underarm hair removal during the previous year. The majority of males in South East Asia, particularly in South Korea, view beards as messy, quirky, unclean, and messy.
- In a survey of men in South Korea, about 56% of them said they shave or keep up a beard once a day. The development of the electric shavers market is aided by this cultural tendency.
- High initial prices and the availability of inexpensive substitutes are the main causes of market restrictions. In both industrialized and developing nations, the selling of counterfeit personal hygiene goods is on the rise. Fake shaving products are manufactured and sold in large quantities in China. During a police raid in China’s Qingpu District in 2019, approximately 300,000 counterfeit electric shavers and toothbrushes worth US$ 4.4 million were sold.
- Conventional techniques of preservation are prone to irritation, wounds, and abrasions. Electric shavers are in great demand as a result of this. Professionals in the workforce who want a convenient and reasonably priced way to shave are big fans of these shavers. Razors, blades, and handles are just a few of the accessories used with electric shavers.
Global Market for Electric Shavers: Regional Outlook
Various reasons are propelling the growth of the electric shavers market in different regions. These are:
- From 2023 to 2031, Asia Pacific is anticipated to have the majority of the share, followed by Europe. The dynamics of the regional market are being driven by an increase in spending on personal care items. The National Bureau of Statistics of China reports that in 2021, per capita spending in China on home products—which includes personal care products—rose to US$ 3,781.2, a 13.6% increase from 2020.
- The beauty market in many Asia Pacific nations is being significantly impacted by the rise in popularity of social media among Generation Z. In the near future, it is anticipated that this will push the electric shavers market statistics in the area.
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Some key developments by the players in this market are:
|Company name||Key Developments|
|Gillette India Ltd||In 2023, Gillette, the official shave and beard care partner of the Toronto Raptors, declared the return of its “Choose Your Game Face” campaign in honor of this milestone.|
|Bevel||Bevel, a company that makes grooming goods including trimmers and razors, declared in August 2023 that it was going to join the electric shaver market with the release of a new model that has a swivel head with three foil-cutting parts that has been tested by dermatologists.|
Global Electric Shavers Market: Key Players
To increase earnings, manufacturers in the global electric razor market use a variety of tactics. They make investments in state-of-the-art technologies to improve product attributes including comfort and precise shaving, satisfying consumer needs for innovation.
Marketing campaigns that emphasize the performance and convenience benefits of electric razors are directed at particular demographics. Efficient manufacturing, frequently achieved through outsourcing, aids in cutting production costs.
Subscription-based business models and online sales platforms raise revenue and client retention. In a cutthroat business, entering developing nations where grooming techniques are becoming more popular offers potential for profit growth.
The following companies are well-known participants in the global electric shavers market:
- Conair LLC
- ELEHOT STORE
- Havells India Ltd.
- Koninklijke Philips N.V.
- Panasonic Corporation
- Procter & Gamble Co.
- Spectrum Brands, Inc.
- Wahl Clipper Corporation
Global Electric Shavers Market Segmentation
By Product Type
- Foil Shavers
- Rotary Shavers
- Wet/ Dry Shavers
By Power Source
By Distribution Channel
- E-commerce Websites
- Company-owned Websites
- Health & Beauty Stores
- General Merchandising/Mass Stores
- Other Retail Stores
- North America
- Asia Pacific
- Middle East & Africa
- South America
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