According to the TMR report, the global shavers market is expected to expand at a moderate pace and reach an evaluation of US$70.24 bn by the end of 2024. In terms of volume, the market is predicted to register a sale of 7.9 bn units by 2024. On the basis of product type, non-electric shavers are witnessing a comparatively higher demand than electric shavers on account of their user friendliness. In the future however, the market for electric shavers will also improve on account of the spreading awareness among consumers regarding the efficiency of electric shavers. Among end users, the demand for shavers will be higher from men. On the basis of distribution channel, the supermarket and hypermarket segment will lead.
The global shavers market is consolidated with a few key players contributing a major portion of the overall revenue collected. Spectrum Brands Holdings Inc., Panasonic Corp., and Philips are the leading companies within the global shavers market and these companies have achieved dominance in the market by constantly striving for innovation and developing products with improved features, states Transparency Market Research in its latest research report. Other companies in the market are: Energizer Holdings Inc., Super-Max Group, Conair Corp., Wahl Clipper Corp., and Procter & Gamble Co.
Europe to Continue to Lead in Terms of Revenue Generated in Shavers Market
On the basis of geography, it is estimated that Europe will continue to be the leading regional revenue generator for shavers. Women in European countries are also emerging as key end users for shavers. Growing awareness regarding the importance of personal grooming will boost the growth of the market in Europe. Asia Pacific and Latin America are also proving to be promising markets for shavers.
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Improving Lifestyle and Increasing Awareness about Cleanliness Driving Demand
The improving lifestyles of consumers across the globe, including those living in developing nations in Asia Pacific and Latin America is benefitting the shavers market. The rising importance of personal grooming and a growing importance of maintaining a good appearance among people worldwide has led to a rise in the demand for shavers. The growing need for removing body and facial hair for showcasing a good, well-groomed look remains the key factor pushing consumers to buy shavers. In addition to this, the growing awareness regarding cleanliness and hygiene are also helping the global market for shavers to grow. Moreover, the easy availability of shaving and grooming items is also impacting the market positively.
On the other hand, in some parts of the world, the interest shown by men towards cleanliness and grooming is very less. This is slated to restrict the growth of the shavers market. However, the impact of this restraint is likely to reduce as the reach of less expensive and good products is improving.