Cheap Products from Local Players to Restrain Electric Shavers Market

Cheap Products from Local Players to Restrain
Electric Shavers Market
The global electric shavers market is highly
consolidated. The leading players of the global
electric shavers market are making use of advanced
technologies in their products and selling them at
reasonable prices, states Transparency Market
Research (TMR) in its new report. Key players have
employed marketing as a key strategy to gain
customers and acquire dominance in the market.
Some of the leading players in the market are:
Procter & Gamble Co., KoninKlijke Philips N.V., and
Spectrum Brand Holdings Inc. These three
companies have collectively held 68.6% of the
market in 2015. Key players in the market are rivals
of each other and they also face strong competition
from regional companies, as many small new
players have entered in the market of late. These
new players are offering cheap electric shavers and
winning customers. Thus, there shall exist fierce
competition among players in the market in the
coming years.
According to TMR, the global electric shavers
market will reach US$17.7 bn by the end of 2024.
The market is expected to witness a modest CAGR
of 5.7% between 2016 and 2024. On the basis of
end use, the male segment is expected to continue
to lead in the market. Nevertheless the preference
for grooming products will also increase for the
female segment in the coming years. By product,
the clipper segment not only led in the past and
held 71.7% of the market in 2015, but is expected to
remain in its leading position even in the coming
years. On the basis of geography, the most lucrative
market is expected to be Europe.
Growing Importance of Grooming Boosting Growth
of Market
The personal care electronic appliances market
continued to grow despite the loss suffered by
household appliances and consumer electronics
markets during the economic downturn in 2009.
This growth by the personal care electronic
appliances market has continued over the years and
has actually accelerated from a couple of years. The
increasing importance of grooming in the lives of
consumers today is the key reason behind the high
growth of the personal care electronic appliances
market and this included the growth of the electric
shavers market. The growth trend will continue to
remain positive in the years to come.
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Cheap Products from Local Players to Restrain
Electric Shavers Market
The electric shavers market will also benefit from
increasing demand for automation in the personal
care appliances market. Owing to the launch of new
technologies, the market is expected to gain
further. Investments by players for research have
enabled product innovations and are pushing the
growth of the market further. Rapid urbanization
and increasing willingness among consumers will
give the electric shavers market a boost in the
coming years. However, the availability of
substitutes easily, which are cheaper will restrict
the growth of the market. Local players are offering
products at lesser price. Also, the high prices of
electric shavers make it a luxurious commodity and
not everyone can afford it. All these factors will
restrain the growth of the electric shavers market.
However, the market will benefit from mergers and
acquisitions or strategic collaborations.
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Cheap Products from Local Players to Restrain Electric Shavers Market

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