Technavio analysts forecast the global electric shaver market to grow at a CAGR of almost 4% during the forecast period, according to their latest report.
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Technavio has published a new report on the global electric shaver market from 2017-2021. (Graphic: Business Wire)
The research study covers the present scenario and growth prospects of the global electric shaver market for 2017-2021. To calculate the market size, Technavio analysts use the revenue generated from the retail sale of electric shavers.
The global electric shaver market is driven by the rising focus on personal grooming. The emphasis on clean-shaven look among men in urban areas and body hair removal among women is increasing the demand for electric shavers across the globe. The demand mainly arises from developed regions such as Europe and North America due to the wide acceptability of the product. However, the product is also gaining acceptance in other regions of the world with the increase in marketing activities by vendors and availability through online channels.
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Technavio analysts highlight the following three factors that are contributing to the growth of the global electric shaver market:
- Rising interest among men in grooming
- Large customer base in developing countries such as India and China
- Increased benefits provided by electric shavers
Rising interest among men in grooming
The transformation in the socio-economic scenario in major countries such as the US and the UK has led to an evolution in the concepts of beauty, wellness, and grooming. These ideas, which were traditionally considered female-centric, are becoming increasingly gender-neutral. People have become more confident about embracing their individuality. The millennials are less confined by traditional gender roles and conventional norms.
Amber Chourasia, a lead health and wellness analyst at Technavio, says, “Marketers are capitalizing on this trend to gain market shares in the growing male grooming market. Globalization has led to the expansion of the highly educated and competitive elite class and upper middle class. The subsequent improvement in lifestyle has resulted in an increase in the demand for a range of premium grooming products such as electric shavers.”
Large customer base in developing countries such as India and China
China and India are populous countries with a population of 1.37 billion and 1.25 billion, respectively, in 2013. This has created a large customer base for male grooming products such as electric shavers. The millennial generation drives the growth of this market. In 2016, there were 385 million millennials in China, constituting more than 25% of the total population. The growing appearance conscious millennial generation, along with rising disposable income, has increased the demand for electric shavers.
“Social media is one of the major influencers for millennials in terms of fashion and grooming. More than 50% of the millennial population in China and India are active social media users. Thus, an increase in marketing through social media is not only creating awareness among consumers but also persuading them to use grooming products for enhancing appearance,” adds Amber.
Increased benefits provided by electric shavers
Non-electric shavers have been in the market for a long time. However, they are increasingly replaced by electric shavers due to their advantages. Ease of use coupled with fast and effective results are some of the most important growth factors for electric shavers. They provide increased comfort and convenience while shaving since most products have flexible heads that can easily follow the contours of the face. A quality electric shaver causes little or no skin irritation and no bleeding during close shave, unlike razor blades.
Products of well-established brands like Panasonic, Remington, Philips, and P&G are helping in achieving the desired results. With the pain of waxing and the unpleasant odor of hair removal creams, consumers are opting for electric shavers, which provide an easy option for removal of unwanted hair.
Top vendors:
- Conair
- Philips
- Panasonic
- P&G
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Technavio is a leading global technology research and advisory company. The company develops over 2000 pieces of research every year, covering more than 500 technologies across 80 countries. Technavio has about 300 analysts globally who specialize in customized consulting and business research assignments across the latest leading edge technologies.
Technavio analysts employ primary as well as secondary research techniques to ascertain the size and vendor landscape in a range of markets. Analysts obtain information using a combination of bottom-up and top-down approaches, besides using in-house market modeling tools and proprietary databases. They corroborate this data with the data obtained from various market participants and stakeholders across the value chain, including vendors, service providers, distributors, re-sellers, and end-users.
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