Global Electric Shavers Industry Forecast, 2021-2026 – Online Sales Set to Grow at an Exponential Rate

DUBLIN, December 15, 2021–(BUSINESS WIRE)–The report “Electric Shavers Market – Forecast 2021 to 2026” has been added to from ResearchAndMarkets.com offer.

The global electric shavers market is expected to grow at a compound annual growth rate of 4.70% to reach USD 4,364.828 million by 2026, from USD 3,164.097 million in 2019.

Rising beauty awareness among women and men is one of the major reasons, which is expected to drive the growth of the electric shavers market over the forecast period. Apart from this, growing disposable income of middle class population across the globe along with growing population in developing countries such as China and India is further expected to drive the growth of this market.

Taking advantage of this growing demand for electric shavers, market players across the globe are taking strategic actions to further increase their foothold in the market. For example, in June 2020, Xiaomi Cooperation, a major Chinese electronics manufacturing company, announced the launch of its latest Enchen Blackstone 3 electric shaver for sale in China.

Rising disposable income has allowed consumers to spend more on convenience goods which is expected to increase the adoption of electric shavers

The electric shavers market is expected to witness substantial growth in the coming years, supported by factors such as increasing disposable income of consumers across the globe. An increase in disposable income facilitates an increase in additional expenditure on goods and services. An increase in disposable income allows people to spend more on things they care about or activities such as personal grooming among others, thus propelling the demand for products like electric shavers etc.

According to the OECD, despite the significant decline (10.6%) in real GDP per capita growth in the OECD area in the second quarter of 2020, the growth in real household income per capita, which gives a better picture of the change in household economic well-being, increased by 5.3% thanks to the government’s COVID-19 support measures.

Moreover, in most OECD countries, household disposable income has exceeded GDP. While a majority recorded declines in both measures during the second quarter of 2020, Canada and the United States recorded significant growth in household income per capita of 11% and 10.1% respectively, reflecting widespread cash transfers to the household sector in response to COVID -19. Smaller increases in real household income per capita were also seen in Ireland (3.6%), Australia (2.7%) and Finland (1.1%), among other countries.

Therefore, with an increase in disposable income worldwide coupled with the temporary closures of salons and beauty salons due to pandemic-induced shutdowns, the demand for electric shavers is expected to increase significantly, further propelling its demand during the forecast period.

Online sales of electric shavers set to grow at an exponential rate

By distribution channel, the electric shavers market is segmented into online and offline. The growing penetration of smartphones and the Internet is one of the main drivers of the online distribution channel. According to the latest Office for National Statistics published in August 2019, of all adults, 87% used the internet daily in 2019, with a further 4% of adults using it at least once a week. While there has been a 2% increase in daily usage since 2018, it has increased by 32 percentage points over the past decade.

Additionally, he reported that in 2019, the most common type of device used to access the internet on the go was a cellphone or smartphone at 79%. This has increased by 26 percentage points since 2013, compared to 53%. The growth of the e-commerce industry is further fueling the adoption of online retail. And, as revenue-increasing strategies, these e-commerce platforms regularly introduce discount deals and sales, thereby increasing the demand for personal care products/devices such as electric shavers.

Overview of the pandemic

COVID-19 has reduced the incidence of shaving among the population, but it has led to a change in the purchasing behavior of the population towards more convenient and durable products. This has benefited the electric shavers industry in 2020 due to its ability to provide efficient and convenient styling solutions. Additionally, travel restrictions caused by the pandemic have led to an increase in demand for home care consumer products such as electric shavers.

The COVID-19 pandemic has resulted in lockdown restrictions, which has made it difficult for physical store operators to operate normally. People, for fear of being infected by the virus, leave their homes less, thus contributing to the growth of online distribution channels. The online retail sector in almost every country has grown significantly, helped by the pandemic. For example, the Commerce Department’s Census Bureau said U.S. e-commerce retail sales were estimated at $215.0 billion in the first quarter of 2021, up 7.7% (0.5 %) compared to the fourth quarter of 2020.

Total retail sales for the first quarter of 2021 were expected to be $1,581.4 billion, up 7.8% (0.4%) from the fourth quarter of 2020. E-commerce sales were up increased by 39.1% (1.4%) in the first quarter of 2021 compared to the first quarter of 2020, while overall retail sales increased by 16.8% (0.5%). E-commerce sales accounted for 13.6% of overall sales in the first quarter of 2021.

Companies featured in the report

Market segmentation

  • By type

  • By distribution channel

  • By geography

    • North America

    • South America

    • Europe

    • Middle East and Africa

    • Asia Pacific

For more information about this report, visit https://www.researchandmarkets.com/r/f7b7y8

See the source version on businesswire.com: https://www.businesswire.com/news/home/20211215005871/en/

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David A. Albanese