DUBLIN--(BUSINESS WIRE)--The "Electric Shavers Market - Forecasts from 2021 to 2026" report has been added to ResearchAndMarkets.com's offering.

The global electric shavers market is projected to witness a compounded annual growth rate of 4.70% to grow to US$4,364.828 million by 2026, from US$3,164.097 million in 2019.

Increasing beauty consciousness among women and men is one of the main reasons, expected to drive the electric shaver market growth during the forecast period. Other than that, the growing disposable income of the middle-class population all around the world as well as the growing population in developing countries such as China and India is further expected to boost this market growth.

Taking advantage of this increasing demand for electric shavers, market players all around the world are undertaking strategic actions to further increase their foothold in the market. For instance, in June 2020, Xiaomi Cooperation, a leading Chinese electronics manufacturing company announced the launch of its latest Enchen Blackstone 3 electric shaver for the sale in China.

Increasing disposable income has enabled consumers to expend more on comfort goods which are expected to increase the adoption of electric shavers

The electric shaver market is expected to experience substantial growth in the years ahead, backed by factors such as the increase in disposable income of consumers around the world. A rise in disposable income facilitates an increase in the additional spending on goods and services. An increase in disposable income allows people to spend more on what interests them or activities such as personal grooming among others, thus, propelling the demand for products like electric shavers, etc.

As per OECD, despite the significant (10.6%) fall in real GDP growth per capita in the OECD area in the second quarter of 2020, growth in real household income per capita, which provides a better picture of changes in households' economic well-being, increased by 5.3% on the back of COVID-19 government support measures.

Additionally, most OECD countries saw household disposable income outperform GDP. While a majority recorded falls in both measures during the second quarter of 2020, Canada and the United States saw significant growth in household income per capita of 11% and 10.1% respectively, reflecting broad-based monetary transfers to the household sector in response to COVID-19. Smaller increases in real household income per capita were also observed in Ireland (3.6%), Australia (2.7%), and Finland (1.1%) among other nations.

Therefore, with an increase in disposable incomes all around the world coupled with the temporary closures of salons and beauty parlors due to pandemic-induced lockdowns, the demand for electric shavers is expected to increase substantially, further propelling its demand during the forecast period.

Online sales of electric shavers are expected to increase at an exponential rate

By distribution channel, the electric shavers market is segmented into online and offline. The growing smartphone and internet penetration is one of the major drivers of the online channel of distribution. As per the latest Office for National Statistics released in August 2019, of all adults, 87% used the internet daily in 2019, with an additional 4% of adults using it at least weekly. While there was a 2 percentage increase in daily use since 2018, it has risen by 32 percentage points in the last decade.

Furthermore, it reported, in 2019, the most common type of device used to access the internet on the go was a mobile phone or smartphone at 79%. This has risen by 26 percentage points since 2013, from 53%. The growth of the e-commerce industry is further fuelling the adoption of online retail. And, as revenue-boosting strategies these e-commerce platforms are introducing discount offers and sales on a regular basis augmenting the demand for personal care products/devices such as electric shavers.

Pandemic Insights

The COVID-19 did reduce the shaving incidence among the population, however, it led to the shift in the buying behavior of the population towards more convenient and durable products. This benefitted the electric shaver industry in 2020 on account of its ability to provide effective and convenient styling solutions. Furthermore, the movement-related restrictions caused by the pandemic led to the increase in the demand for at-home grooming consumption products such as electric shavers.

COVID-19 pandemic brought with it, lockdown restrictions, making it difficult for physical store operators to function in a normal way. People, out of the fear of getting infected with the virus, stepped less outside their homes, thus adding to the growth of online channels of distribution. The online retail sector in almost all countries has risen significantly aided by the pandemic. For instance, the Census Bureau of the Department of Commerce said that retail e-commerce sales in the United States were estimated to be $215.0 billion in the first quarter of 2021, up 7.7% (0.5%) from the fourth quarter of 2020.

The 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 grew 39.1 percent (1.4 percent) in the first quarter of 2021 compared to the first quarter of 2020, while overall retail sales increased 16.8 percent (0.5 percent). E-commerce sales amounted to 13.6 percent of overall sales in the first quarter of 2021.

Companies Profiled in the Report

• Conair Corporation
• Koninklijke Philips N.V.
• Panasonic Corporation
• P&G
• Spectrum Brands, Inc.
• Xiaomi Corporation
• VEGA
• Remington Products Company
• Wahl Clipper Corporation
• Eltron Company

Market Segmentation

• By Type
  • Foil Shaver
  • Rotary Shaver
• By Distribution Channel
  • Online
  • Offline
• By Geography
  • North America
  • South America
  • Europe
  • Middle East & Africa
  • Asia-Pacific

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

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