The rising disposable income along with the continuous innovations by industry players are significantly boosting the growth of the global electric shaver market

According to a new research report by Next Move Strategy Consulting, the global electric shaver market was valued at USD 20.52 billion in 2023, and is expected to reach USD 33.72 billion by 2030, with a CAGR of 6.9% during the forecast period, 2024–2030. The growth of the electric shaver industry is strongly driven by the increase in disposable incomes. People with more money to spend are choosing to invest in top-notch grooming products.

This is especially noticeable in the growing desire for advanced and innovative grooming tools. As incomes go up, so does the demand for high-quality products, leading consumers to prefer premium electric shavers with cutting-edge features. This connection between income levels and the demand for top-tier grooming solutions not only expands the market but also fosters competition, pushing continuous improvements in the electric shaver industry.

For instance, in the second quarter of 2023, the real disposable income of households in the European Union grew by 0.3% compared to the previous quarter. Also, in the U.S., disposable personal income rose to 20,451.71 USD billion in October, marking an increase from 20,388.29 USD Billion recorded in September 2023.

Moreover, the continuous evolution of electric shavers is fueled by ongoing innovations and technological enhancements, creating a robust demand among consumers. As an illustration, in October 2023, Panasonic's launched the Panasonic ARC3 3-Blade Shaver (ES-SWLT2W), inspired by the classic Star Wars trilogy. By capitalizing on the popular Star Wars franchise, Panasonic targets dedicated fans and taps into a broader market segment. Precision-engineered blades ensure a superior shaving experience, offering efficient and precise results.

The integration of smart features, such as Bluetooth connectivity and ergonomic designs, adds a layer of convenience and customization to meet the diverse preferences of users. These advancements not only elevate the performance of electric shavers but also align with the evolving expectations of consumers who seek cutting-edge grooming solutions. The combination of improved functionality and user-friendly designs contributes significantly to the sustained appeal and growth of the electric shaver market.

For instance, in October 2023, Procter & Gambles announced to relocate its manufacturing plant to Andover. This decision, while shifting the manufacturing base, retains approximately 750 jobs in crucial areas such as headquarters, engineering, and research and development in Boston, contributing to the overall economic and business development landscape in the U.S.

Additionally, in December 2022, Andis Company inc. unveiled the Centennial beSPOKE Trimmer, designed for precision and custom looks, features technology such as induction charging and ergonomic design. The Andis Outliner Deep-Tooth GTX-Z Blade ensures sharp lines and fades.

However, the electric shaver industry faces challenges due to high costs and competition from traditional grooming tools. The expense of electric shavers may deter budget-conscious consumers, while strong familiarity with options such as safety razors poses a barrier to adoption, thus restraining the market growth.

On the contrary, the integration of advanced technologies in the electric shaver industry presents significant growth opportunities. Smart features such as Bluetooth connectivity and mobile app integration provide users with customization and personalized grooming tips. Precision-engineered blades, sensors, and adaptive shaving systems enhance performance, meeting evolving consumer expectations.

Request a sample here: https://www.nextmsc.com/electric-shaver-market/request-sample

According to the report, leading players operating in the electric shaver market include P&G (Braun), Koninklijke Philips N.V., Panasonic Corporation, Remington, Wahl Clipper Corporation, Andis Company Inc., Conair Corporation, Shanghai Flyco Electrical Appliance Co Ltd, Xiaomi, MANSCAPED, and others.

Key Insights from the Electric Shaver Market Report:

• The information related to key drivers, restraints, and opportunities and their impact on the electric shaver market is provided in the report.

• The value chain analysis in the market study provides a clear picture of the roles of each stakeholder.

• The market share of the players in the global electric shaver market along with their competitive analysis are provided in the report.