Electric Shaver Market by Usability (Dry and Wet or Dry), by Product Type (Rotary Shaver, Trimmer/Clipper, and Foil Shaver), by Power Source (Rechargeable and Battery Powered), by End User (Men and Women), and by Distribution Channel (Health & Beauty Stores, Electric Stores, Supermarkets, Hypermarkets, and Online)– Global Opportunity Analysis and Industry Forecast, 2024–2030
Industry: Retail and Consumer | Publish Date: 01-Apr-2024 | No of Pages: 293 | No. of Tables: 223 | No. of Figures: 202 | Format: PDF | Report Code : N/A
Market Overview
The global Electric Shaver Market size was valued at USD 20.52 billion in 2023 and is predicted to reach USD 33.72 billion by 2030, with a CAGR of 6.9% from 2024 to 2030. The electric shaver industry is a part of the personal care and grooming sector. The global market consists of shavers, trimmers, and clippers. It specializes in designing, developing, and selling electric devices to remove facial and body hair efficiently. Electric shavers are distinguished by their rotating or oscillating blades and their reliance on electricity to operate.
The key features of the electric shaver industry include the use of cutting-edge technologies, such as improved blades, ergonomic designs, wet and dry shaving capabilities, and smart features in some models. The industry also caters to a variety of consumer segments with different grooming preferences, offering cordless operation, adjustable cutting lengths, and specialized attachments.
Rising Disposable Incomes is Fueling the Market Growth
The electric shaver industry is experiencing significant growth, primarily driven by the increase in disposable incomes. As consumers have more financial flexibility, they are inclined to invest in high-quality grooming products. This trend is evident in the growing demand for technologically advanced grooming tools. According to the Euromonitor International, the global disposable incomes and expenditure per household are both expected to grow by 2.6%.
With rising incomes, there is a preference for superior quality, leading consumers to choose premium electric shavers with cutting-edge features. This positive relationship between income levels and the demand for premium grooming solutions not only expands the market but also fosters a competitive landscape, encouraging continuous advancements in the electric shaver industry. According to the Euromonitor International, the global disposable incomes and expenditure per household are both expected to grow by 2.6%.
The Growing E-commerce Industry Boosts the Demand for Electric Shaver
The meteoric rise of e-commerce has fundamentally transformed the demand landscape of the electric shaver industry. Online platforms have become instrumental in shaping consumer behavior, offering unparalleled accessibility and convenience. With an extensive array of electric shaver brands and models readily available online, consumers can seamlessly explore and compare products, making informed purchasing decisions guided by reviews and ratings. The exclusive deals and discounts offered by e-commerce retailers entice budget-conscious consumers, while the global market access introduces users to innovative features from across the globe.
Efficient product comparisons, user-friendly navigation, and the convenience of doorstep delivery foster a seamless online shopping experience. Moreover, the digital marketing strategies employed by e-commerce platforms effectively generate awareness and promote electric shavers, further fueling demand in this dynamic market. The industry's landscape is increasingly shaped by the evolving preferences and purchasing patterns facilitated by the surge of e-commerce.
According to the International Trade Administration, the global B2C e-commerce revenue is expected to grow to USD 5.5 trillion by 2027 at a steady 14.4% compound annual growth rate. This explosive growth indicates a significant shift in consumer behavior, with online shopping becoming increasingly mainstream.
High Upfront Cost and Availability of Conventional Alternatives Hinder the Industry's Growth
The electric shaver industry faces challenges due to high upfront costs and the prevalence of traditional alternatives including manual razors. The relatively expensive nature of many electric shavers may discourage budget-conscious consumers who find traditional grooming tools more cost-effective.
Additionally, people's strong familiarity with conventional options, such as safety razors, poses a significant barrier to widespread adoption of electric shavers. Concerns about durability, perceived value for money, and cultural ties to traditional grooming practices also contribute to consumer hesitancy. To overcome these challenges, the industry needs strategic pricing, targeted marketing emphasizing the benefits of electric shavers, and continuous innovation to enhance their appeal and competitiveness against traditional alternatives in a diverse grooming market.
Integration of Advanced Technologies Creates Ample Growth Opportunity
Incorporating advanced technologies in the electric shaver industry opens up significant growth opportunities. Smart features such as Bluetooth connectivity and mobile app integration offer users customization, personalized grooming tips, and tracking options. Precision-engineered blades, sensors, and adaptive shaving systems enhance overall performance, meeting evolving consumer expectations.
Technological advancements in lithium-ion batteries and fast-charging address battery life concerns, providing added convenience. Innovative materials and ergonomic designs contribute to superior comfort, catering to users with specific preferences. These breakthroughs position electric shavers as not just effective grooming tools but also as smart, customizable solutions, ensuring ongoing industry growth and success.
Europe Dominates the Electric Shaver Market
The electric shaver market in Europe is experiencing significant growth, due to the presence of developed countries such as Germany, France, and Italy. Germany stands as a well-established and mature market, holding the predominant share in Europe's electric shaver industry with 18.21% of the overall market share.
However, the nation is projected to experience the slowest growth rate among European countries till 2030. The country is home to the companies such as Braun (P&G) that offers wide range of products for its audience thrives the market. Recently, Braun launched the CoolTec electric shaver, a pioneering dry shaver that harnesses innovative cooling technology to minimize shaving irritation and deliver a more comfortable shaving experience.
Also, Europe's grooming trends harmonize classic styles with modern efficiency, fostering a heightened demand for precise electric shavers within a culture that values refined grooming rituals and diverse beard styles. This amalgamation of tradition and technology creates a thriving market for advanced, skin-friendly grooming tools in the electric shaver industry. The increasing disposable income across European nations empowers consumers to invest in premium shavers, contributing to the growing demand in the electric shaver market share.
According to data from Trading Economics, the disposable personal income in Europe witnessed a significant growth of 3.30% from 2021 to 2022. However, the region is grappling with a notable inflation rate, reaching 6.1% in 2023 as reported by the European Commission. The rising inflation rate in Europe poses a potential challenge to the electric shaver industry, potentially influencing consumer spending patterns and impacting market dynamics.
Asia-Pacific is Expected to Show Steady Growth in the Electric Shaver Market
Asia-Pacific is expected to witness fastest growth in the electric shaver industry in the coming years, due to the presence of a large and expanding population, particularly with a significant proportion of young individuals. The youthful demographic in this region is notably open to embracing new trends and technologies. This inclination fuels a robust demand for innovative electric shavers, as younger consumers actively seek modern grooming solutions.
In addition, the swift expansion of e-commerce in the Asia-Pacific region has significantly simplified the process for consumers to buy products such as electric shavers online. This increased convenience and the ability to access a broader range of products online are playing a pivotal role in further propelling the growth of the electric shaver market in the Asia-Pacific region.
Competitive Landscape
Several market players operating in the electric shaver industry 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. These market players are adopting product launches across various regions to maintain dominance in the market.
For instance, in October 2023, Panasonic launched a Stormtrooper-inspired Arc3 shaver, adding a touch of the galaxy to their grooming products. This unique design is part of their efforts to innovate in the electric shaver’s market, combining functionality with a Star Wars theme to attract consumers seeking a distinctive shaving experience.
Also, in May 2023, Conair LLC opened distribution center in Washington County, strategically positioned for convenient access to consumer markets and key transportation hubs. This initiative signifies a positive trajectory for the electric shaver market's growth and contributes to the region's economic outlook.
Electric Shaver Market Key Segments
By Usability
-
Dry
-
Wet or Dry
By Product Type
-
Rotary Shaver
-
Trimmer/Clipper
-
Foil Shaver
By Power Source
-
Rechargeable
-
Battery-Powered
By End User
-
Men
-
Women
By Distribution Channel
-
Health and Beauty Stores
-
Electronic Stores
-
Supermarkets
-
Hypermarkets
-
Online
By Region
-
North America
-
The U.S.
-
Canada
-
Mexico
-
-
Europe
-
The U.K.
-
Germany
-
France
-
Italy
-
Spain
-
Denmark
-
Netherlands
-
Finland
-
Sweden
-
Norway
-
Russia
-
Rest of Europe
-
-
Asia-Pacific
-
China
-
Japan
-
India
-
South Korea
-
Australia
-
Indonesia
-
Singapore
-
Taiwan
-
Thailand
-
Rest of Asia-Pacific
-
-
Rest of the World (RoW)
-
Latin America
-
Middle East
-
Africa
-
REPORT SCOPE AND SEGMENTATION:
|
Parameters |
Details |
|
Market Size in 2023 |
USD 20.52 Billion |
|
Revenue Forecast in 2030 |
USD 33.72 Billion |
|
Growth Rate |
CAGR of 6.9% from 2024 to 2030 |
|
Analysis Period |
2023–2030 |
|
Base Year Considered |
2023 |
|
Forecast Period |
2024–2030 |
|
Market Size Estimation |
Billion (USD) |
|
Growth Factors |
Rising disposable incomes is fueling the market growth The growing E-commerce industry boosts the demand for electric shaver |
|
Countries Covered |
28 |
|
Companies Profiled |
10 |
|
Market Share |
Available for 10 companies |
|
Customization Scope |
Free customization (equivalent up to 80 working hours of analysts) after purchase. Addition or alteration to country, regional, and segment scope. |
|
Pricing and Purchase Options |
Avail customized purchase options to meet your exact research needs. |
Key Players
-
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
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Quantitative research is particularly effective in measuring the prevalence of trends, assessing market size, and gauging the impact of various factors on consumer behavior. The numerical precision attained through this approach equips our clients with actionable insights, facilitating data-driven decision-making and strategy formulation.
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