Over the next 10 years, the global shavers market is expected to grow at a respectable CAGR of close to 7%, reaching a valuation of US$ 50 billion in 2031. During the evaluation period, electric shavers are expected to have a market share of roughly 75%. Humans have long been captivated by physical attractiveness, which is linked to self-esteem and self-confidence. Shaver demand is being fueled by a growing awareness of personal cleanliness among both women and men. Shavers are in high demand due to the growing desire for on-the-go grooming options. Celebrity endorsements and technical advancements are playing a bigger role in propelling the sh industry's growth.
In Persistence Market Research's revised study, many additional unique growth factors have been examined in depth, as well as a complete review of some of the significant obstacles facing shaver producers. The paper also includes a full geographical analysis, which indicates that Europe dominates this highly competitive sector. This edition (2021-2031) keeps readers up to date on significant market trends and offers insight into how manufacturers and other players are responding to change. The impact of key industry metrics on shaver sales has been studied.
The report also includes a thorough COVID-19 impact to help readers make well-informed business decisions in the present and future. The study also builds on the preceding competitive landscape portion, allowing readers to learn about the major strategies of both established players and newcomers.
The global market is being shaped by an expanded female consumer segment, rising disposable shaver usage, and rising desire for convenient premium shaving products. From 2016 to 2020, the market grew at a CAGR of 5.1 percent. Over the next several years, continuous technological advancements are likely to contribute to increased market expansion over the world. In this market, key player collaborations and increased demand for simple-to-use goods are projected to boost sales.
Consumers are being encouraged to bring the experience of beauty into their homes via convenience and economic rationalism. Through 2031, a sustainable approach and continuing technological improvements are predicted to push market growth at a considerable CAGR of close to 7%.
Manufacturers of shavers are constantly working to improve technology and create new products. Key players are always striding their product innovation through R&D to combat the tough competition. Prominent players include Koninklijke Philips N.V., Panasonic Corporation, and Procter & Gamble. Key industry participants are increasingly focusing on high-performance shavers with improved batte.
Aside from significant features, product design is another area where players are focusing their efforts to encourage the creation of a unique product to provide customers with something different from the standard. For example, Procter & Gamble Company introduced a heated razor in 2019 that can warm up on its own and deliver the sensation of a hot towel with each stroke. Procter & Gamble Company tapped into a new pool of consumers that are interested in technology breakthroughs with such technological advancements.
Our expert- and data-driven research procedures are a significant factor in our unequalled market research accuracy. We build research approaches that result in a multi-dimensional, yet realistic examination of a market by combining an eclectic combination of expertise, analytics, machine learning, and data science.
Online shopping has been more popular in recent years due to the growing presence of online shops. By offering specialty products that aren't available in commercial stores, online sellers have a significant edge over other retailers. Furthermore, the fact that internet commerce provides doorstep delivery has a beneficial impact on the online shopping experience.
Consumers are increasingly turning to online purchasing as a result of their hectic and fast-paced lifestyles. Aside from that, businesses' efforts to provide substantial discounts have enticed customers to move to online shopping. As a result, the growing presence of internet commerce is accelerating the market's expansion even faster.
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