Electric Shaver Market 2024 – Market Size & Segments Analysis, Industry Trends, Manufacturers Analysis, Opportunities and Forecast 2030

The global market value of the electric shaver market was valued at USD 3.4 billion in 2022, and a CAGR of 7.1% is expected during the forecast period. Rising concerns about health and hygiene is driving the demand for electric shavers. It is a more convenient and affordable way of shaving, and an increasing demand for time-saving hair removal machines is the key factor behind the growth in the market significantly.

The availability of cheap substitutes and high initial costs are acting as a hindrance to the growth of the market significantly. Demand for eco-friendly and sustainable products is driving the growth in the Electric Shaver Market. Increasing emphasis on health and hygiene worldwide is driving growth in the market significantly.

Impact of Covid-19

COVID-19 has had a significant impact on the electric shaver market. Due to disruptions in the supply chain, the unavailability of raw materials, stringent lockdown, and social distancing had a negative impact on the market. The surge in demand for convenient and efficient ways of shaving is driving growth in the market significantly. On the other hand, people staying at home were even more bothered about hygiene, and health increased the demand for electric shavers. Increasing demand for sustainable products in the market is driving growth in the electric shaker market. The Asia-Pacific region was the most effective due to the increasing population and the greatest number of users.

Growth Drivers

Increasing demand for a quick and hassle-free shaving experience compared to traditional methods is attracting consumers looking for efficiency in their grooming routines. Continuous innovation in electric shaver technology, such as improved blade designs, battery life, and features like wet/dry shaving capabilities, appeals to consumers seeking cutting-edge grooming solutions. With rising disposable income globally, consumers are more willing to invest in premium grooming products like electric shavers, boosting market growth.

With growing emphasis on personal grooming and grooming standards, particularly among younger demographics, the demand for electric shavers continued to increase. The expanding market for male grooming products, driven by changing societal norms and increased awareness of grooming among men, contributes significantly to the growth of the electric shaving market. With rising disposable income and increased urbanization, people want to save time and effort.

The proliferation of e-commerce platforms provides easy access to a wide range of electric shavers, enhancing market penetration and reaching consumers in remote areas. Increasing awareness of environmental sustainability has led some consumers to opt for electric shavers over disposable razors, as they produce less waste over time. Increasing demand for electric shavers all over the world is driving the growth of the market.

Segmentation

Product Type

·         Foil Shavers

·         Rotary Shavers

·         Wet/ Dry Shavers

·         Accessories

·         Clippers

Power Source

·         Corded

·         Cordless

Application

·         Individual

·         Commercial

End-User

·         Men

·         Women

Distribution Channel

·         Online

o   E-commerce websites

o   Company owned websites

·         Offline

o   Super Markets/Hyper Markets

o   Health and Beauty Stores

o   General Merchandising/ Mass Store

o   Other Retail Stores

Regional Outlook

·         Asia Pacific

·         North America

·         Latin America

·         Europe

·         Middle East and Africa

Electric Shaver Market End-User Segmentation

On the basis of end-users, the electric shaving market is segmented into men and women. Men are the leading segment and are expected to dominate the market during the forecast period. For men, electric shavers often emphasize features like precision trimming, close shaving, and ergonomic design. Women’s electric shavers prioritize versatility for different body areas, gentle shaving for sensitive skin, and ergonomic handles designed for smaller hands. Increasing emphasis on efficiency and affordability is driving growth in the market significantly.

Electric Shaver Market Application Segmentation

On the basis of the application, the electric shaver market is segmented into individual and commercial. Commercial is the leading segment and is expected to dominate the market during the forecast period due to the increasing number of salons and beauty parlors. The increasing demand for the product is to maintain a hygienic lifestyle. Increasing demand for cheap and best hair trimmers is the key factor driving growth in the market significantly. Individual segments are also witnessing moderate growth due to the increasing disposable income of people and the increasing emphasis on a hygienic lifestyle.

Electric Shaver Market Distribution Channel Segmentation

On the basis of distribution channel, the electric shaver market is segmented into online and offline. The offline segment is the leading one, but the online segment, due to increasing growth in e-commerce, is expected to dominate during the forecast period. The product is available in offline mode in hypermarkets, supermarkets, health and beauty stores, and other retail stores as well. The increasing popularity of the product due to its affordability and economic value is driving the growth in the market. Super Markets and Hyper Markets are the stores where these products are easily available.

Regional Outlook

On the basis of regions, the electric shaver market is segmented into 5 regions: Asia Pacific, North America, Latin America, Europe, and the Middle East and Africa. Asia Pacific is the leading segment and is expected to dominate during the forecast period. Increasing urbanization and rising disposable income in the region's emerging markets are driving the demand for electric shavers. a surge in the need for convenient and affordable ways of shaving and a rise in focus on health and hygiene. The rise in expenditure on personal care products is driving growth in the market.

The increasing popularity of social media in the modern world is driving growth in the market. Germany is one of the major markets in European countries due to rising disposable income and increasing urbanization. An increase in awareness regarding health and beauty is driving significant growth in the market. Increasing awareness of environmental sustainability has inspired some users to promote the use of electric shavers over disposable razors. The Middle East and Africa are experiencing moderate growth during the forecast period due to a less hygienic lifestyle in comparison to other developed parts of the world. The presence of some key players is the main reason behind the significant growth in Asia Pacific, North America, and Europe.

Key Players

·         Conair LLC

·         ELEHOT STORE

·         HATTEKER

·         Havells India Ltd

·         Koninklijke Philips N.V.

·         Panasonic Corporation

·         Procter and Gamble India Ltd.

·         Spectrum Brands Inc

·         SweetLF

·         Wahl Clipper Corporation

·         Other Players