Electric Shavers Market: Current Analysis and Forecast (2021-2027)

Electric shavers are electrical devices used for shaving which are powered by a small DC motor. It is a razor having rotating or oscillating blades behind the metal guard. these shavers do not usually require the use of shaving creams, soaps, or water. Many modern electric shavers are rechargeable and are cordless.

With rapid technological advancement and the rising in the adoption of grooming products in our daily lives, there has been a surge in consumer spending on personal care across the globe which in turn is driving the growth of electric shavers. For instance, in 2019, consumer spending was at around USD 45,709,455,000, an increase from USD 42,939,185,000 in 2018. Also, owing to the launch of new and innovative products in the market is attracting more and more consumers globally. For instance, in 2020, nearly 4.37 million people used Philips electric and battery shavers and almost 2.7 million people used electric shavers of Braun company in Great Britain.

The electric shavers market is growing exponentially on account of growth in the living standards coupled with the rising urban population across the world as the adoption of electric shavers is primarily witnessed among people living in urban areas. For instance, according to The World Bank Data, in 2018, nearly 55.27% of the global population was urban and it was increased to 56.15% in 2020. further, it has been anticipated that almost 60% of the world's population will be living in urban areas. In addition to this, the rise in the younger population and the growing awareness regarding personal grooming are also driving the market growth globally.

Based on type, the market is fragmented into foil shavers, clippers, wet/dry shavers, and rotary shavers. The clippers segment generated revenue of USD XX million in 2020. The segment is expected to grow at a CAGR of XX% during the forecast period to reach a market valuation of USD XX million by 2027 owing to the growing adoption of clippers in their regular use as these are cheaper than other types of electric shavers.

Based on distribution channels, the market is fragmented into online and offline. The online segment generated revenue of USD XX million in 2020 and is expected to grow at a CAGR of XX% during the forecast period to reach a market valuation of USD XX million by 2027F owing to the shifting consumer behavior towards online shopping.

Based on the end-user, the market is fragmented into men and women. The men segment generated revenue of USD XX million in 2020 and is expected to grow at a CAGR of XX% during the forecast period to reach a market valuation of USD XX million by 2027F. However, the women segment is also anticipated to grow with a considerable CAGR of XX% during the forecast period.

For a better understanding of the market adoption of electric shavers, the market is analyzed based on its worldwide presence in the countries such as North America (United States, Canada, and Rest of North America), Europe (Germany, France, Italy, Spain, United Kingdom and Rest of Europe), Asia-Pacific (China, Japan, India, Australia and Rest of Asia-Pacific), and Rest of World. Europe constitutes a major market for the electric shavers industry and generated revenue of USD XX million in 2020 owing to the rapid urbanization and rising income level of middle- and upper-class consumers in the region.

Some of the major players operating in the market include Koninklijke Phillips N.V., Panasonic Corporation, Procter & Gamble, The Gillette Company, Conair Corporation, Braun GmbH, Wahl Clipper GmbH, Spectrum Brand Holdings, Remington Products Company, Havells India Ltd., etc. Several M&A's along with partnerships have been undertaken by these players to develop new and advanced electric shavers.

This market is expected to witness a boost on account of the increasing demand for electric shavers among end-users and the rising consumer expenditure on personal care all over the world. In addition to this, key players worldwide are introducing innovative electric shavers to cater to the middle-income group propelling the growth of the electric shaver market across the globe.