The global electric shavers market is projected to collect revenue of US $17.7 bn by expanding at a CAGR of 5.7% over the forecast period from 2016 to 2024, according to a report by Transparency Market Research.
What's fueling growth? The rise is due to a growing emphasis on personal grooming, analysts say.
The electric shavers market is gaining traction among consumers due to the growing demand for personal care electronic appliances coupled with growing attention toward personal aesthetics, the report states. This demand is expected to grow over the forecast period and is likely to be the key factor fuelling growth.
Male consumers dominate the market, however, the preference for grooming products among females is expected to drive growth over the coming years.
The market has a highly consolidated vendor landscape -- and the key players are Procter & Gamble Co., Spectrum Brand Holdings Inc., and KoninKlijke Philips N.V., which accounted for the leading share of 68.6% of the market's overall revenue in 2015.
The key players are facing competition due to their rivalry, and the presence of several small and regional companies. New players are offering cheap electric shavers in order to win customers, the report states.
Photos: (L) Philips 4100 Wet & Dry Electric Shaver; (R) P&G's Remington PF7600 F8 Comfort Series Wet & Dry Foil Shaver