Technological Innovations Lead to Development of AI-powered Shavers
Conventional single-blade razors pose risks of cuts and injuries to consumers. Manufacturers are experimenting with AI and virtual reality (VR) to overcome the limitations of traditional razors. As such, shavers product segment of the personal care appliances market is expected to account for the third-highest revenue. Hence, manufacturers are tapping into opportunities in AI and VR to increase their offerings in new shaving devices. For instance, in September 2019, Philips announced the launch of AI-powered Smart Shaver series 7000 at the IFA held in Germany.
Moreover, manufacturers in the personal care appliances market are increasing the production of electric razors equipped with multiple high-speed blades. These innovative shavers are increasingly replacing traditional single-blade razors. AI-powered razors are catering to a safer and smarter hygiene routine of customers. Companies in the market for personal care appliances are collaborating with dermatologists to develop mobile apps that cater to the needs of men with sensitive skin. Additionally, companies in the personal care appliances market are offering personalized skin reports to users through the mobile app.
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India Offers Growth Opportunities to Leading Manufacturers
Leading manufacturers in the market for personal care appliances are increasing efforts to fill the gaps in the male grooming segment. World’s largest electronics company Philips, which was valued at ~US$ 2 Bn in the personal care appliances market in 2018, revealed that the company is keen on investments in high-growth countries of Asia Pacific, such as India. Moreover, Asia Pacific is expected to dominate the personal care appliances market, in terms of value and volume, during the forecast period. Hence, manufacturers are expanding into India to increase their market share.
Due to an increase in the uptake of male grooming products in India, manufacturers are increasing production capacities to meet the rising demand from the male demographic. As such, male end user segment is leading the market for personal care appliances, in terms of both value and volume. Thus, leading companies are leveraging opportunities to localize the production of beard trimmers in India.
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Intelligent Smart Charge Technology Increases Uptake of Innovative Trimmers
The personal care appliances market is witnessing technological innovations in trimmers. Besides, trimmers product segment of the personal care appliances market is expected to reach the output of ~500 million units by the end of 2027. Hence, manufacturers are exploring opportunities in lithium-ion technology to increase efficacy in the smart charge technology. For instance, in March 2019, leading U.S. grooming company Wahl Clipper, announced the launch of two new trimmers integrated with the lithium-ion technology.
Companies in the market for personal care appliances are boosting their credibility credentials in the global market landscape, since the intelligent smart charge technology saves power. This innovative technology automatically shuts the unit off once the device is fully charged. Technologies similar to lithium-ion are gaining increased popularity in the personal care appliances market, owing to fast charging and prolonged battery life of trimmers. Moreover, companies are introducing electronic travel lock, which ensures the trimmer does not turn on by accident.
Companies Invest in R&D to Develop Less Intrusive Hair Dryers
The personal care appliances market is expected to be valued at ~US$ 111 Bn by 2027. However, the market is anticipated to grow at a considerable growth rate of ~3% during the forecast period.
There is a growing demand for high power and less intrusive hair dryers that cater to the convenience of customers. However, companies have to invest millions of dollars every week to increase their efficacy in R&D for the development of compact engines in hair dryers. This poses as a challenge for prominent and emerging players in the market for personal care appliances, since such companies are restricted with limited budgets. Hence, manufacturers are adopting various strategies and reinvesting part of their profits in R&D to increase production of technologically advanced hair dryers.
In terms of product, the hair dryers segment dominated the personal care appliances market. Hence, manufacturers are focusing on the development of super-fast motors to stay relevant in the highly competitive market landscape.
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Personal Care Appliances Market: Overview
- According to Transparency Market Research’s latest market report on the personal care appliances market for the period 2019-2027 (wherein 2019 to 2027 is the forecast period and 2018 is the base year), increasing concerns about personal health and growing preference for technologically advanced products are expected to drive the personal care appliances market
- Globally, the revenue generated by the personal care appliances market stood at ~US$ 82.8 Bn in 2018, and the market is expected to expand at a CAGR of over ~3% in terms of value during the forecast period
Growing Attention Toward Personal Care: A key driver
- Growing disposable income of consumers is enabling them to spend more on luxury personal care products. People are also concerned about oral healthcare, which has increased the demand for electric toothbrushes worldwide. Nowadays, consumers are opting for personal care appliances rather than traditional products, due to huge social media exposure. Growing personal care concerns is a major factor driving the personal care appliances market globally.
- Moreover, personal care appliances are witnessing high demand from the younger generation, due to increasing focus on personal grooming. Extensive social media influence has made youngsters to continuously change their hairstyle and looks, which is accelerating the demand for personal care appliances and is set to boost the market across the globe.
Innovation and Technological Advancements: Market opportunity
- Product innovation and portfolio expansion offer considerable opportunities in the personal care appliances market globally. Consumers are more likely to opt for personal care electrical products, such as hair trimmers, shavers, and electric toothbrushes, due to growing awareness about dental care and personal hygiene. Demand for battery-powered devices is also rising. This is expected to create favorable opportunities in the market.
- The personal care appliances market comprises a wide range of products, such as trimmers, shavers, hair straighteners, hair dryers, epilators, electric toothbrushes, nose hair trimmers, facial cleansers, and massagers. Several companies are manufacturing technologically advanced products with different functionalities, which enable them to better cater to global consumers.
Low-cost Alternatives Likely to Hamper Market Growth
- Availability of alternatives, such as razors, cosmetic wax, and shaving blades is likely to hamper the growth of the personal care appliances market. Increase in the number of local manufacturers is also hampering the expansion of key players. Availability of low-cost products from local manufacturers is expected to impact the personal care appliances market.
- Lack of durability of personal care appliances is another factor restraining market growth. High cost of premium personal care appliances is a major drawback, especially in emerging economies.
Personal Care Appliances Market: Competition Landscape
- Detailed profiles of manufacturers of personal care appliances have been provided in the report to evaluate their financials, key product offerings, recent developments, and strategies
- Key players operating in the personal care appliances market include –
- Koninklijke Philips N.V.
- Procter & Gamble
- Wahl Clipper
- Panasonic Corporation
- Conair Corporation
- Spectrum Brands, Inc.
- Groupe SEB
- Andis Company
- Havells India Ltd.
- Helen of Troy
Personal Care Appliances Market: Key Developments
- Prominent manufacturers in the personal care appliances market are increasing investment on research & development for innovation and enhancement of products to fulfill the demand in the market. Manufacturing companies are also planning to expand their product portfolio in various geographies through mergers & acquisitions and tie-ups with distributors and retailers.
Other key developments in the personal care appliances market are as follows:
- In June 2019, Andis collaborated with the renowned Australian men’s grooming brand Uppercut Deluxe and launched the limited edition product known as Envy Li Cordless Clipper and Deluxe Hair Pomade to expand business
- In February 2019, Spectrum Brands Holdings, Inc. and Manchester United plc signed a multi-year global partnership under which, the personal care brand Remington will become Manchester United Football Club’s first official electrical styling partner. This partnership will provide a great opportunity to showcase the quality and versatility of Remington products to fans.
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