Cordless Vacuum Cleaner Market Growing Geriatric Population to Boost Growth 2030

Description

The global cordless vacuum cleaner market was valued at USD 5,380.32 million in 2020 to USD 9,736.98 million by 2027, at a CAGR of 10.39% from 2021 to 2027. Cordless vacuum cleaners are the types of vacuum cleaners that are battery-powered, portable, and easy to use. The presence of a lithium-ion battery helps in less electricity consumption, and cordless vacuum cleaners are less noisy than corded ones as they are built on quiet technology.

Hybrid vacuum cleaners of any kind (wet/dry) are not considered while sizing the market. Connected robotic vacuum cleaners or Wi-Fi-based robotic vacuum cleaners are not included. Exclusive industrial vacuum cleaners are not included in the study. Hybrid commercial and industrial vacuum cleaners are not included in the study. Support and maintenance services are not included while estimating the market.

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Global Cordless Vacuum Cleaner Market Dynamics

Drivers: Rising Single Residential Ownership

Psycho-graphical and demographical indicators of end-users have changed drastically over the past few years. Factors such as increased penetration of wireless broadband internet, strong adoption of smartphones and tablets, and increased social media users have provided end-users with unmatched access to information on the go. These factors have helped end-users to make informed purchasing decisions. Thus, today's end-users are better empowered and have an informed decision-making process. They prefer to use digital media and devices to get detailed information about products before purchasing them. Digital media also provides a wide choice to end-users.

The increasing penetration of internet services, improved economy, and upgrading of purchase and delivery options with the emergence of m-commerce have paved the way for online shopping through smart and connected devices such as smartphones and tablets. The m-commerce sector accounts for close to half of the global e-commerce market presently. Online websites also provide detailed information on products, including quality, safety measures, and user guidance, increasing the demand for e-retailing among customers.

Restraints: Upgradation of Products

Advancement in technology is a major threat for any product manufacturing company in the industry. The technology is evolving continuously, and to survive in the competitive market, various vendors are spending a huge sum on R&D and emphasizing continuous innovation to meet customers' ever-changing needs. Vendors who are new to the market lag in terms of market knowledge and experience and generally fail to understand customer needs and the changes required to be made in the product, thereby creating the threat of loss of demand for the product in the market. Robotic vacuum cleaners with advanced features such as Wi-Fi, voice control, and others are witnessing continuous growth, creating a challenge for cordless vacuum cleaner vendors that cannot upgrade their offerings.

Opportunities: Hepa Filter and Anti-Allergen Technology

Many vendors nowadays are selling cordless vacuum cleaners equipped with HEPA (High-Efficiency Particulate Air) filters. This filter helps in trapping tiny particles that are generally missed by ordinary cordless vacuum cleaners. Particles such as pollen, dust mites, bacteria, fungal spores, and others create a lot of discomfort for allergic people by penetrating the lungs. HEPA filters help in removing 99.70% of these particles, thus making the surroundings clean and hygienic.

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Scope of the Report

The study categorizes the cordless vacuum cleaner market based on category, product type, distribution channel, end user, and regions.

By Category

• Floor
• Window and Pool
• Others

By Product Type

• Upright
• Canister
• Stick
• Handheld
• Others

By Distribution Channel

• Online
• Offline

By End User

• Residential
• Commercial

By Region

• North America (US, Canada, Mexico)
• South America (Brazil, Argentina, Colombia, Peru, Rest of Latin America)
• Europe (Germany, Italy, France, UK, Spain, Poland, Russia, Slovenia, Slovakia, Hungary, Czech Republic, Belgium, the Netherlands, Norway, Sweden, Denmark, Rest of Europe)
• Asia Pacific (China, Japan, India, South Korea, Indonesia, Malaysia, Thailand, Vietnam, Myanmar, Cambodia, the Philippines, Singapore, Australia & New Zealand, Rest of Asia Pacific)
• The Middle East & Africa (Saudi Arabia, UAE, South Africa, Northern Africa, Rest of MEA)

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Floor, by Category, is estimated to be the fastest-growing segment during the forecast period

Based on the category, the global cordless vacuum cleaner market has been segmented into the floor, window and pool, and others. The floor is the fastest-growing segment with a CAGR of 10.69% during the forecast period, 2021-2027.

Floor cordless vacuum cleaners are specifically designed to clean flooring areas. There are various categories of cordless vacuum cleaners that are used to clean the floors of residential and commercial places, such as:

• Canister
• Stick
• Upright
• Handheld
• Others (Robotic, Backpack)

Among these, upright is the most preferred cordless vacuum cleaner by the population across countries. Various end-users in the commercial sector such as hospitals, hospitality, airport, offices, and others get huge footfall throughout the day, which requires frequent cleaning. Manual cleaning of such spaces becomes a very tedious job, creating cordless vacuum cleaners. Hence, the demand for cordless vacuum cleaners for floor cleaning is increasing rapidly and is expected to see substantial growth during the forecast period.

Asia Pacific accounts for the highest CAGR during the forecast period in the cordless vacuum cleaner market

Based on region, the global cordless vacuum cleaner market has been segmented into North America, Europe, Asia Pacific, South America, and the Middle East & Africa. The Asia Pacific has a growth rate of 14.05% during the forecast period 2021-2027. APAC is expected to see exponential growth in the cordless vacuum cleaner market during the forecast period due to the population's increasing adoption of technically advanced products. The rapid urbanization due to the migration of people from rural to urban areas leads to improvement in the standard of living in a country like India, which offers various opportunities to expand the market for cordless vacuum cleaners in the country.

The major advantage that Asia enjoys is in terms of the availability of raw materials. The dependence on other countries for sourcing raw materials is low. China, India, Japan, and others are home to a majority of raw materials such as polystyrene, aluminum, polypropylene, steel, and others, required to manufacture cordless vacuum cleaners, so the cost of sourcing raw materials reduces for vendors in these countries. Moreover, China, Vietnam, and other APAC countries also have cheap labor and lower electricity costs than many countries (Germany, Italy, the US, and others). Hence, the entire cost of production of the finished product (cordless vacuum cleaners) comes down. These are a few reasons why many cordless vacuum cleaner brands establish their production in China or other APAC countries as purchase from Original Equipment Manufacturers reduces the manufacturing cost.

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Key Market Players

The major players covered in the global cordless vacuum cleaners market are LG, Pro Team, Hoover, GlenDimplex, Haier, Puppyoo, SharkNinja, Stanley Black & Decker, BISSELL, TTI, Electrolux, Dyson, Miele, Neato Robotics, Oreck, Bosch, Dyson, Philips, Eureka, Dirt Devil, Gtech, and IRobot.

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Article source: https://article-realm.com/article/Finance/20801-Cordless-Vacuum-Cleaner-Market-Growing-Geriatric-Population-to-Boost-Growth-2030.html