Vacuum Cleaner Market Size to Hit New profit-making Growth By 2027

Description

The global vacuum cleaner market size was valued at USD 5,399.4 million in 2020 to USD 7,019.6 million by 2027, at a CAGR of 3.82% from 2021 to 2027. Growing urban population in key developing nations, improved household facilities, and rising awareness towards cleanliness and hygiene worldwide are factors pushing this market. Additionally, the market growth is driven by the garage & storage management system for effective usage of the space, especially in North America and the European region. The cost efficiency, product safety, high accessibility to the corners & smaller areas, and growing automation in-household for the cleaning purpose have a cumulative impact on the demand for vacuum cleaners market during the forecasted period.

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The vacuum cleaner market is witnessing strong growth across regions due to rising working population class, clubbed with better purchasing power, and vacuum ccleaners'ease of operations are anticipated to drive the demand for household vacuum cleaners further globally. 

The surge in rivalry due to the presence of key players with a shallow degree of product differentiation will eventually result in reduced prices. The product differentiations and frequent offers on the vacuum cleaners stay dynamic in this competitive market, a significant driver for the key market players. These players have adopted exhaustive distribution channels to garner maximum penetration across the globe. The offline & particularly online sales channels are tapped by these players to enhance the market reach. Increasing retailing channels, including mail, telephone, catalogs, stores, websites, and social networking, has increased consumer access to these products. Partnership establishments between manufacturers and these distribution channels have helped the vacuum ccleaners'market to gain high penetration over the last few years. The effective post-sales service is differentiating critical players in this competition. Manufacturing companies are working on offering better products to address environmental concerns. Limited levels of awareness in remote areas and high energy consumption are the factors that limit the market growth.

Global Vacuum Cleaner Market Dynamics

Drivers: Growing demand for sustainable vacuum cleaners with digital features

Customer dynamics are evolving, and new technologies are being developed. Cleaning is becoming smarter as smart apps and robotic technology are used to extract additional value from data generated by various industry verticals. Companies are working on developing sustainable products with reduced emissions and noise and digitally upgraded items. Furthermore, numerous prominent firms have produced items such as steam cleaners that would be used to disinfect surroundings to profit from the sales potential during the epidemic. Companies were able to improve their revenues thanks to the launch of these products.

Challenges: High price of the vacuum cleaners

The global mmarket'sgrowth is likely to be hampered by the high cost of wet vacuum cleaners and an increase in the number of counterfeit products. In addition, increased energy usage and electricity prices are predicted to hamper the iindustry'sgrowth over the forecast period. Furthermore, the inability of these devices to clean complicated structures efficiently is expected to limit growth over the next seven years.

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Scope of the Report

The study categorizes the vacuum cleaner market based on product type, length, capacity, function, distribution channel, end user, and regions.

By Product Type Outlook (Volume, Thousand Units, Revenue, USD Million, 2017-2027)

• Central Vacuum
• Garage Vacuum

By Length Outlook (Volume, Thousand Units, Revenue, USD Million, 2017-2027)

• 0-30 ft
• 30-50 ft
• 50+ft

By Capacity Outlook (Volume, Thousand Units, Revenue, USD Million, 2017-2027)

• 0-1 Gallon
• 1 - 2 Gallon
• 2 - 5 Gallon
• 5+ Gallon

By Function Outlook (Volume, Thousand Units, Revenue, USD Million, 2017-2027)

• With Blower
• Without Blower

By Distribution Channel Outlook (Volume, Thousand Units, Revenue, USD Million, 2017-2027)

• Online
  • Independent Retailers
  • Dependent Retailers
• Offline
  • Supermarket & Hypermarket
  • Standalone Stores
  • Resellers
  • Independent Retailers
  • Others

By End User Outlook (Volume, Thousand Units, Revenue, USD Million, 2017-2027)

• Residential
• Commercial
• Corporate Offices
• Educational Sites
• Industrial

By Region Outlook (Volume, Thousand Units, Revenue, USD Million, 2017-2027)

• 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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30-50 Ft, by Length, is estimated to be the fastest-growing segment during the forecast period

Based on the length, the global vacuum cleaner market has been segmented into 0-30 ft, 30-50 ft, and 50+ft. In 2020, 30-50Ft accounted for the fastest growing segment with a CAGR of 4.18% during the forecast period.

The length of a vacuum cleaner decides its accessibility from a distance. The vacuum cleaners Upto 50 Ft length are mainly used to reach more spaces until the length permits them. These vacuum cleaners Upto 50 Ft are useful while cleaning your garage space, outdoor space, as they can reach there. The cord length may become an advantage as well as a disadvantage at the same time. The advantage is that it can reach far. However, they are challenging to handle.

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

Based on region, the global vacuum cleaner market has been segmented into North America, Europe, Asia Pacific, South America, and the Middle East & Africa. The Asia Pacific accounted for a revenue share in terms of value was 20.5% in 2020 and is estimated to grow at a CAGR of 4.43% in the global vacuum cleaner market from 2021 to 2027. The Asia-Pacific vacuum cleaner market is analyzed across Japan, China, India, Australia, and the rest of Asia Pacific. Asia’s Vacuum Cleaner Market is booming and growing positively during the forecasted period. Growth in consumer spending, coupled with the increasing number of households, will help in sales. The Asia Pacific accounted to have a prominent growth in Vacuum Cleaner Market. Countries with a huge population such as China and India are adding to the growth of the Vacuum Cleaner market in the Asia Pacific. Moreover, countries in Asia such as India, Japan, China, and Australia are lucrative markets, and many multinational firms are entering these countries. Also, the market is driven by government proposals to improve public facilities, infrastructures, changing lifestyles & are providing a considerable push to the demand for vacuum cleaners to replace manual cleaning.

In this region, these vacuum cleaners have become a major segment of the small household appliances industry, and are growing progressively due to rising disposable income, increasing awareness about indoor health and hygiene, and growth in the female working population. As these countries are varied in nature and consumer behavior in countries like India differs by each region and city, companies are investing in the vacuum cleaner market to address end user needs in a customized manner. The sale of vacuum cleaners is perceiving speedy progress on account of their extreme ease of use. In addition, given the technology required for such vacuum cleaning features, the price of robotic vacuum cleaners is expected to drop during the forecasted period in this region.

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Key Market Players

The global vacuum cleaner market is fragmented into a few significant players include Electrolux Group, Panasonic Corporation, Stanley Black & Decker, Dyson Ltd., Haier Group, Eureka Forbes Ltd, LG Corporation, Oreck Corporation, Whirlpool, Royal Philips Electronics, InterVac Design Corp., Bissell, VacuMaid, and Samsung.

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Article source: https://article-realm.com/article/Finance/20992-Vacuum-Cleaner-Market-Size-to-Hit-New-profit-making-Growth-By-2027.html