February 24, 2024

The Global Shavers Market is Estimated to Witness High Growth Owing to Opportunity of Rising Demand for Personal Care Appliances

Shavers or razors are small portable devices that are used to remove unwanted body hair through a mechanism involving a set of blades or rotary heads. Shavers offer several advantages over traditional razors like convenience of use, comfortable shave experience, and easy maintenance. With growing consumer awareness regarding personal care and grooming, the demand for shavers is witnessing a steady rise worldwide.

The global shavers market is estimated to be valued at US$ 34183.42 Bn in 2024 and is expected to exhibit a CAGR of 13% over the forecast period 2024 to 2031, as highlighted in a new report published by Coherent Market Insights.

Market Opportunity:
With increasing health and hygiene consciousness, young consumers are inclined towards regular hair removal practices to attain properly groomed look which is fueling the adoption of shavers. Moreover, growing disposable incomes in developing countries has enhanced consumer spending on personal care products. Various innovative shaver launches addressing consumer preferences of convenience, skin-friendliness, and efficiency are expanding the market outreach. Manufacturers are launching products with advanced features like waterproof designs, charging stands, customization options, which is further augmenting their popularity among new users. The market players can gain advantages by focusing on product launches catering to emerging consumer demand for personal shavers.

Porter’s Analysis
Threat of new entrants: Medium. Established brands dominate the market and require significant investment for manufacturing plants and market reach. However, opportunities exist for innovative startups.

Bargaining power of buyers: High. Buyers have many brands to choose from at multiple price points. They can negotiate on price during festivals or demand newer features.

Bargaining power of suppliers: Medium. Top suppliers hold a significant share of components. However, others provide alternatives to maintain competitive prices.

Threat of new substitutes: Medium. Alternatives like electric toothbrushes or hair removal devices exist but shavers hold premium for certain uses like detail shaving.

Competitive rivalry: High. Major brands continually invest in R&D and advertising to gain market share and loyalty through product innovation.

SWOT Analysis
Strengths: Established global brands, product innovation in battery life, precision blades, and features. Wide availability through online and offline channels.

Weaknesses: High advertising and promotion costs to introduce new products and fight competition. Vulnerable to low-cost alternatives and price wars during seasonal discounts.

Opportunities: Emerging male grooming trends widen the market. Battery-operated variants lucrative for travel markets. Developing regions yet to adopt modern shavers fully.

Threats: Stagnation in developed markets forces firms to look at alternatives like e-commerce platforms. Volatility in raw material costs and global economic downturns impact spending.

Key Takeaways
The Global Shavers Market Size  is expected to witness high growth over the forecast period aided by rising disposable incomes, changing lifestyles, and growing demand for personal grooming products.

Regional analysis indicates Asia Pacific is likely to see fastest gains in coming years. Rising income levels and growing health consciousness among urban populations will propel adoption. China and India especially present sizable opportunities due to their large population bases.

Key players operating in the shavers market are Fox-IT, Advenica, Owl Cyber Defense, AEP Networks, Waterfall Security Solutions, Nexor, Unisys Corporation, Siemens AG, BAE Systems plc, Thales Group, L3Harris Technologies, Inc., Airbus Defence and Space, Raytheon Technologies Corporation, Fortinet Inc., and Palo Alto Networks, Inc. They focus on developing safer, more convenient products through continuous R&D while expanding into emerging countries.

Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it