Transparency Market Research (TMR) notes that the global vacuum cleaner market is characterized by the presence of several large and small players operating in it. The rivalry between the players is likely to increase as they are aimed at making smart and lighter cordless vacuum cleaners. Several companies are aiming at making vacuum cleaners that can reduce efforts during cleaning. Product innovation has also proven to be a successful marketing strategy adopted by top players in the global vacuum cleaner market. The global vacuum cleaner market is expected to grow steadily due to the existence of large players who want to invest in innovative branding ideas. Some of the leading players in the global vacuum cleaner market are AB Electrolux, Samsung Electronics Co, Bissell Inc, and Haier Group Corp.
According to TMR, the global vacuum cleaner market is projected to register a promising CAGR of 4.3% from 2017 to 2026. By the end of 2026 the market will be worth US$29,704.1 mn. Out of various end users in the global vacuum cleaners market, the demand for residential vacuum cleaners is expected to remain high in the next few years as they are more affordable and more convenient to use. Region wise, Asia Pacific is expected to be leading region in the global vacuum cleaner market in the coming years as the region has seen rapid industrialization in the past few years.
Rising Disposable Incomes Key Growth Driver
Increasing awareness toward cleanliness and rising per capita income are key boosting factors for the global vacuum cleaners market. Vacuum cleaners are successfully replacing the conventional cleaning methods. They are a smart solution for those with busy lifestyles, as they reduce efforts. In addition, vacuum cleaners pull out dust and dirt from corners that would not have been possible by manual labor. The demand for vacuum cleaners has been considerably high on account of demand for faster, automated methods for cleaning household. Vacuum cleaners are highly adopted by end users to save their valuable time. Rising occurrence of health issues due to living dusty indoors and increasing air pollution are factors fueling the growth of the global vacuum cleaner market.
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Rapid industrialization is also triggering the growth of the global vacuum cleaner market. Modern vacuum cleaners available in the market are equipped with sensors and timers. In addition, robot vacuum cleaners has gained popularity in the past few years. The automation benefits in efficient cleaning and time management are expected to help the global vacuum cleaners market expand steadily in the next few years.
However, various factors are expected to inhibit growth of the global vacuum cleaners market during the forecast period. Stringent regulations imposed by the government organizations is expected to inhibit growth of the global vacuum cleaners market. For example, the European Union is increasingly focusing on reducing the consumption of the household electricity as well as CO2 emission every year while planning the ecodesign and labelling requirements of the vacuum cleaners. In order to implement the new energy label rule for vacuum cleaners, the European Union is planning to impose regulations against those vacuum cleaners that are more powerful than 900 W. These factors will continue to inhibit growth of the global vacuum cleaners market during the forecast period.
Canister Products to Generate Significant Revenues
With the growing need for cleaning the carpets and floor quickly, demand for the canister vacuum cleaners are expected to increase. On the basis of product type, the canister segment is expected to generate significant revenues, recording a value of over US$ 2,000 Mn by the end of 2026. However, the autonomous/robot product type segment is expected to witness a robust CAGR throughout the forecast period. Based on end use, the household segment is expected witness the highest revenue growth, accounting for a value of over US$ 4,000 Mn by the end of 2017. On the other hand, the independent retail store segment is expected to witness the fastest growth in the global vacuum cleaner market during the forecast period.
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Competition Tracking
Leading market players in the global vacuum cleaners market include Haier Group Corp., AB Electrolux, Samsung Electronics Co., Ltd., LG Electroncis, Inc., Dyson Ltd., Samsung Electronics Co., Ltd., iRobot Corporation, Bissell Inc., Koninklijke Philips, N.V., Panasonic Corporation and Techtronic Industries.
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