Household Vacuum Cleaners Market is Expected to Reach $16,657 Million by 2022, Globally - Allied Market Research

04 Oct, 2016, 09:30 ET from Allied Market Research

PORTLAND, Oregon, October 4, 2016 /PRNewswire/ --

A new report published by Allied Market Research, titled, "Household Vacuum Cleaners Market by Product Type, Mode of Sale, and Geography: Global Opportunity Analysis and Industry Forecast, 2014-2022", projects that the world household vacuum cleaners market is expected to reach $16,657 million by 2022. Upright vacuum cleaners segment is estimated to dominate this market during the analysis period. Asia-Pacific accounted for more than one-third of the market in 2015 and would maintain its dominance throughout the forecast period.
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Summary of the Household Vacuum Cleaners Market Report can be accessed on the website at https://www.alliedmarketresearch.com/household-vacuum-cleaners-market

Growth in urban population in developing nations, improved infrastructural facilities, and rise in awareness towards cleanliness and hygiene worldwide, are factors that drive the market. Cost-effectiveness, safety, efficiency, high accessibility to corner & small areas, and automation in household cleaning has resulted in increased demand for vacuum cleaners. In addition, improvement in living standards, rise in disposable income, increase in working population, coupled with high purchasing power, and ease of operations in vacuum cleaners are anticipated to further drive the demand for household vacuum cleaners globally. However, unawareness, high energy consumption in conventional type of vacuum cleaners, and high prices of robotic cleaners limit the market growth.

Canister household vacuum cleaners segment accounted for about one-fourth of global household vacuum cleaners market in 2015, as these are the most commonly used vacuum cleaners for household cleaning, due to their high suction power and easy accessibility. In addition, robotic household vacuum cleaners segment is the fastest growing segment, and is projected to account for over 20% of the overall market by 2022, owing to their various advanced features such as automated GPS system, self-charging, navigation sensors, and self-adjusting cleaning head.

Upright household vacuum cleaners segment is estimated to continue to dominate the overall household vacuum cleaners market, owing to their comparatively small size, high suction power, and large cleaning surface area. Wet/dry and drum vacuum cleaners are projected to exhibit moderate growth during the forecast period.

Offline mode of sale segment is projected to maintain its lead, due to benefits such as overall product experience, in-depth knowledge of product & specifications, and reduced shipping time features. The growing demand of online retail shops in the developed & developing economies of North America, Europe, and Asia further boosted the market growth.

Asia Pacific accounted for the majority of revenue in 2015, owing to the increased adoption of automated cleaning solutions in metro cities, increased awareness about health & hygiene, rise in popularity of robotics & drum household vacuum cleaners, and growth in disposable incomes. Moreover, government initiatives such as "Swach Bharat Abhiyan" and rapid urbanization in countries such as India, Malaysia, and South Korea are expected to further boost the demand for vacuum cleaners in this region.

According to Deepankar Bose, Research Manager, Consumer Goods at AMR, "The world household vacuum cleaners market is anticipated to witness steady demand during the forecast period on account of growing working population and rising consumer expenditure across the globe. Moreover, individuals are inclined towards technologically advanced products such as robotic vacuum cleaners due to their automatic operation & significant reduction in time, which would further fuel the demand."

Stiff government regulations in Europe regarding energy efficiency by the EU and decrease in lifespan of products are anticipated to facilitate the demand for stick, handheld, and robotic vacuum cleaners in the European region. Low product differentiation and presence of significant number of small and large market players have resulted in price reduction of these products.

Geographically, Asia-Pacific region is expected to maintain its leading position, followed by Europe. Asia-Pacific on account of significant demand from countries such as China, Australia, Japan, South Korea, India, and other South Asian countries, is expected to pose lucrative opportunities for the market players. Moreover, in North America and LAMEA regions, the growth momentum would continue as a result of favorable economic conditions and growing awareness.

Key findings of the study:

  • In the year 2015, upright vacuum cleaners led the overall household vacuum cleaners market revenue, and is projected to grow at a CAGR of 2.7%.
  • Robotic vacuum cleaners are expected to gain a significant market share over the forecast period, owing to their automotive GPS operations and increased demand in household segment due to its ease of access.
  • Others vacuum cleaners segment is projected to grow at a CAGR of 4.9%. The offline mode of sale is projected to generate the highest revenue in the mode of sale segment.
  • Asia-Pacific generated the highest revenue, among all regions in 2015, owing to rising female working population & growing demand for programmed products.
  • China is the major shareholder, accounting for about one-third share of the Asia-Pacific household vacuum cleaners market.

The key players in the household vacuum cleaners market focus on expanding their business operations in the fast-growing emerging countries with new product launch as their preferred strategy. The major players profiled in this report include AB Electrolux, Haier Group Corp., LG Electronics, Inc., Miele & Cie. KG, Samsung Electronics Co., Ltd., Dyson Ltd., Bissell Inc., iRobot Corporation, Panasonic Corporation, and Koninklijke Philips N.V.

Summary of Similar Reports can be viewed at https://www.alliedmarketresearch.com/consumer-goods-market-report

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