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.
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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.
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.
Preference for Conventional Methods Hinders Sales of Vacuum Cleaners
Some challenges come in the way of the growth of the vacuum cleaners market. The challenge mostly comes from rural areas that still lack access to electricity. Apart from that, cost-sensitive markets are also refraining from the usage of vacuum cleaners. Although, a robust growth momentum of the global vacuum cleaner market is likely to overcome some of these challenges over next few years.
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