Growing Need for Portable Handheld Hair Removal Devices
Technological advancements across several consumer appliances in the personal care segment has also helped in the advancement of epilators, which are now available in both corded and cordless forms. Epilators are a great device for hair removal as it removes hair from the roots, without leaving behind scar and hair follicles on the skin. As such, these devices provide smoothness to the skin as it removes hair from the roots. Moreover, these devices are also available at an affordable price range in the market. Backed by the increasing household disposable income of individuals around the globe and the increasing purchasing power, the demand for such personal care devices are increasing amongst the individuals, which is anticipated to drive the growth of the global epilators market.
Increasing Working Population
One of the major users of epilators are the working population, who face difficulties in their day-to-day life, to spend time on personal hygiene. Utilizing an epilator is very less time consuming, which makes it a perfect device for the working population for daily use. Moreover, using an epilator is very easy and takes less effort. As a result, numerous working individuals are increasingly adopting epilators for their personal hygiene care, which is anticipated to drive the growth of the global epilator market over the coming years.
The global epilator market is thriving on the back of increasing need amongst individuals for advanced technological devices and products that ease day-to-day life, along with the growing beauty salon industry around the world. Additionally, increasing number of working women as well as women with children, who don’t find much time to go to beauty salons for personal hygiene, is also anticipated to contribute to the rising adoption of epilators, which in turn is estimated to promote towards the growth of the global epilator market in the coming years. Additionally, several benefits associated with epilators, such as less time-consuming, more economical and less worry for the change of spare parts, in comparison to conventional hair removal methods, that include shaving and waxing, are also anticipated to contribute towards the growth of the global epilator market.
The market is further anticipated to grow gradually at a CAGR of around 8% over the forecast period, i.e. 2020-2028. The global epilator market is segmented by form into cordless and corded, out of which, the cordless segment is anticipated to hold the largest market share on account of the advantages over corded epilators. As cordless epilators have no cords, hence there is more freedom to use the epilator in every single direction, without being tangled with the cord. Moreover, cordless epilators are easy to carry as there are no additional equipment that needs to be carried along, in comparison to a corded epilator. Additionally, the weight of a cordless epilator is less than a corded epilator, which makes it easier for carrying of the epilator by an individual during travel. CLICK TO DOWNLOAD SAMPLE REPORT
Painful Hair Removal Experiences to Hamper the Growth of the Market
Severe concerns observed with the use of epilators, where users experience skin bumps and redness, followed by swelling of the skin. Additionally, several users have also faced skin sensitivity issues upon the use of epilators. Such factors are anticipated to hamper the growth of the global epilator market.
Our in-depth analysis of the global epilator market includes the following segments:
By Epilator Type
By Distribution Channel
By End User
On the basis of regional analysis, the global epilator market is segmented into five major regions including North America, Europe, Asia Pacific, Latin America and Middle East & Africa region.
North America holds the largest market share and is anticipated to grow at a decent rate over the forecast period owing to the presence of a huge working population along with the need for advanced personal care products, backed by the increasing disposable income of individuals.
The global epilator market is further classified on the basis of region as follows:
October 2018: Panasonic Corporation announced the launch of two new epilators in the wet/dry segment, namely ES-EL8A and ES-EL3A that has two wide discs and helps to gain smooth and silky body.
In 2023, market players might incur losses due to huge gap in currency translation followed by contracting revenues, shrinking profit margins & cost pressure on logistics and supply chain.
Controlling Inflation has become the first priority for global economies from last quarter of 2022 and to be followed in 2023. With skewed economic situations, rise in interest rate by governments to control spending and inflation, spiked oil and gas prices, high inflation, geo-political issues including U.S. & China trade war, Russia-Ukraine conflict to intensify the global economic issues.
The interest rates in the U.S. may be less sensitive in 2023 as compared to 2022; sigh of relief for businesses. Positive business sentiments, healthy business balance sheets, growth in construction spending (private construction value in 2022 stood at $1,429.2 billion, 11.7 percent (±1.0 percent) above the $1,279.5 billion spent in 2021, Residential construction in 2022 was $899.1 billion, up by 13.3 percent (±2.1 percent) from $793.7 billion in 2021, non-residential construction touched $530.1 billion, 9.1 percent (±1.0 percent) above the $485.8 billion in 2021.) showcases minimal impact of recession in the country.
Similarly, spiked spending in the European and major Asia economics including, India, China & Japan to showcase less impact on the global demand.