The global Household Vacuum Cleaners Market is expected to reach USD 16.1 billion by 2022, according to a new report by Grand View Research, Inc. Increasing government initiatives to spread awareness about cleanliness and hygiene worldwide is expected to contribute to revenue growth.
Rising
disposable income and increasing preference for new technologies worldwide is
anticipated to favor industry growth over the forecast period. Price is
estimated to be a critical factor in buying decision. Rising competition owing
to presence of large industry players and less differentiated product is
expected to benefit Industry leading to price reduction.
Technology
developments play an important role in revenue growth. Products such as bagless
and robotic vacuum cleanerss have gained popularity across the globe. Use of
smartphone-based services is also gaining popularity due to rising smartphone
penetration worldwide. For instance, in September 2015, iRobot Corporation
announced the introduction of Roomba 980 that combines adaptive navigation with
visual localization, and cloud connected app control for easy operation.
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Market Report
Household
Vacuum Cleaners Market Report Highlights
- Household
vacuum cleaners market is segmented on the basis product into upright,
canister, central, drum, wet/dry, and robotic devices. Robotic cleanerss
are expected to hold high potential over the next seven years owing to
innovative features including sweeping brushes, acoustic sensors, mobile
support, automated mapping capabilities and self charging capabilities.
- Canister
vacuum cleanerss market is estimated to be valued at over USD 4 billion by
2022. Drum products are anticipated to grow at a CAGR of more than 4.0%
over the forecast period. High cost and large size may hinder growth of
the central product segment over the next seven years.
- Asia Pacific
vacuum cleaners market accounted over 30% of the overall revenue share in
2014. Strict energy regulations may hinder regional growth over the
forecast period. EU banned the sales of vacuum cleanerss with power
capacity above 1600 watts and this capacity restriction will reduce to 900
watts in September 2017.
- Key industry
players include Stanley Black & Decker, Electrolux Group, Dyson Ltd.,
TTI Floor Care, Miele, LG Corporation, and Eureka Forbes Ltd. Other
prominent vendors include Royal Philips Electronics, Oreck Corporation,
Haier Group, iRobot Corporation, Bissell Inc., Panasonic Corporation, and
Samsung.
- In July
2013, TTI Floor Care acquired Oreck Corporation to enhance its product
portfolio. The company offers these products through four brands, Vax,
Oreck, Dirt Devil, and Hoover. Dyson offers upright, canister, cordless,
and handheld products. In September 2015, iRobot Corporation announced the
launch of Roomba 980, which is equipped with high tech sensors for
navigation, visual localization technology, and app-based support.
Grand View Research, Inc. is a U.S. based market research and consulting company, registered in the State of California and headquartered in San Francisco. The company provides syndicated research reports, customized research reports, and consulting services. To help clients make informed business decisions, the company offers market intelligence studies ensuring relevant and fact-based research across a range of industries including technology, chemicals, materials, healthcare and energy.
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