Global Window Vacuum Cleaner Market Study 2019, Forecast to 2024 - Enhanced Focus on R&D & Innovation Creates Lucrative Opportunities - ResearchAndMarkets.com
DUBLIN--(BUSINESS WIRE)--Nov 20, 2019--
The “Window Vacuum Cleaner Market - Global Outlook and Forecast 2019-2024” report has been added to ResearchAndMarkets.com’s offering.
The global window vacuum cleaner market is expected to grow at a CAGR of over 10% during the forecast period 2018-2024.
Key Market Insights
The global window vacuum cleaner market is undergoing several transformations in terms of product designs and innovations. The growth in urban development, the rise in living standards, and the change in lifestyle can be attributed to the increasing adoption of window vacuum cleaner appliances. In terms of revenue, the market is likely to grow at a promising growth rate in the coming years.
Europe and North America are expected to observe a high demand for vacuum appliances in the residential sector. Companies are aspiring on the compatible product designs with sustainable suction powers, flexibility for high utility, and development of several support accessories. Hence, major organizations are concentrating on technological progress to boost their product presence in the global window vacuum cleaner market.
This research report includes detailed segmentation by application, distribution, and geography.
In terms of CAGR, the residential segment is expected to witness the fastest growth during the period 2018-2024. Developed economies such as Europe and North America have a high adoption of window cleaning appliances as they are economically stable and follow a lavish lifestyle. The adoption can also be attributed to busy lifestyles and increasing number of women professionals. Emerging markets, such as APAC and Latin America, are price centric. Thus, the pricing of the product becomes important in these regions. Markets such as India have high residential demand; however, high pricing, along with low awareness, prevents penetration.
Window cleaners are mainly sold through dealer distribution channels and retail stores such as specialty stores, supermarkets, hypermarkets, mass-market players, electronic store. However, online stores are increasing gradually. The online segment is witnessing high traction from the US and other APAC countries, particularly China. The growth in online sales is set to increase by over 10% YOY during the forecast period. The primary reason for this is online stores offer more options to choose from than retail stores. Some vendors offer YouTube videos (video tutorials) and help beginners to get knowledge about the application and make them aware of these products. Besides, prices offered on the internet are lower than retail stores because of the discount offered by vendors to promote their products.
Europe is the largest market in terms of revenue and unit shipments. In 2018, Germany witnessed a surge in demand. The Europe market is witnessing high growth in regional markets such as the UK, Germany, and France, and these appliances are gaining popularity among end-users. North America holds the second-largest market share by revenue and unit shipments. The adoption and replacement of window cleaning appliances in North America grow at a steady pace. Although the sale growth of emerging brands remains moderate, the growing replacement demand is likely to increase the revenues in the future years.
APAC follows North America in terms of revenue and unit shipments. The adoption in APAC is growing at a steady pace, and the market revenue has been increasing due to the increase in infrastructure development, leading to the establishment of advance commercial spaces. Japan is likely to contribute 24% to the overall revenue generated in the forecast period in the APAC region. Stable economic conditions, along with extreme focus on the maintenance of hygiene and sanitation, are driving the market.
Key Vendor Analysis
The competitive scenario is currently witnessing intense competition among key players. The rapidly changing market dynamics with regard to product innovation and advancement is acting as a catalyst to intensify the competition. The adoption rate of innovative vacuum cleaning products has increased among end-users worldwide with the growing emphasis on sustainable and smart infrastructure development such as infrastructure 4.0 along with IoT. Intensifying competition among vendors has led to the introduction of innovative and advanced solutions in the market. Therefore, the market has witnessed the entry of many vendors.
These players compete on various factors such as price, operational efficiency, quality, eco-friendliness, and variety. However, the price and operational efficiency are set to become a major base for competition among players to gain an edge over other vendors. Further, the growth of players depends on GDP growth and urban development. Vendors can enhance their revenue and profitability by practicing sound production techniques that minimize product costs and mitigate associated risks.
As the demand is mainly fulfilled via dealers and distributor networks, thus vendors can even consider the development of strategic channels with major commercial infrastructure construction players in order to gather a stronghold over existing demand of the respective market.
Market Growth Enablers
Market Growth Restraints
Market Opportunities & Trends
For more information about this report visit https://www.researchandmarkets.com/r/age5tg
View source version on businesswire.com:https://www.businesswire.com/news/home/20191120005366/en/
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SOURCE: Research and Markets
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PUB: 11/20/2019 05:05 AM/DISC: 11/20/2019 05:05 AM