Household Vacuum Cleaners Market is expected to grow at a rate of 4.6% over the period of 2016-2024. Changing urban lifestyles and demand for precise & real time technologies will mainly drive the household vacuum cleaners market over the coming timeframe. Tight schedule and active lifestyle make time saving mandatory. Dual-earning families and middle-income groups will face time-constraints to manage household chores. Therefore, accomplishing everyday domiciliary tasks besides the hectic work schedule will propel household vacuum cleaners industry growth.
Rising living standards and enhanced consumer spending capacity on luxury appliances will further drive household vacuum cleaners industry revenue. Increasing awareness pertaining to time-efficiency, convenience and benefits derived due to vacuum cleaners use is expected to promote household vacuum cleaners market trends over the coming years.
Major household vacuum cleaners comprise Upright, Canister, Central, Drum, Wet/Dry, and Robotic cleaners. Robotic household vacuum cleaners market share will reach USD 3.5 billion by 2024, owing to its innovative features such as acoustic sensors, automated mapping capabilities, self-charging, and sweeping brushes. High demand for mobile support applications is expected to drive its growth over the coming years.
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Global household vacuum cleaners industry is segmented into robotic, upright, drum, canister, wet or dry and central. Products with tiny size and high suction ability as well as capacity to cleanse big surface area are projected to fuel upright segment growth. It is predicted to contribute greater than 25.1% to the total industry share by end of forecast timeline.
Canister segment is predicted to witness substantial expansion as the equipment is user friendly and can easily be handled. It is anticipated to evaluated at more than $4.6 billion till end of forecast timeline and register CAGR of 3.91% during forecast timeframe.
Robotic products segment is projected to experience substantial expansion in future. The growth can be credited to many innovative inbuilt or embedded features like mobile support, acoustic sensor, capacity to self-charge, sweeping brushes and automatic mapping abilities. It is predicted to experience good growth as the equipment requires less time and energy to operate. This segment contributed about 12.1% of the total household vacuum cleaners market share for 2015 and is predicted to contribute revenue of about $3.6 billion by end of forecast timeline.
Asia Pacific household vacuum cleaners industry share worth USD 3.7 billion in 2015, is expected to grow at a CAGR of 5.2% over the coming eight years, owing to its high demand. India, Japan, and China are predicted to boost the regional revenue.
North America household vacuum cleaners market is expected to witness a high growth over the next few years on account of rising time constraints for home-based cleaning along with heath & hygiene awareness among consumers. U.S. is expected to contribute significantly towards the regional share.
Market players will try to grow their regional presence and ROI through mergers & acquisitions and product differentiation. They will try to compete in terms of price, product branding, technology, performance, energy consumption and quality. The key industry participants include TTI Floor Care, Oreck, Dyson, Stanley Black & Decker, Panasonic, Samsung, Royal Philips Electronics, Eureka Forbes, Haier Group, iRobot, and LG.