Vacuum Cleaner Market exhibiting a CAGR of 9.7% during the forecast period ( 2024-2030) - Exactitude Consultancy
Luton, Bedfordshire, United Kingdom, July 01, 2024 (GLOBE NEWSWIRE) -- Exactitude Consultancy, the market research and consulting wing of Ameliorate Digital Consultancy Private Limited has completed and published the final copy of the detailed research report on the Vacuum Cleaner Market.
The global vacuum cleaner market size is projected to grow from USD 13.19 billion in 2023 to USD 25.22 billion by 2030, exhibiting a CAGR of 9.7% during the forecast period.
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The market growth is attributed to the rising demand for vacuum cleaners, driven by their increasing applications in residential, commercial, and industrial spaces. Additionally, factors such as changing lifestyles, higher disposable incomes, and a growing working population are further enhancing the overall outlook of the vacuum cleaner market. The rapid technological advancements that facilitate ease of use and reduce the need for human intervention are significantly influencing market growth. A notable example of such advancements is the emergence of robotic vacuum cleaners, which efficiently clean spaces without requiring human assistance.
The vacuum cleaner market is significantly impacted by government regulations and policies, as governments worldwide establish frameworks for manufacturers to reduce energy consumption and develop eco-friendly solutions. For example, the vacuum cleaner energy label rule in Europe reduces the allowable wattage from 1,620 watts to 910 watts for vacuum cleaners manufactured or sold in the region.
The market is also being shaped by the increasing number of mergers and acquisitions, which help companies boost market share, expand their customer base, and strengthen their product portfolios.
High end-user concentration characterizes the market, with various industry verticals adopting efficient cleaning solutions to eliminate large volumes of hazardous dust and awkward debris. Additionally, vacuum cleaners are experiencing increased adoption in both commercial and residential spaces, further contributing to the high end-user concentration in the market.
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Competitive Landscape:
The competitive landscape of the vacuum cleaner market was dynamic, with several prominent companies competing to provide innovative and advanced vacuum cleaner solutions. - Bissell Inc., Craftsman, Dewalt, Dreame International Limited, Dyson, ECOVACS, Emerson Electric Co., Haier Group, iRobot Corporation, lfred Karcher SE & Co. KG, Miele & Cie. KG,, Neato Robotics, Inc., Nilfisk Group, Panasonic Holdings Corporation, Pullman-Ermator, Samsung Electronics Co., Ltd., Snow Joe LLC, Stanley Black & Decker, Techtronic Industries., Vorwerk & Co. KG.
Recent Developments
Jan. 18, 2024 – Emerson has launched the Branson™ Series GMX-Micro, a line of high-precision ultrasonic metal welders that feature a new computerized operating system, multiple power levels and configurations, advanced controls, and improved connectivity.
June 15, 2022- Kantar BrandZ Top 100 Most Valuable Global Brands was announced by the world’s leading data, insights and consulting company Kantar. Haier and another 13 Chinese brands including Tencent, Alibaba and Huawei made the ranking.
Report Scope:
| ATTRIBUTE | DETAILS |
| Study period | 2020-2030 |
| Base year | 2023 |
| Estimated year | 2024 |
| Forecasted year | 2024-2030 |
| Historical period | 2020-2023 |
| Unit | Value (USD Billion) (Thousand Units) |
| Segmentation | By Product, End Use and Region |
| Canister | |
| By Product | Central |
| Drum | |
| Robotic | |
| Upright | |
| Wet & Dry | |
| Commercial | |
| By End Use | Household |
| North America | |
| Asia Pacific | |
| By Region | Europe |
| South America | |
| Middle East Asia & Africa |
Market Dynamics
Driver
Growing concerns about indoor air pollution and allergens drive the demand for vacuum cleaners with advanced filtration systems, HEPA filters, and other technologies that improve indoor air quality.
The burgeoning awareness regarding indoor air quality stands as a significant catalyst in the vacuum cleaner market, fueling a notable demand for appliances furnished with advanced filtration mechanisms such as HEPA filters and other technologies aimed at elevating indoor air standards. With individuals increasingly recognizing the detrimental impact of indoor air pollution and allergens on their health, there has been a discernible shift towards prioritizing solutions that alleviate these concerns. Vacuum cleaners, conventionally regarded solely for their cleaning prowess, are now sought-after for their dual functionality: not only do they eradicate visible debris, but they also adeptly capture minuscule particles like dust mites, pet dander, and pollen, which can exacerbate respiratory ailments and allergies.
Restraint
Premium vacuum cleaner models equipped with advanced features can be expensive, deterring price-sensitive consumers from purchasing or upgrading their vacuum cleaners.
The challenge of high initial costs poses a significant barrier within the vacuum cleaner market, particularly concerning premium models equipped with advanced features. These elevated price points often deter price-sensitive consumers from either purchasing a vacuum cleaner for the first time or upgrading their existing models. The price disparity primarily stems from the integration of cutting-edge technologies and innovative functionalities aimed at enhancing cleaning performance and user convenience. For many consumers, the upfront investment required for premium vacuum cleaners may present a considerable financial obstacle, especially when compared to alternative options available at lower price ranges. While these advanced features may offer superior cleaning efficacy, durability, and additional benefits such as improved filtration and smart connectivity, their perceived value may not always align with the budgetary constraints of certain demographics. Moreover, considering the prospect of investing in a premium vacuum cleaner demands careful assessment and evaluation of long-term benefits versus immediate costs.
On the basis of geography
The vacuum cleaner market is dominated by the Asia-Pacific area for a number of reasons. First of all, there are a lot of people in the area, and as a result of their quick urbanization, there is a rising need for vacuum cleaners and other home appliances.
In addition, to the market share in each country and sub-region, this chapter of this report also contains information on profit opportunities. This chapter of the report mentions the market share and growth rate of each region, country, and sub-region during the estimated period.
- North America (USA and Canada)
- Europe (UK, Germany, France and the rest of Europe)
- Asia Pacific (China, Japan, India, and the rest of the Asia Pacific region)
- Latin America (Brazil, Mexico, and the rest of Latin America)
- Middle East and Africa (GCC and rest of the Middle East and Africa)
We have also focused on technological lead, profitability, company size, company valuation in relation to the industry and analysis of products and applications in relation to market growth and market share.
We Offer Customization on Report Based on Specific Client Requirement:
- Free Country Level analysis for any +5 countries of your choice.
- Free Competitive analysis of any +5 key market players.
- Free +40 analyst hours to cover any other data point.
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