Quality steel will be key to winning in the electric shaving and styling market in 2024. In more recent times, increased awareness around personal grooming among men and women has driven the expansion of the electric shaving market.
Today, tech-savvy customers expect more from brands than they ever did before. With new electric shaving products coming to the market quickly and appealing to tech-savvy customers, manufacturers can keep up with the pace by ensuring their products are innovative, high-quality, and long-lasting.
The global electric shaving market size was valued at US $6 billion in 2021 and is expected to reach around US $7.2 billion by 2030, according to CMI analysts.
For consumers, electric shavers can be more convenient and comfortable to use, and they also give users a closer shave. Another key benefit is the long-term cost savings when using an electric shaver.
The electric shavers market witnessed a decline in demand during the COVID-19 pandemic, but now new fashion trends, such as beards and goatees are leading to increased demand for male grooming and styling products and the market is poised for further growth.
A competitive market
Technological advancements, such as enhanced shaver designs with high-accuracy cutting performance are expected to drive growth of the electric shaving market. GQ’s editors recently published a list of best electric shavers in 2023 and their top choice was the wet and dry Philips Series 9000 Prestige, which provides 165,000 cutting actions a minute with its super-sharp blades.
There are some very big players operating in the market and customers are usually loyal to well-known brands for personal care. But newer companies entering the market can leverage cutting-edge technology to help them gain a competitive advantage.
Becoming more sustainable
Around five trillion disposable razors are manufactured each year to meet the rising global demand for shaving products. Today, consumers are more conscious of the environmental impact of the products they purchase, and electric shavers offer a more sustainable option than their disposable counterparts, which are made from metal and are heavily packaged.
What’s more, some of the major electric shaving manufacturers are seeking to improve their green credentials by manufacturing products using recyclable and environment-friendly materials.
Sustainability aside, cutting performance and durability will be two of the key factors driving consumption in the grooming and styling market in 2024. Shape accuracy, low friction and closeness of the shave will win the market. In this regard, using our martensitic stainless chromium strip steel will give your brand the advantage.