Analysis of Cordless Vacuum Cleaner Market covering 30 + countries including analysis of US, Canada, UK, Germany, France, Nordics, GCC countries, Japan, Korea and many more
According to the latest research by Fact.MR, cordless vacuum cleaner market is anticipated to expand at a CAGR of 7.4% in the next 10 years (2021-2031). Maintaining cleanliness and a healthy environment has become a necessity in today’s time. People are getting inclined towards a better system of ensuring tidiness and sterility in less time.
They want a clean environment and a better place to live in. Especially, people who are working from their homes are not finding time for doing household chores and thus are not able to maintain proper hygiene. This is making the switch to cleaning gadgets which is in one way or the other increasing the market size. This is the main driver in the market that is affecting the demand.
With an increase in the working population and higher disposable income, people are experiencing a rise in their spending capacity. Saving their time and energy, they want to adapt to the technological advancements which are meant to perform the same tasks within less time.
Same is in the case of this market, where the technology is getting updated from time to time. The change has led to the adoption of vacuum cleaners which are easier to use and takes less time in cleaning than otherwise. This is the main reason for its widespread demand amongst today’s youngsters.
A boost in the demand is experienced due to the household and commercial sectors. Both of these sectors are showing an interest in this product for a speedy cleaning with fewer efforts involved.
People have started to clean their houses by themselves without any external help which has resulted in an increase in the demand for these cleaners. These are the key drivers in the market that are having a huge impact on the demand that is expected to grow even in the future.
Every industry had been deeply affected by the widespread of the coronavirus and the subsequent lockdown have further deteriorated the performance of the economy as a whole. Many companies were downsized and others were even shut due to hefty losses incurred by them.
Whereas, in the case of this market, a positive impact was seen as the demand was constantly increasing in the household sector. People working from their homes wanted to save their time and efforts and so their interest in this product gradually increased.
Even though initially there was a downfall in the demand due to the closing of the industries across the world, but after the ease on the restrictions and the lockdown, different industries were resuming their activities which increased the need to maintain cleanliness due to which a sudden rise in demand for vacuum cleaners was seen in the later stages.
The demand for cordless vacuum cleaners have been perceived for six discrete regions including North America, Latin America, Europe, East-Asia, South-Asia and Middle-East & Africa.
Out of these, the Asia Pacific region owns the maximum share with China to be the largest player in this market. The market has a good supply of a low-cost vacuum cleaner for the customers with better spending capacity. This is contributing in bringing an even higher revenue to the business.
With increasing electrification in remote areas and efficiently working sales channels in India, the market is expanding even further. A growing concern for maintaining a clean and tidy atmosphere with a motive to make the world a better place to live in is helping to increase the demand in the market shortly soon.
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There are different leading manufacturers in this market such as
A sudden rise in the demand for the cleaners is observed which is making the manufacturers increase their operations to meet those demands. Product innovation, up gradation of technology, partnerships and mergers and acquisitions are the key strategies that are adopted by the manufacturers to increase their market share.
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The report is a compilation of first-hand information, qualitative and quantitative assessment by industry analysts, inputs from industry experts and industry participants across the value chain.
The report provides in-depth analysis of parent market trends, macro-economic indicators and governing factors along with market attractiveness as per segments. The report also maps the qualitative impact of various market factors on market segments and geographies.
NOTE - All statements of fact, opinion, or analysis expressed in reports are those of the respective analysts. They do not necessarily reflect formal positions or views of the company.
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Cordless vacuum cleaner market demand is predicted to grow at a CAGR of 7.4% over the forecast period.
There is a high growth potential for the cordless vacuum cleaner market thanks to the household and commercial sectors who are showing an interest in this product for speedy cleaning with fewer efforts involved.
Manufacturers may find the most opportunities in the Asia Pacific cordless vacuum cleaner market.
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