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The high-end stick vacuum cleaner market size is estimated to grow by USD 1,668.69 million at a CAGR of 4.66% between 2022 and 2027. The growth of the market depends on several factors, including the increasing popularity of luxury home appliances, social factors driving the adoption of high-end stick vacuum cleaners in urban areas, and growing awareness regarding cleanliness and hygiene.
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The increasing popularity of luxury home appliances is notably driving the market growth, although factors such as the availability of low-cost manual labor in developing countries may impede the market growth. Our researchers analyzed the data with 2022 as the base year, along with the key drivers, trends, and challenges. A holistic analysis of drivers will help companies refine their marketing strategies to gain a competitive advantage.
The increasing popularity of luxury home appliances is notably driving the market growth. High-end stick vacuums are versatile, lightweight devices that come in a variety of sizes and styles. It is perfect for any home as it can be easily stored in a closet or corner of the room. Light weight makes it easy to carry and cleans tight spaces such as stairs, corners, and tight spaces. In addition to its practicality, the luxury stick vacuum has an elegant design that will add a touch of class to any home. High-quality materials such as stainless steel and a high-gloss finish are used in many models to give them an elegant look. Therefore, it is popular with those who want to add elegance to their interior design.
In addition to style and comfort, high-end stick vacuums impress with innovative technology. Some models come with advanced features such as powerful motors and HEPA filters that trap allergens and bacteria to ensure high indoor air quality. These features make the vacuum cleaner a great choice for those who care about their family's health and well-being. It's also worth mentioning that luxury cleaners are becoming more and more popular among people with busy lives. Stick vacuums have become a time-saving device for many due to their easy handling and quick cleaning technology. It requires minimal effort and time, making it a great option for those who have a busy schedule and want to keep their home clean without taking up too much time. Many such factors are expected to drive the growth of the market during the forecast period.
Growing demand from online retailing is identified as the major market trends. With the rapid penetration of the Internet and smartphones, online shopping has become very convenient and more and more accepted among people. Several international e-commerce platforms are available worldwide. The average amount spent per online transaction and the number of online transactions are increasing worldwide. The increasing number of Internet users and their willingness to buy are the main factors in the popularity of online trading channels. Increased internet penetration, increasing consumer confidence and propensity to shop online, rapid delivery to consumers, and the availability of a wide range of products play a major role in driving the global e-commerce industry.
Additionally, secure transactions and cash-on-delivery options have increased the demand for high-end stick vacuums for cleaning in online sales channels. This encourages Companies to focus on internet-savvy customer segments and explore online retail formats. Thus, with increasing online retail, the market is expected to witness significant growth during the forecast period.
The availability of low-cost manual labor in developing countries may impede the growth of the market. Cheap labor in developing countries is a major challenge for the global luxury stick vacuum cleaner market. In countries such as India and China, workers such as servants are preferred over quality vacuum cleaners due to low labor costs. Thus, the demand for high-end cleaners in these countries remains low. In addition, cheap craftsmen are preferred for cleaning commercial units in the commercial sector.
In many developing countries in APAC, the informal economy accounts for a significant portion of the workforce, with the informal sector as a whole accounting for 60% of the workforce. Several countries in the region have seen a decline in the labor share of GDP. Specific problems include high youth unemployment and unemployment rates, rising inequality, and a shortage of skilled workers. Furthermore, child labor is prevalent in these developing countries. Children around the world routinely engage in paid and unpaid work that does not harm them. APAC and sub-Saharan Africa remain the regions with the highest rates of child labor. The presence of such a workforce in these regions is expected to hamper the growth of the market during the forecast period.
The market growth analysis report includes the adoption lifecycle of the market, covering from the innovator’s stage to the laggard’s stage. It focuses on adoption rate1s in different regions based on penetration. Furthermore, the market research and growth report also includes key purchase criteria and drivers of price sensitivity to help companies evaluate and develop their growth strategies.
Customer Landscape
Companies are implementing various strategies, such as strategic alliances, partnerships, mergers and acquisitions, geographical expansion, and product/service launches, to enhance their presence in the market.
AB Electrolux: The company offers high-end stick vacuum cleaners such as pf91 6eb.
The market growth and forecasting report also includes detailed analyses of the competitive landscape of the market and information about 15 market Companies, including:
Qualitative and quantitative analysis of Companies has been conducted to help clients understand the wider business environment as well as the strengths and weaknesses of key market players. Data is qualitatively analyzed to categorize Companies as pure play, category-focused, industry-focused, and diversified; it is quantitatively analyzed to categorize Companies as dominant, leading, strong, tentative, and weak.
The market share growth by the offline segment will be significant during the forecast period. Offline distribution channel segment includes sales of products such as luxury vacuum cleaners through specialty stores, department stores, hypermarkets, supermarkets, convenience stores, and clubhouse stores.
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The offline segment was valued at USD 3,999.01 million in 2017 and continued to grow until 2021. Sales through offline sales channels have been gradually declining over the years due to the changing consumer preference for online shopping. To drive sales through offline channels, Companies manage sales through local retailers. Meanwhile, Companies employ different marketing strategies to sell their products through offline stores. Although offline sales channels are losing market share and popularity, extensive and innovative marketing activities will lead to a steady increase in sales of high-end vacuum cleaners through offline sales channels during the forecast period.
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APAC is estimated to contribute 34% to the growth of the global market during the forecast period. Technavio’s analysts have elaborately explained the regional trends and drivers that shape the market during the forecast period. APAC is one of the fastest-growing markets for high-end stick vacuum cleaners. With rapid population growth and increasing urbanization, the demand for high-end vacuum cleaners has increased significantly in recent years. The rising middle-class population and disposable income in the Asia-Pacific region have emerging countries such as China, Japan, and India as major growth drivers for the regional luxury vacuum cleaner market.
China is one of the largest markets for high-end stick vacuum cleaners in APAC. Rising standards of living and growing trends in home cleaning have increased the demand for top-of-the-line vacuum cleaners in the country. In addition, the Chinese government's commitment to energy saving and environmental protection has also introduced high-quality vacuum cleaners that are energy efficient and environmentally friendly. Similarly, Japan is also an important country in the regional market for luxury vacuum cleaners. The country has a mature market and high demand for technologically advanced vacuum cleaners. Additionally, Japanese consumers want products that are not only efficient but also have advanced features such as smart sensors. These sensors help detect dirt and dust levels on the floor and adjust the vacuum's suction power accordingly. Moreover, India is emerging as an important market for quality vacuum cleaners. The country has experienced remarkable economic development, leading to a rising middle class and increasing disposable income. Due to this, the demand for high-end vacuum cleaners is increasing. Additionally, the Clean India Campaign of the Indian government has increased the awareness of hygiene and cleanliness, fueling the growth of the regional market.
The High-End Cordless Stick Vacuum Cleaner Market is experiencing exponential growth, driven by increasing commercial applications and the involvement of key players on a global scale. Market analysis includes both quantitative and qualitative data, considering factors such as product pricing, regional levels, and end-use industries. Factors influencing market dynamics encompass political and social scenarios, as well as consumer buying behavior.
Detailed market outlooks, company profiles, and industry landscapes provide insights into market evolution and potential restraints. Various analytical frameworks, including Porter's 5 Force's Framework and value chain analysis, are employed to assess market trends and competitive landscapes. Emphasis on product innovation, scalability, and geographical reach underscores the business strategy of top players, aiming for a competitive edge and sustained growth in the industry.
The market forecasting report covers market growth by revenue at global, regional & country levels and provides an analysis of the latest trends and growth opportunities from 2017 to 2027.
High-End Stick Vacuum Cleaner Market Scope |
|
Market Report Coverage |
Details |
Page number |
166 |
Base year |
2022 |
Historic period |
2017-2021 |
Forecast period |
2023-2027 |
Growth momentum & CAGR |
Accelerate at a CAGR of 4.66% |
Market growth 2023-2027 |
USD 1,668.69 million |
Market structure |
Fragmented |
YoY growth 2022-2023(%) |
4.14 |
Regional analysis |
APAC, North America, Europe, South America, and Middle East and Africa |
Performing market contribution |
APAC at 34% |
Key countries |
US, China, Japan, Germany, and France |
Competitive landscape |
Leading Companies, Market Positioning of Companies, Competitive Strategies, and Industry Risks |
Key companies profiled |
AB Electrolux, Alfred Karcher SE and Co KG, Atrix International Inc., BISSELL Homecare Inc., Dyson Group Co., iVision Vacuum srl, JS Global Lifestyle Co. Ltd., Koninklijke Philips NV, LG Corp., Midea Group Co. Ltd., Miele and Cie. KG, Numatic International Ltd., Panasonic Holdings Corp., Proscenic, Robert Bosch GmbH, Samsung Electronics Co. Ltd., SEB Developpement SA, Stanley Black and Decker Inc., Techtronic Industries Co. Ltd., Tineco Intelligent Technology Co. Ltd., and Xiaomi Communications Co. Ltd. |
Market dynamics |
Parent market analysis, market growth inducers and obstacles, fast-growing and slow-growing segment analysis, COVID-19 impact and recovery analysis and future consumer dynamics, and market condition analysis for the forecast period. |
Customization purview |
If our report has not included the data that you are looking for, you can reach out to our analysts and get segments customized. |
We can help! Our analysts can customize this market research report to meet your requirements.
1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Historic Market Size
5 Five Forces Analysis
6 Market Segmentation by Distribution Channel
7 Market Segmentation by Application
8 Customer Landscape
9 Geographic Landscape
10 Drivers, Challenges, and Trends
11 Vendor Landscape
12 Vendor Analysis
13 Appendix
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