NEWARK, Del, Feb. 14, 2023 (GLOBE NEWSWIRE) -- The global garment steamer market is projected at ~USD 2,043.3 million in 2023 and is projected to reach ~USD 3,594.9 million by 2033, at a CAGR of 5.8% from 2023 to 2033. Share of global garment steamer market in its parent market fabric care appliances market is ~30% - 35 %.
Important market players for garment steamers are concentrating on boosting their visibility and growing their market share through a various strategy like mergers and acquisitions. In 2021, Spectrum Brands Holdings, Inc. declared it had reached an agreement to buy For Life Products, LLC ("Rejuvenate"), a top producer in the cleaning, upkeep, and repair of residential properties. Rejuvenate is being purchased for about $300 million, subject to usual modifications, and offers a rapidly expanding range of cutting-edge cleaning and surface care solutions home appliances.
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Manufacturers of garment steamer are increasingly inclined to diversify into the market to increase their presence through various product launches. For instance, Groupe SEB introduced the Rowenta IXEO QR1020 in 2018. In spite of certain shops destocking their inventories, the company saw a rise in the demand for garment steamer in 2019.
To give all customers access to distinctive or high-quality products, the premiumization trend is bridging the gap between luxury and mass markets. Additionally, the Premiumization of the target product is providing profitable prospects for numerous companies to capitalize on, strengthening their market position.
Utilizing only materials that are 100% environmentally friendly, businesses are innovating their products. Companies are being encouraged to introduce new products to the market by the rising demand for eco-aware products in several countries. Customers have found these eco-friendly products to be appealing. Manufacturers are increasingly using eco-conscious materials in their products as opposed to traditional ones.
Key Takeaways from the Garment Steamer Market Study
- Handheld/portable is anticipated to expand at the quickest rate, with a CAGR of 6.6% during the forecast period.
- The US holds a noteworthy value share of 75.2% in North America owing to the high penetration of key players in the region.
- India is a key market in South Asia and estimated to account for a value share of 33.7% owing to the higher spending on premium products in the country.
- Germany is expected to account for over 19.9% of market share in Europe through 2023. Germany is one of the most important market for garment steamer along with the high penetration of key players in the region.
“For manufacturers, developing new products has taken the top spot. Automation in manufacturing boosts productivity and lowers costs. The most important success factor for businesses continues to be innovation in product material and design”, Says an FMI analyst.
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Impact of COVID-19 on the Market
The past Covid-19 situation had restricted the growth of the garment steamer market. Due to a lack of workers and difficulties obtaining raw materials, manufacturing units were finding it challenging to operate. Due to the extended shutdown, raw material supply was decreased in the market.
The sales channel was also impacted by COVID-19, which had similarly displayed declining growth. Online retailers were a huge source of relief for businesses and manufacturers because they were a reliable source of growth and could satisfy the customer demand.
Who is winning?
Leading manufacturers of garment steamer are focused on aggressive promotional strategies, advertisements, and new product launches that have driven sales growth globally.
Leading players operating in the global garment steamer market are Groupe SEB, Conair Corporation, Pure Enrichment Company, BLACK+DECKER Inc., Reliable Corporation, 4VOO, Koninklijke Philips N.V., Electrolux AB, Panasonic Corp., Hamilton Beach Brands Holding Company, Spectrum Brands, and AICOK among others.
Get More Valuable Insights
Future Market Insights, in its new offering, provides an unbiased analysis of the global garment steamer market, presenting historical demand data (2018-2022) and forecast statistics for the period from 2023-2033.
The study divulges compelling insights on the garment steamer market based on product type (handheld/portable, upright/non-portable) by power, (below 750 watt, 750-1000 watt, 1000-1500 watt, 1500-2500 watt, 2500 watt & above), by water tank capacity (below 500ml, 500ml-1 litre, 1-2 litre, 2-3 litre, 3-4 litre, 4 litre & above), by material (plastic, anti-lock braking system (abs), metal, aluminium, stainless steel, cast iron, ceramic), by end user (household/residential, commercial), by sales channel (direct, indirect) across seven major regions.
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Table of Content
1. Executive Summary | Garment Steamer Market
1.1. Global Market Overview
1.2. Summary of Key Statistics
1.3. Summary of Key Findings
1.4. Product Evolution Analysis
1.5. FMI Analysis and Recommendations
2. Market Overview
2.1. Market Coverage/Taxonomy
2.2. Market Definition/Scope/Limitations
3. Key Market Trends
3.1. Key Trends Impacting the Market
3.1.1. Stronger purchasing power of younger generation aiding market growth
3.1.2. Emerging Trend of Technology-led Home Appliances Driving Popularity
3.1.3. Consumers Selecting for At-home Services, Using e-Commerce
3.1.4. Growing Adoption of Smart Technologies
3.1.5. Others (during course of study)
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