Rising disposable income and increasing preference for new technologies worldwide is anticipated to favor industry growth over the forecast period. Price is estimated to be a critical factor in buying decision. Rising competition owing to presence of large industry players and less differentiated product is expected to benefit Industry leading to price reduction.
Technology developments play an important role in revenue growth. Products such as bagless and robotic vacuum cleanerss have gained popularity across the globe. Use of smartphone-based services is also gaining popularity due to rising smartphone penetration worldwide. For instance, in September 2015, iRobot Corporation announced the introduction of Roomba 980 that combines adaptive navigation with visual localization, and cloud connected app control for easy operation.
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Further key findings from the study suggest:
- Household vacuum cleaners market is segmented on the basis product into upright, canister, central, drum, wet/dry, and robotic devices. Robotic cleanerss are expected to hold high potential over the next seven years owing to innovative features including sweeping brushes, acoustic sensors, mobile support, automated mapping capabilities and self charging capabilities.
- Canister vacuum cleanerss market is estimated to be valued at over USD 4 billion by 2022. Drum products are anticipated to grow at a CAGR of more than 4.0% over the forecast period. High cost and large size may hinder growth of the central product segment over the next seven years.
- Asia Pacific vacuum cleaners market accounted over 30% of the overall revenue share in 2014. Strict energy regulations may hinder regional growth over the forecast period. EU banned the sales of vacuum cleanerss with power capacity above 1600 watts and this capacity restriction will reduce to 900 watts in September 2017.
- Key industry players include Stanley Black & Decker, Electrolux Group, Dyson Ltd., TTI Floor Care, Miele, LG Corporation, and Eureka Forbes Ltd. Other prominent vendors include Royal Philips Electronics, Oreck Corporation, Haier Group, iRobot Corporation, Bissell Inc., Panasonic Corporation, and Samsung.
- In July 2013, TTI Floor Care acquired Oreck Corporation to enhance its product portfolio. The company offers these products through four brands, Vax, Oreck, Dirt Devil, and Hoover. Dyson offers upright, canister, cordless, and handheld products. In September 2015, iRobot Corporation announced the launch of Roomba 980, which is equipped with high tech sensors for navigation, visual localization technology, and app-based support.
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