The global hair dryer market is projected to have a high-paced CAGR of 6.26% during the forecast period. The current valuation of the hair dryer market is US$ 10.20 Bn in 2023. The value of the hair dryer market is anticipated to reach a high of US$ 18.72 Bn by 2033.
The key aspects pushing the sales of hair dryers are the growing number of professional salons across the world. Furthermore, increased personal grooming awareness is also driving product demand. Major salon chains are investing in Asia Pacific’s growing regions to expand their consumer base, and several salons are settling for professional hair appliances, such as hair dryers.
As a result, the increasing number of professional hair salons, particularly in emerging markets, is expected to contribute to the growth of the hair dryer market share over the projected period. Rapid consolidation between medium and big firms is anticipated, since the Chinese government has encouraged industry consolidation in order to control the sector and boost competitiveness in the global market. Energy-efficient and low-power consuming items are in high demand in the market owing to lower costs. Manufacturing of such devices is boosted further by government and energy industry initiatives. The demand for hair dryers is also increasing due to changes in lifestyle and exceedingly strenuous work schedules.
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Different electrical hair care appliances, such as trimmers and shaving equipment, are revitalizing the customer experience in the personal hair care segment, resulting in a variety of potential for market players in the hair styling appliances landscape. Personal hair care products are popular across all age groups, regardless of gender, owing to their mobility and time efficiency.
The increased demand for hair dryers that are wired/corded has resulted in a greater emphasis on the development of technologies to ensure healthy, heat-resistant hair. Consumers are increasingly demanding goods that are simple to use, customized, and match their lifestyle needs. Many customers want technologically sophisticated items, which implies they want unique features that are significant and useful in their lives. All these factors are anticipated to surge product demand and expand the global hair dryer market size.
However, the prevalence of counterfeit products in the Asia-Pacific region, particularly in China and India, has restricted the growth of the hair dryer market. Furthermore, some of the most modern hair dryers are prohibitively expensive for the middle-class population. This may act as a major challenge for the market.
Key Takeaways:
- During the forecast period, North America is expected to account for the largest share of the global hair dryer market. The market in this region is expected to rise owing to the presence of a sizable number of clients who are more conscious of personal hygiene and self-care. Moreover, the majority of American households choose to generate ‘professional-level blowouts’ at home rather than spend a lot at salons.
- The hair dryer market in the Asia Pacific is predicted to develop rapidly, particularly in China and India, during the projected period. This is attributed to a big customer base and a rush of professional salons in both the countries. Moreover, key players have merged and collaborated to provide internationally recognized goods with cutting-edge technology to the countries.
- Owing to their offer of superior ventilation and heat settings, the “corded” product type is expected to hold the greatest revenue, through the forecast period.
- As the use of network access or Wi-Fi connectivity to purchase things grows in popularity, the “online” distribution channel type, accounts for a significant share and is the most preferred type.
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Competitive Landscape:
The global hair dryer market share is experiencing a transformational period as a result of technological breakthroughs and various innovations. The creativity that goes into the production of hair dryers is predicted to continue attracting clients, creating enormous chances for major suppliers to leverage on such expanding trends and launch fresh product lines. The following are the key players in the hair dryer market:
- Beauty by Imagination Inc.
- Conair Corp.
- Koninklijke Philips NV
- MacAndrews and Forbes Inc.
- Orchids International
- Panasonic Corp.
- Skyline Home Appliances
- Coty Inc.
- Dyson Ltd.
- Havells India Ltd.
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Recent Developments:
- In August 2016, Dyson is planning to invest $400 million to develop at least 100 new products by 2020, nearly double what it now has on the market and equivalent to the number of products introduced since its founding. Dyson has its only lab for research named D9. The latest wonder from this lab is the Supersonic blow-dryer. And as spent $71 million on developing Supersonic blow dryer.
- In September 2020, German personal care and lifestyle brand CARRERA launched a range of premium quality professional hair dryers: CARRERA hairdryer No. 531, 532, and 631. These hair dryers claim to give users a salon-like look from the comfort of their homes and prevent dryness or breakage.
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