Future Market Insights (FMI) has released new data that indicates the global garment steamer market will grow at a compound annual growth rate (CAGR) of 5.8% from 2023 to 2033, with an estimated value of ~USD 2,043.3 million in 2023 and ~USD 3,594.9 million by 2033. The garment steamer market’s global share in the fabric care appliances industry is between 30% and 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.
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.
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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.
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.
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About Future Market Insights (FMI)
Future Market Insights, Inc. (ESOMAR certified, recipient of the Stevie Award, and a member of the Greater New York Chamber of Commerce) offers profound insights into the driving factors that are boosting demand in the market. FMI stands as the leading global provider of market intelligence, advisory services, consulting, and events for the Packaging, Food and Beverage, Consumer Technology, Healthcare, Industrial, and Chemicals markets. With a vast team of over 5000 analysts worldwide, FMI provides global, regional, and local expertise on diverse domains and industry trends across more than 110 countries.
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