Electric Iron Market is Projected to Grow at a CAGR of around 5% Till 2024 | Hexa Research
Electric iron market is expected to witness a significant growth over the forecast period owing to constant innovation efforts of manufacturers to attract consumers despite the increasing laundry services in countries.
Projected to grow at a CAGR of around 5%, electric iron market is expected to witness a significant growth over the forecast period owing to constant innovation efforts of manufacturers to attract consumers despite the increasing laundry services in countries.
Consistent efforts of manufacturers to stimulate replacement purchases through appealing regular launch of new technologies and ongoing interest of consumers in steam irons is anticipated to drive the market over the forecast period. Growing interest of consumers in maintaining a well-groomed appearance with wrinkle-free clothes is expected to have a positive impact on the industry. Space saving and travel friendly steam irons are also available in the market. Manufacturers are focusing on technological innovation in irons such as smart heating and steam, high power and energy efficiency. Energy efficiency is expected to become a key focus for consumers when buying consumer appliances in the forecast period due to rising electricity prices. Moreover, continuous increase in urbanization and movement towards cities is to spur the market growth over the forecast period. Consumers are shifting from traditional irons towards innovative steam generator irons.
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Steam generator irons removes wrinkle fast and reduces the ironing time. It has optimal temperature technology that protects clothes from being burnt. Manufacturers are also offering garment steamers that are ideal for delicate or difficult to iron clothes and removes odors. Dry irons available at low prices are expected to accelerate the market growth over the forecast period. Moreover, iron parts replacement offered by some manufacturers is expected to have a positive impact on the industry.
However, hectic lifestyle of consumers do not allow them ironing their clothes and they are opting for laundry services instead which is expected to hamper the market growth. Continuous advancement in wrinkle free fabric and increasing frequent use of dry cleaners pose challenge to this market. Also, tendency towards owning one iron per household and every household having one iron by now is expected to decline the sales of iron over the forecast period. Nevertheless, adding more steam levels for different fabrics, eco friendly designs and improving steaming methods to avoid damaging clothes provides opportunities in this market.
The market can be segmented on the basis of product type and wattage. The types of iron available in the market are dry iron, steam iron, travelling iron, garment steamer and cordless iron. The dry iron is the most common type of iron available in the market at low price. The different wattage levels at which irons are available varies between 750W and 2000W & above.
In the Eastern Europe region especially in Russia, market is expected to decline on account of worsening economic situation and unit price rises. However, growth at the end of forecast period will be driven by replacement of old irons and up gradation in steam generating irons. The Western Europe region is expected to witness a significant growth over the forecast period on account of steam generating irons becoming popular among consumers. In Americas especially in Brazil, irons are expected to steady growth mainly due to increased competitiveness in the region. In the Asia-Pacific region especially in China, the demand for the product is expected to grow on account of improvement in features of irons to cater consumer needs.
Key players in the market are Koninklijke Philips N.V., Bajaj Electricals Ltd., Usha Electricals Ltd., Panasonic Inc., Electrolux Home Products Inc., Tefal, Rowenta, Black+Decker Inc., Crompton Greaves, Havells India Ltd., Pigeon Corporation and TTK Prestige Limited. These companies use new product developments as their strategic initiatives.
In January 2015, Tefal launched a new range of ultra compact steam generator irons that are much easier to store owing to their size compared to other steam irons.
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