As per newly released data by Future Market Insights (FMI), the Garment Steamer market is estimated at USD 1.93 billion in 2022 and is projected to reach USD 3.04 billion by 2030
Exhibiting a year-on-year growth of above 5%, the garment steamer market is projected to remain steady through 2020-2030. Future Market Insights (FMI) attributes liberal spending by consumers for the expansion of the market, in its recently published report on global garment steamer market.
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Consumers are currently enjoying unbridled access to information through digital and offline platforms. Consequently, they are rendered conscious, now more than ever before. Consumer’s purchase decisions often reflect their product knowledge and increasing desire to own technology driven home appliances.
The garment steamer market although not saturated yet is a highly competitive one. Frequent product launches and lower brand loyalty among consumers have compelled market players to maintain a competitive pricing for their products.
FMI observes a higher focus among manufacturers to make their products more user-friendly. They are offering easy operation modes, better convenience in maintenance, and portable and lightweight designs to woo consumers.
Consumer tendency for using products for different purposes has increased. This tendency could hamper growth prospects for the market. However, manufacturers are trying to use this very aspect to their benefit.
An increasing number of them are promoting the multi-purpose uses of garment steamers, which can be used for cloth steaming as well as drying. The inclusion of multiple features will enable the companies to tap into the prevailing trends.
Driven by these factors, the global garment steamer market is expected to surpass US$ 1.4 Bn by 2020. FMI offers in-depth analysis of the garment steamer market in its report. Some of the key takeaways from the report are:
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Who is winning?
Some of the key players operating in the garment steamer market Koninklijke Philips N.V., Groupe SEB, Panasonic Corporation, Electrolux AB, Jiffy Steamer Company, LLC, Bear Down Brands LLC, Pursteam Company, SALAV USA, MARYANT, INC., Reliable Corporation, Hamilton Beach Brands Holding Company, AICOK, Pro Breeze, Steamfast Company, Stanley Black & Decker, Inc., Conair Corp., Secura Inc., Epica company, LG Electronics, Godrej & Boyce Mfg. Co. Ltd., IFB Industries Ltd., Samsung Electronics, GE Appliances, Midea Group Co., Ltd., Shanghai Flyco Electrical Appliance Co., Ltd., Haier Group Corporation, and among others.
Garment steamer companies are investing in product innovation and technology, expanding their footprints, and launching new products to cater to the growing demand in the market. This will allow companies to increase their brand awareness and will help them gain competitive advantage. The market is therefore witnessing a slew of launches. Some of these are:
Market Segmentation
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About FMI Future Market Insights (ESOMAR certified market research organization and a member of Greater New York Chamber of Commerce) provides in-depth insights into governing factors elevating the demand in the market.
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Jul 21, 2022