Pune, India, Oct. 14, 2022 (GLOBE NEWSWIRE) -- According to Fortune Business Insights, the global hair styling tools market size is expected to reach USD 39.63 billion by 2027 while exhibiting a CAGR of 3.7% between 2020 and 2027. This is attributable to the presence of younger generation that drives the demand for advanced smart hair styling tools across the globe. This information in its report titled, "Hair Styling Tools Market, 2020-2027.", mentions that the market stood at USD 30.09 billion in 2019 and is projected to showcase exponential growth in the forthcoming years.
Closed Hair Salons amid COVID-19 May Hinder Market Growth
The enforced lockdown has resulted in the complete halt of operations that has led to unprecedented economic loss across the globe. To contain the spread of the novel coronavirus, people have been advised to stay confined at home spaces. Additionally, the government has ordered the shutdown of various shops and establishments that include hair salons and grooming services. This is hindering the market growth to some extent. However, the increasing focus on developing innovative portable hair styling products by manufacturers will favor market growth in the near future.
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Hair Styling Tools Market Report Scope & Segmentation:
| Report Coverage | Details |
| Forecast Period | 2020-2027 |
| Forecast CAGR | 3.7% |
| 2027 Value Projection | USD 39.63 Billion |
| Base Year | 2019 |
| Hair Styling Tools Market Size in 2019 | USD 30.09 Billion |
| Historical Data | 2016-2018 |
| No. of Pages | 160 |
| Segments Covered | By Product Type, By Application, By Distribution Channel By Region |
| Hair Styling Tools Market Growth Drivers | Increasing Awareness Regarding Adverse Effects of Chemical Hair Treatments |
| Growing Adoption of Smart Styling Tools |
Fortune Business Insights™ lists out all the hair styling tools market companies that are presently striving to reduce the impact of Covid-19 pandemic on the market:
- Koninklijke Philips N.V., (Amsterdam, Netherlands)
- Spectrum Brands, Inc. (Middleton, U.S.)
- Dyson Ltd. (Malmesbury, U.K.)
- Conair Corporation (Stamford, U.S.)
- Panasonic Corp. (Osaka, Japan)
- Coty Inc. (New York, U.S.)
- Procter & Gamble Co. (Ohio, U.S.)
- Helen of Troy Ltd. (Bermuda, U.K.)
- WAHL Clipper corp. (Illinois, U.S.)
- Hamilton Beach Brands (Virginia, U.S.)
Hair styling tools are extensively adopted by the hairdressers for their grooming sessions. The tools include hair dryers, hair irons, hair brushes, diffusers, hair roller, and other types of equipment. These tools are used to add shine, texture, volume, curl, or hold on to any desired style by the customer. The increasing consciousness over appearance and style is driving the demand for advanced personal care products across the globe.
What does the Report Include?
The market report includes a detailed assessment of various drivers and restraints, opportunities, and challenges that the market will face during the projected horizon. Additionally, the report provides comprehensive insights into the regional developments of the market, affecting its growth during the forecast period. It includes information sourced from the advice of expert professionals from the industry by our research analysts using several research methodologies. The competitive landscape offers further detailed insights into strategies such as product launches, partnership, merger and acquisition, and collaborations adopted by the companies to maintain market stronghold between 2020 and 2027.
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https://www.fortunebusinessinsights.com/hair-styling-tools-market-103986
DRIVING FACTORS
Presence of Gen X to Surge the Adoption of Innovative Hair Styling Tools
According to the U.S. Census Bureau, the millennial population has surpassed the baby boomers as the largest living adult generation in the U.S. The high presence of the younger population is propelling the demand for premium grooming products. Additionally, increasing spending on personal care services by the Gen X is expected to drive the demand for advanced hair styling tools during the forecast period. The manufacturers are further adopting advanced technology to develop smart personal care products that will contribute to the growth of the global market during the forecast period.
SEGMENTATION
Hypermarkets/Supermarkets Held 42.82% Market Share in 2019
The hypermarkets/supermarkets segment, based on the distribution channel, is anticipated to gain momentum backed by the large availability of grooming products and hair styling tools across stores globally. The segment held a market share of about 42.82% in 2019.
REGIONAL INSIGHTS
Europe to Remain at the Forefront; Increasing Number of Hair Salons to Augment Growth
Among all the regions, Europe is expected to remain dominant and hold the highest position in the global hair styling tools market. The dominance is attributable to the increasing number of hair salons and the growing adoption of advanced smart hair styling tools in the region.
The market in Asia-Pacific is expected to showcase a considerable growth backed by the surging demand for innovative grooming products owing to the presence of a younger population in South Asian nations in the region between 2020 and 2027.
Rеаѕоnѕ to Get thіѕ Rероrt:
- A qualitative and quantitative market study based on segmentation that includes both economic and non-economic factors
- Data on market value for each section and sub-segment
- Indicates the region and market segment that is likely to expand the fastest and dominate the market.
- The consumption of the product/service in each region is highlighted, as are the factors affecting the market within each region.
- The competitive landscape includes the top players' market rankings, as well as new service/product launches, collaborations, company expansions, and acquisitions made by the companies profiled in the last few years.
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Detailed Table of Content:
- Introduction
- Research Scope
- Market Segmentation
- Research Methodology
- Definitions and Assumptions
- Executive Summary
- Market Dynamics
- Market Drivers
- Market Restraints
- Market Opportunities
- Key Insights
- Overview of the Parent/Related Markets
- Hair Styling Tools Trend
- Recent Industry Developments - Policies, Partnerships, New Product Launches, and Mergers & Acquisitions
- Qualitative Analysis (in relation to COVID-19)
- Impact of COVID-19
- Supply Chain Challenges
- Potential Opportunities due to COVID-19
- Global Hair Styling Tools Market Analysis, Insights and Forecast, 2016-2027
- Key Findings / Summary
- Market Size Estimates and Forecast
- By Product Type (Value)
- Manual
- Electric
- Dryer/Blower
- Straightener
- Curler
- Others
- By Application (Value)
- Household
- Commercial
- By Distribution Channel (Value)
- Supermarkets/Hypermarkets
- Specialty Stores
- Online Channel
- Others
- By Region (Value)
- North America
- Europe
- Asia Pacific
- South America
- Middle East & Africa
- By Product Type (Value)
TOC Continued…!
COMPETITIVE LANDSCAPE
Merger and Acquisition by Major Companies to Expand Portfolio
The market is experiencing massive competition from the major companies focusing to maintain their stronghold. They are doing so by acquiring other companies to develop advanced hair styling products and further striving to expand their product portfolio. Apart from this, key players operating in the market are adopting strategies such as partnership, the introduction of new products, and collaboration to maintain their presence in the global marketplace.
Industry Development:
- January 2020 – Helen of Troy acquires Drybar Product LLC, a trendsetting hair care and styling brand. According to the company, the acquisition is expected to strengthen its position in the multi-million dollar beauty industry.
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Frequently Asked Questions (FAQs):
1. Is the Hair Styling Tools Industry growing?
Answer: Fortune Business Insights says that the global market size for hair styling tools was USD 30.09 billion in 2019 and is projected to reach USD 39.63 billion by 2027.
2. Who are the key players in the Hair Styling Tools Market?
Answer: Philips, Conair, Dyson, and Coty are a few major players in the global market.
3. What are Key Factors Raising the Market?
Answer: Presence of Gen X to Surge the Adoption of Innovative Hair Styling Tools
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