Household Vacuum Cleaners Market size worth $17 billion by 2024: Global Market Insights Inc.
Household Vacuum Cleaners Market size was valued at over USD 11.5 billion in 2015, and is anticipated to grow at 4.6% CAGR from 2016 to 2024; according to a new research report by Global Market Insights, Inc. Global household vacuum cleaners market is anticipated to witness substantial growth owing to rising concerns towards hygiene & cleanliness. Increasing disposable income along with health & environment awareness is expected futher impact industry demand. Various featurs such as superior ergonomics and eco-friendly nature is likley to fuel household vacuum cleaners market share over the forecast timeline. Furthermore, swift technological development and rising technologically advanced population may also drive demand. Social factors such as rising number of dual earning families and middle class population will provide a fillip to global consumption. Rising government initiatives in order to spread awareness regarding cleanliness and hygiene is likley to encourage adoption for household cleaning.
Various benefits offered by these devices such as high performance and superior quality are predicted to act as key factors affecting consumer buying decision through 2024. Price is anticipated to be a key parameter due to existence of large number of players across the industry. Favourable household vacuum cleaner market price trend will increase adoption across a larger population base. Increasing industry competition owing to presence of large number of players with less differentiated products is expected to further play a role in price erosion. Increasing energy cost across the globe may hinder growth in the coming years. Rising focus of various organizations such as Environmental Protection Agency (EPA) and U.S. Department of Energy (DOE) for creating new opportunities to enhance energy ratings of new product categories is anticipated to positively impact industry growth through 2024. Fierce initiatives for tumbling operational cost as well as GHG (greenhouse gas) emissions is expected to fuel revenue over the next few years.
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