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.
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.
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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:
- An increasing number of companies are expected to capitalize on the trend of product premiumization. Targeting mass audiences is not enough for companies to sustain in the competitive market hence they are likely to leverage brand power to uptick sales
- Online platforms are expected to emerge as highly lucrative sales channels. Consumer inclination towards purchasing online to avail various offers will aid the expansion of the segment
- Behemoths such as Walmart Inc., Amazon.com, Inc., and others are likely to leverage their online presence as well as venture into offline sales. This could make competition prevailing in the market fiercer
- The demand in handheld garment steamer segment is expected to surge exponentially. The utility and efficiency of these products with regards to advanced features and easy storage will spur their sales
- Europe is expected to remain dominant garment steamer market through the course of the report’s forecast period
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:
- In 2020, PurSteam launched its newest portable/handheld garment steamer.
- In 2019, AICOK launched its upright garment steamer, BG525 with adjustable pole from 81.9cm/ 32in to 165cm/ 64.9in.
- In 2019, Panasonic Corporation launched upright garment steamer, NI-GWE080 with a fabric board for stability of ironing.