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The South Korea electric shaver industry is expected to grow at a CAGR of 3.5% between 2023 and 2028. Growing consumers' awareness and demand for grooming and hygiene-related products, along with the emergence of e-commerce platforms, are anticipated to drive the electric market growth in South Korea during the given forecast period.
An electric shaver is a gadget that uses electricity to shave. In addition to using batteries, newer electric shavers may incorporate a plug or adaptor. There have been several varieties of powered shavers produced over the years. A DC motor, which runs on batteries or mains power, could be used to propel the blades. Many electric shavers now use rechargeable batteries to power them. A solenoid powered by AC (alternate current) could also be used to power an electro-mechanical oscillator. The device is used to get rid of unwanted facial and bodily hair quickly and painlessly.
Appearance plays an important role in getting a job or setting a good first impression at any social gathering. For men, keeping a clean shaved face signifies sophistication, intelligence, and being hygienic. There is societal pressure on all genders to follow some norms in order to fit into society. Moreover, the beauty standards are high in South Korea, so in order to keep the skin moisturized, healthy, and wrinkle-free, people shave their facial hair and use several skincare products. This factor drives the demand for grooming products, thereby bolstering the electric shaver market in South Korea. High smartphone ownership and internet penetration further increase the usage of e-commerce and propels electric shavers market growth. Social media marketing and collaboration with influencers and celebrities motivate customers to try the same products as their idols.
The purchase of electric shavers and other grooming products has considerably bolstered online channels owing to busy lifestyles and longer working hours. The COVID-19 pandemic created numerous opportunities for e-commerce platforms and manufacturers to expand their sales overseas, along with South Korea. During the lockdown, there was a temporary halt in market growth due to the limited supply of semiconductors in the industry. Semiconductors have diverse industrial applications, especially in the electronic and automotive industries, which are now following a positive trajectory, helping the electric shaver market overcome shortage-related uncertainties, thus augmenting its growth in the South Korean market.
Electric shavers run on rechargeable batteries. They are much easier and safer to use than mechanical shavers. In modern times, it comes in handy and saves a lot of time by giving faster and more precise results as it shaves the area quite quickly and minimises the chances of bruises, which makes them suitable for almost all skin types. Additionally, they deliver consistent shaving outcomes due to their automated set pattern. Because their blades move more swiftly and accurately, electric shavers result in smoother shaving. The demand for electric shavers is further driven by the growing interest in grooming, along with ease of access and affordability.
Increasing Disposable Incomes and Demand for Premium Electric Shavers Drive Market Expansion
The market size of Korea’s male grooming sector is growing at a steady pace. Considering the large market size and growing consumer demand, people are willing to spend their earnings on the premium-range electric shaver. Factors such as high disposable income and high living standards boost the purchase of such grooming products. These premium shavers have several features such as wireless fast charging, long battery backup, and nano steel precision blades, among others. Both males and females pay close attention to personal hygiene and outer appearance, which boosts the electric shaver market sales in South Korea.
Based on type, the South Korea electric shaver market can be segmented into foil shavers, wet/dry shavers, and rotary shavers. Based on gender, the electric shaver market in South Korea can be bifurcated into male and female.
The comprehensive EMR report provides an in-depth assessment of the market based on the Porter's five forces model along with giving a SWOT analysis. The report gives a detailed analysis of the following key players in the South Korea electric shaver market, covering their competitive landscape and latest developments like mergers, acquisitions, investments and expansion plans.
The growth of the electric shaver market in South Korea is expected to be aided by the factors such as ease of use, affordability, and battery backup, among others. Wet shaving often offers the lowest risk of irritation and the closest shave, although dry shaving can be quicker and allows you to shave in any direction. Rotary shavers have the capability to offer a close, effective shave while making minimal noise. As well as providing a more comfortable and quieter experience, modern rotary technology offers the quality of a top-cutting shaver. A foil shaver, in contrast, has holes in the metal head similar to a Rotary Shaver and a blade that swings from left to right behind a foil guard. These detailed specifications cater to the varied demands of consumers and propel the research and development in the electric shaver industry.
The growing prevalence of social media and e-commerce platforms has been playing a pivotal role in popularising electric shavers in South Korea. Korean beauty standards are now an important characteristic of Korean culture. Both genders go to extreme lengths to achieve the desired look and follow various beauty regimes to get perfectly flawless skin. The societal pressure to conform to expectations has made people focus on their appearance and has made it an important aspect in boosting self-esteem and employment rates. Both men and women use electric shavers due to their long-life span and recharging facility. However, the male consumer sector is anticipated to have a larger share of the market.
Koninklijke Philips NV - Koninklijke Philips NV (Philips) is a multinational technology firm that creates and produces consumer electronics and medical solutions. Diagnostic imaging, enterprise diagnostic informatics, image-guided treatment, ultrasound, monitoring and analytics, population health management, linked care informatics, therapeutic care, and sleep and respiratory care are all sectors in which the firm provides products and solutions. As a partnership between Gerard Philips and his father, Frederik Philips, Philips & Company was established in 1891. It has offices and production facilities spread throughout more than 60 nations. By 2030, the corporation wants to benefit 400 million lives in neglected areas, or 2.5 billion lives annually.
Procter & Gamble (P&G) - Fast-moving consumer items are produced and marketed by Procter & Gamble (P&G). The firm sells a variety of goods, such as conditioners, surface cleaners, shaving cream, toothpaste, dishwashing solutions, shampoo, toothbrushes, detergents, and air fresheners. The company also sells diapers, toilet paper, Kleenex, paper towels, and wipes for babies. Head & Shoulders, Ariel, Tide, Olay, Pampers, Gillette, Pantene, and Braun are just a few of P&G's well-known brand names. The firm offers its goods through a variety of outlets, including pharmacies, department shops, specialised beauty retailers, high-frequency retailers, drugstores, membership clubs, and grocery stores. Europe, It operates commercially throughout Europe, Asia-Pacific, the Middle East, USA and Africa. The US city of Cincinnati, Ohio, serves as the headquarters of P&G.
|Scope of the Report||
Historical and Forecast Trends, Industry Drivers and Constraints, Historical and Forecast Market Analysis by Segment:
|Breakup by Type||
|Breakup by Gender||
*At Expert Market Research, we strive to always give you current and accurate information. The numbers depicted in the description are indicative and may differ from the actual numbers in the final EMR report.
2 Report Coverage – Key Segmentation and Scope
3 Report Description
3.1 Market Definition and Outlook
3.2 Properties and Applications
3.3 Market Analysis
3.4 Key Players
4 Key Assumptions
5 Executive Summary
5.2 Key Drivers
5.3 Key Developments
5.4 Competitive Structure
5.5 Key Industrial Trends
6 Market Snapshot
7 Opportunities and Challenges in the Market
8 South Korea Electric Shaver Market Analysis
8.1 Key Industry Highlights
8.2 South Korea Electric Shaver Historical Market (2018-2022)
8.3 South Korea Electric Shaver Market Forecast (2023-2028)
8.4 South Korea Electric Shaver Market by Type
8.4.1 Foil Shaver
22.214.171.124 Market Share
126.96.36.199 Historical Trend (2018-2022)
188.8.131.52 Forecast Trend (2023-2028)
8.4.2 Wet/Dry Shaver
184.108.40.206 Market Share
220.127.116.11 Historical Trend (2018-2022)
18.104.22.168 Forecast Trend (2023-2028)
8.4.3 Rotary Shaver
22.214.171.124 Market Share
126.96.36.199 Historical Trend (2018-2022)
188.8.131.52 Forecast Trend (2023-2028)
8.5 South Korea Electric Shaver Market by Gender
184.108.40.206 Market Share
220.127.116.11 Historical Trend (2018-2022)
18.104.22.168 Forecast Trend (2023-2028)
22.214.171.124 Market Share
126.96.36.199 Historical Trend (2018-2022)
188.8.131.52 Forecast Trend (2023-2028)
9 Market Dynamics
9.1 SWOT Analysis
9.2 Porter’s Five Forces Analysis
9.2.1 Supplier’s Power
9.2.2 Buyer’s Power
9.2.3 Threat of New Entrants
9.2.4 Degree of Rivalry
9.2.5 Threat of Substitutes
9.3 Key Indicators for Demand
9.4 Key Indicators for Price
10 Competitive Landscape
10.1 Market Structure
10.2 Company Profiles
10.2.1 Koninklijke Philips NV
10.2.1.1 Company Overview
10.2.1.2 Product Portfolio
10.2.1.3 Demographic Reach and Achievements
10.2.2 Procter & Gamble Company (Braun)
10.2.2.1 Company Overview
10.2.2.2 Product Portfolio
10.2.2.3 Demographic Reach and Achievements
10.2.3 Panasonic Korea Co., Ltd.
10.2.3.1 Company Overview
10.2.3.2 Product Portfolio
10.2.3.3 Demographic Reach and Achievements
10.2.4 Zhejiang Runwe Electric Appliance Co., Ltd.
10.2.4.1 Company Overview
10.2.4.2 Product Portfolio
10.2.4.3 Demographic Reach and Achievements
10.2.5 Edgewell Personal Care Company
10.2.5.1 Company Overview
10.2.5.2 Product Portfolio
10.2.5.3 Demographic Reach and Achievements
10.2.6 Spectrum Brands, Inc. (Remington)
10.2.6.1 Company Overview
10.2.6.2 Product Portfolio
10.2.6.3 Demographic Reach and Achievements
11 Key Trends and Developments in the Market
List of Key Figures and Tables
1. South Korea Electric Shaver Market: Key Industry Highlights, 2018 and 2028
2. South Korea Electric Shaver Historical Market: Breakup by Type (USD Million), 2018-2022
3. South Korea Electric Shaver Market Forecast: Breakup by Type (USD Million), 2023-2028
4. South Korea Electric Shaver Historical Market: Breakup by Gender (USD Million), 2018-2022
5. South Korea Electric Shaver Market Forecast: Breakup by Gender (USD Million), 2023-2028
6. South Korea Electric Shaver Market Structure
The market is projected to grow at a CAGR of 3.5% between 2023 and 2028.
Ease of use, affordability, demand for premium electric shavers, rising disposable income, an appearance-conscious society, and improved standards of living are the major industry drivers.
Social media marketing, growing demand for personal care and grooming products, and the surge of e-commerce platforms are the key trends in South Korea electric shaver market.
The dominant type of electric shavers in the industry are foil shavers, wet and dry shavers, and rotary shavers.
The major players in the industry are Koninklijke Philips NV, Procter & Gamble Company (Braun), Panasonic Korea Co., Ltd., Zhejiang Runwe Electric Appliance Co., Ltd., Edgewell Personal Care Company, and Spectrum Brands, Inc. (Remington), among others.
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