According to analysts at Vantage Market Research, the Household Vacuum Cleaners Market is expected to reach USD 23.8 Billion by 2028, growing at a CAGR of 6.4% between 2021 and 2028. The busy work-life schedule with the extended working hours has boosted the requirement for smart home devices, which will decrease the manual labor of the households and domestic work. The shift in customer choice from conventional methods of cleaning to a modernized method of cleaning is driving the growth of the household vacuum cleaner market.
- The canister segment is projected to expand at the fastest CAGR exceeding 7.2% over the forecast period due to the increase in disposable income of consumers being one of the top impacting factors for the vacuum cleaner’s market. Disposable income allows the consumer to spend more on luxury household appliances and on enhancing lifestyle, along with the scope of investment leading to increased sales of consumer electronics products.
- The residential segment held a market share of around 34.3% in 2020. This share is due to the rising technological advancement in vacuum cleaners has made their operation more user-friendly. Since its invention, players have invested significantly to reduce noise, increase battery backup, and reduce their size. The robotic vacuum cleaner is a major advancement, and these cleaners have gained widespread adoption among consumers due to the convenience offered by them.
- Asia Pacific is expected to expand at a CAGR of over 6.8% from 2021 to 2028. This surge is attributed to the rising demand for household vacuum cleaners in developing economies such as China and India.
The rise in interest for vacuum cleaners utilized in both the residential and commercial sectors increase in demand due to the heightened requirement to keep hygiene in clinics and homes. The growing importance of online buying platforms has appeared as an important growth driver of the market.
Asia Pacific is expected to record the highest CAGR, owing to the increasing demand in countries, such as India, China, and Japan. The rise in disposable income simultaneously with growing urbanization along with the rising trend of automation in daily actions to save time is giving out lucrative possibilities for the household vacuum cleaners market.
Some of the key players in the household vacuum cleaners market include LG, Dyson, BISSELL, SharkNinja, Miele, Stanley Black & Decker, Dyson, Bosch, Neato Robotics, TTI, Haier, Irobot, Oreck, Electrolux, GlenDimplex, Gtech, Puppyoo., among others. The market is comprised of a high degree of competition due to the presence of numerous key players.