In this report, Technavio covers the market outlook and growth prospects of the global steam cleaner market for 2017-2021. By end-users, this market is segmented into commercial and residential end-users.
Global steam cleaner market is forecast to grow to USD 1.23 billion by 2021, as per Technavio researchers. This growth will mainly be driven by the rise in the number of dual-income households, where the percentage of disposable income is very high. The demand for steam cleaners is especially high from the developing countries where the number of women participating in the workforce is continuously increasing.
Other key drivers in this market space are a rise in the number of smart homes and the ever-increasing applications for steam cleaners. More than 78% of the growth in this market space will originate from the commercial sector, with most demand being generated from the hospitality industry.
Technavio’s research study segments the global steam cleaner market into the following regions:
- North America
APAC: largest steam cleaner market
“High disposable income and purchasing power of the people has increased the adoption of the steam cleaners in APAC. Big vendors like Samsung and Panasonic have helped increase product awareness in the region. Currently, India, China, South Korea, Australia, New Zealand, Vietnam, and the Philippines are the major contributors to the steam cleaners market in APAC,” says Abhay Sinha, one of the lead market research analysts at Technavio.
In the developed Australian economy where the steam cleaner market is mature, the demand for steam cleaners is high in residential areas due to the growing number of smart homes. Developing economies like China and India are experiencing high rates of urbanization, leading to consistent growth due to the rise in standards of living, thriving construction industry, and expansion in distribution channels of vendors.
Request a sample report: http://www.technavio.com/request-a-sample?report=55411
Technavio’s sample reports are free of charge and contain multiple sections of the report including the market size and forecast, drivers, challenges, trends, and more.
Europe: large-scale adoption of smart homes driving growth of market segment
The growth in Europe is likely to be fueled by contribution from Western European countries like the UK, Germany, and Finland. Eastern European countries have large untapped potential that is likely to be realized during the forecast period. The large-scale adoption of smart homes in Eastern Europe will also contribute significantly to the growth of the steam cleaner market in Europe.
The construction market in Europe is also thriving, with several projects lined up, majorly from Western European countries such as Germany and Ireland. With Eastern Europe well into economic recovery, construction projects are expected to resume in the forecast period. These factors are expected to aid the market growth.
North America: market segment characterized by inorganic growth
“The steam cleaner market in North America is characterized mainly by inorganic growth, with key vendors acquiring prominent local players to expand their global presence. The market has also witnessed increased demand from the garment industry, and vendors are constantly investing in R&D to introduce innovative products exclusively for this segment,” says Abhay.
With an increasing number of smart homes and an increasing number of residents choosing to live in small spaces such as urban apartments, condominiums, and dormitories, the efficient steam cleaners and stick vacuum cleaners are in higher demand when compared to traditional upright vacuum cleaners. These can also be stored more easily, thus pushing for its adoption.
ROW: increasing product awareness leading to growth of market segment
The market in the ROW is mainly hindered by a lack of product awareness, which key vendors are busy remedying. Growing dual income households and the booming hospitality industry in the region is also increasing the demand for steam cleaners. Brazil, Argentina, South Africa, the UAE, Saudi Arabia, and Qatar lead the market space in terms of demand. With an expected growth in the tourism and healthcare sectors, the demand for steam cleaners is expected to accelerate in the Middle East. These factors will lead to a healthy CAGR of almost 8% in the segment.
The top vendors in the global steam cleaner market highlighted in the report are:
- HAAN Corporation
- The Hoover Company
Browse Related Reports:
- Global Air Conditioning Market 2017-2021
- Global Electronic Shelf Label Market 2017-2021
- Global Residential Air Purifier Market 2016-2020
Become a Technavio Insights member and access all three of these reports for a fraction of their original cost. As a Technavio Insights member, you will have immediate access to new reports as they’re published in addition to all 6,000+ existing reports covering segments like agricultural equipment, furniture and home furnishing, and outdoor gear. This subscription nets you thousands in savings, while staying connected to Technavio’s constant transforming research library, helping you make informed business decisions more efficiently.
Technavio is a leading global technology research and advisory company. The company develops over 2000 pieces of research every year, covering more than 500 technologies across 80 countries. Technavio has about 300 analysts globally who specialize in customized consulting and business research assignments across the latest leading edge technologies.
Technavio analysts employ primary as well as secondary research techniques to ascertain the size and vendor landscape in a range of markets. Analysts obtain information using a combination of bottom-up and top-down approaches, besides using in-house market modeling tools and proprietary databases. They corroborate this data with the data obtained from various market participants and stakeholders across the value chain, including vendors, service providers, distributors, re-sellers, and end-users.
If you are interested in more information, please contact our media team at email@example.com.