LONDON–(BUSINESS WIRE)–The global hair dryer market size is expected to grow by USD 1.03 billion during 2020-2024. The report also provides the market impact and new opportunities created due to the COVID-19 pandemic. We expect the impact to be significant in the first quarter but gradually lessen in subsequent quarters – with a limited impact on the full-year economic growth.
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The increasing availability of low-cost or economic hair dryers is one of the major factors that are expected to drive hair dryer market growth. Several companies are increasingly focusing on manufacturing hair dryers at lower costs with the help of innovative manufacturing technologies. The increasing popularity of these economic hair dryers is encouraging market players to extend their product line and offer products for the economical end-user segment. As a result, the prices of hair dryers are expected to significantly drop, thereby resulting in increased sales.
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The COVID-19 outbreak has adversely affected the global economy. The growing number of COVID-19 cases has forced several industries and businesses to shut down, including the personal care and beauty and salon industry, retail outlets, and e-commerce businesses. However, this outbreak is expected to pose short-term risks, while the long-term impact on the market growth will likely be limited.
As per Technavio, the growing popularity of tourmaline hair dryers will have a positive impact on the market and contribute to its growth significantly over the forecast period. This research report also analyzes other significant trends and market drivers that will influence market growth over 2020-2024.
Hair Dryer Market: Growing Popularity of Tourmaline Hair Dryers
Tourmaline is used in flat irons, curling irons, and hair dryers as it possesses natural ionic and infrared properties. Tourmaline is specifically beneficial in hair dryers because the negative ions it emits causes the water molecules in the hair to divide and evaporate faster, saving time and energy. Also, the negative ions and infrared heat from tourmaline hair dryers lock the hair cuticles and retain moisture in the hair for shinier results. Moreover, tourmaline hair dryers are suitable for all hair types and are lightweight. Owing to these advantages, tourmaline hair dryers are gaining popularity among consumers. Manufacturers are also coming up with a variety of tourmaline hair dryers in all price ranges which will attract consumer interest leading to the growth of the market.
“Factors such as the consumers’ high spending on professional salons and blow dry bars, and the product innovation in terms of design and features will have a significant impact on the growth of the hair dryer market value during the forecast period,” says a senior analyst at Technavio.
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Hair Dryer Market: Segmentation Analysis
This market research report segments the hair dryer market by product (corded hair dryers and cordless hair dryers) and geography (Europe, North America, APAC, MEA, and South America).
The European region led the hair dryer market in 2019, followed by North America, APAC, MEA, and South America respectively. However, during the forecast period, the APAC region is expected to register the highest incremental growth due to factors such as the increasing availability of low-cost hair dryers and the expansion of professional hair salons and spas.
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Some of the key topics covered in the report include:
Market Drivers
Market Challenges
Market Trends
Vendor Landscape
- Vendors covered
- Vendor classification
- Market positioning of vendors
- Competitive scenario
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