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Global window vacuum cleaner market to reach revenues of over $1.4 billion by 2024
According to Arizton's recent research report, 'Window Vacuum Cleaner Market - Global Outlook and Forecast 2019-2024', the market is expected to grow at a Compound Annual Growth Rate of more than 10% during the forecast period.
Key highlights offered in the report include:
* The increasing development of hi-tech infrastructure in the Middle East and Africa is expected to generate immense opportunities for vendors. The window vacuum cleaner market within the region is expected to grow at a CAGR of 15% during the forecast period.
* The usage of window vacuum cleaners within the residential sector offers absolute growth opportunities of over $260 million by 2024.
* Europe has emerged as the largest region, holding over 50% of the global window vacuum cleaner market share.
* The US is likely to emerge as the largest country with an incremental growth of over $140 million, followed by Germany, which is projected to achieve an incremental growth of over $60 million during the forecast period.
* The competition among vendors is expected to get more intensified during the forecast period. Product differentiation, pricing and product efficiency should be key focus areas for vendors to stay competitive in the market.
- Market size & forecast by revenue | 2018-2024
- Market dynamics - leading trends, growth drivers, restraints, and investment opportunities
- Market segmentation - a detailed analysis by application, distribution, and geography.
- Competitive landscape - profile of 20 vendors are available in this market research report.
Other findings include:
- Demand for vacuum cleaners will continue to help the market to grow during the forecast period
- The rise in the hospitality sector is likely to develop the demand for window cleaning appliances. A rising customer base with high emphasis on hygiene and sanitation maintenance in the hospitality sector is expected to contribute to the market growth
- The online distribution channel is witnessing high traction from the US. Moreover, within APAC countries, particularly China, the growth in online sales is set to increase by over 10% YOY during the forecast period.
Sensing the growing potential of the e-commerce market, the major vendors operating in the market have started to focus on the better utilisation of online portals. For instance, Karcher, one of the biggest cleaning equipment producers in the world, used sponsored ads to develop its brand in India. The firm that concentrated on B2B business-oriented specialist cleaning machines has now extended its business to cater for B2C clients in India as well. Karcher decided on digital advertising product-sponsored ads to reach prospective shoppers and launch its new B2C products such as vacuum cleaners, elevated pressure cleaners, and steam cleaners.
Key drivers and trends fueling market growth:
- Stringent safety & hygiene standards
- Expansion of commercial spaces
- Enhanced focus on R&D & innovation
- Flexibility in adoption of new tech trends
Within the European market, in countries such as the UK, Germany and France, cleaning appliances are gaining popularity amongst end-users. The adoption and replacement of window cleaning appliances in North America is growing at a steady pace. Within the APAC region, Japan is likely to contribute 24% to the overall revenue. MEA offers vast opportunities to vendors as the increasing robustness in economic factors are creating demand for several business commodities and services in the region.
14th November 2019