PORTLAND, Oregon, April 28, 2020
Rise in concern toward hygiene among customers, better functionality of wet vacuum cleaners over their regular counterparts, increase in urbanization drive the growth of the global wet vacuum cleaner market
PORTLAND, Oregon, April 28, 2020 /PRNewswire/ -- Allied Market Research published a report, titled, "Wet Vacuum Cleaner Market by Product Type (Cordless and Wired), Application (Household and Commercial) and Distribution Channel (Supermarket/Hypermarket, Specialty Store, E-commerce and Others): Global Opportunity Analysis and Industry Forecast, 2019–2026." According to the report, the global wet vacuum cleaner industry was estimated at $1.0 billion in 2018, and is expected to hit $1.4 billion by 2026, registering a CAGR of 4.1% from 2019 to 2026.
Drivers, restraints, and opportunities-
Rise in concern toward hygiene among customers, better functionality of wet vacuum cleaners over their regular counterparts, increase in urbanization drive the growth of the global wet vacuum cleaner market. On the other hand, high retail prices and surge in number of counterfeit products impede the growth to some extent. However, advancement in technology and rapid growth of online platforms are expected to create multiple opportunities in the industry.
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The wired segment to lead the trail by 2026-
Based on product, the wired segment accounted for around three-fifths of the global wet vacuum market share in 2018, and is expected to rule the roost by the end of 2026. The fact that wired vacuum cleaners have a higher suction power and longer run time than their other counterparts fuels the segment growth. The cordless segment, on the other hand, would garner the fastest CAGR of 4.8% throughout the forecast period. The busy lifestyle of customers makes them look out for convenient options that save their time. This factor has boosted the growth of the segment.
The commercial segment to dominate during the estimated period-
Based on application, the commercial segment contributed to nearly two-thirds of the global wet vacuum market revenue in 2018, and is projected to maintain the lion's share till 2026. Concerns regarding developing and maintaining hygiene are substantially on the rise in the commercial sector which, in turn, boosts the segment growth. Simultaneously, the household segment would register the fastest CAGR of 4.9% during the study period. Rise in affluence and hectic lifestyle of the consumers drive the growth of the segment.
North America and Europe to rule the roost in terms of revenue-
Based on region, North America and Europe held the major share, generating around two-fifths of the global wet vacuum market. This is due to rise in demand for hi-tech products and increase in number of working populations in the regions. At the same time, Asia-Pacific would cite the fastest CAGR of 5.9% during the estimated period. This is attributed to high growth in automation and intensive R&D in countries such as Japan, China, India, and South Korea.
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Frontrunners in the industry-
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