Vacuum Cleaner Market size to increase by USD 6.96 billion between 2022 to 2027, Residential to be the major contributing segment - Technavio

NEW YORK, Oct. 11, 2023 /PRNewswire/ -- The vacuum cleaner market size is expected to grow by USD 6.96 billion from 2022 to 2027, according to Technavio. In addition, the growth momentum of the market will progress at a CAGR of 10.94% during the forecast period. A growing number of smart cities is notably driving the vacuum cleaner market. However, factors such as threats from counterfeit products may impede market growth. The market is segmented by Application (Residential, Commercial, and Industrial), Distribution Channel (Offline and Online), and Geography (North America, Europe, APAC, Middle East and Africa, and South America). Technavio provides a comprehensive report summary describing the market size and forecast along with research methodology. The free sample report is available in PDF format 

Key Segment Analysis

By application, the residential segment is significant during the forecast period. The growth in the segment is due to the majority of market players having dominated only one-tenth of the total addressable market. Various new players are entering the market such as those specializing in consumer electronic products. The growing trend of online shopping is expected to fuel the growth of the vacuum cleaner market in the residential segment. To know additional highlights and key points on various market segments and their impact in coming years, View the free PDF Sample Report.

Geographical Market Analysis 

By geography, North America is estimated to contribute 41% to the growth of the global market during the forecast period. Factors like consolidation and inorganic growth strategies, with key market players acquiring prominent local players to expand their market presence, drive the regional market growth of vacuum cleaners. High investments in R&D to introduce newer and more innovative products by market players. These investments are to fulfill the demands of consumers and give severe competition to counterfeit products.

Company Insights 
The vacuum cleaner market is fragmented, and the companies are deploying organic and inorganic growth strategies to compete in the market. The report analyzes the market's competitive landscape and offers information on several market companies, including:
Alfred Karcher SE and Co KG, American Vacuum Co., Beijing Roborock Technology Co. Ltd., BISSELL, Dyson Group Co., Emerson Electric Co., Haier Smart Home Co. Ltd., Irobot Corp., JS Global Lifestyle Co. Ltd., Koninklijke Philips N.V., LG Corp., Midea Group Co. Ltd., Miele and Cie. KG, NKT AS, Panasonic Holdings Corp., Samsung Electronics Co. Ltd., Stanley Black and Decker Inc., Tata Sons Pvt. Ltd., Vac-U-Max, Snow Joe LLC

• View the free PDF Sample Report to find additional highlights on the growth strategies adopted by companies and their product offerings.

The Robotic Vacuum Cleaner Market size is estimated to grow by USD 5,701 million accelerating at a CAGR of 17.62% between 2023 and 2027. 

The vacuum truck market size is expected to increase by USD 416.93 million from 2021 to 2026, and the market's growth momentum will accelerate at a CAGR of 6.41%.

ToC:

Executive Summary

Market Landscape

Market Sizing

Historic Market Sizes

Five Forces Analysis

Market Segmentation by Application

Market Segmentation by Distribution Channel

Market Segmentation by Geography

Customer Landscape

Geographic Landscape

Drivers, Challenges, & Trends

Company Landscape

Company Analysis

Appendix

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SOURCE Technavio