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The global hair styling tools market size is expected to showcase a significant growth by reaching USD 39.63 billion by 2027. The growth is attributable to the increasing awareness for the adverse effects regarding the continual adoption of chemical hair treatment that propels the demand for advanced tools of hair styling, globally. This information is published by Fortune Business Insights, in its latest report, titled, “Hair Styling Tools Market Size, Share & COVID-19 Impact Analysis, By Product Type (Manual and Electric (Dryer, Straightener, Curler, and Others)), Application (Household and Commercial), Distribution Channel, and Regional Forecast, 2020-2027.” The report observes that the market stood at USD 30.09 billion in 2019 and is likely to exhibit a CAGR of 3.7% between 2020 and 2027.
Philips Launches Revolutionary High-Tech Hair Styling Tools to Boost Sales Revenue
In July 2020, Royal Philips, a global health technology solutions provider, announced the launch of its new Philips SenseIQ Hair Dryer and Hair Straightener device, along with DIY female grooming products in India. According to the company, the device uses active sensors to measure temperature of hair during grooming sessions and accordingly, adapts to the temperature to enable personalized hair styling experience.
“We at Philips believe that there are ways to make life better and by bringing the technology for the consumer’s we are doing that. Our SenseIQ range is a testimony to our purpose to enrich the consumer lives and that has propelled us to be the most loved brand across this segment.”, states, Gulbahar Taurani, VP, Personal Health, Philips for India Subcontinent.
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Increasing Preference for Hair Styling Tools over Chemical Hair Treatment to Aid Growth
According to an article published by the International Journal of Cancer, women undergoing chemical hair straightening treatment for over 5 to 8 weeks are estimated to have a 30% extra chance of developing breast cancer over other women. Chemical hair treatments are laced with carcinogens such as formaldehyde and their over exposure on humans may lead to adverse health effects. The growing awareness regarding the ill-effects of the chemical products is surging the demand for advanced hair styling tools that do not require chemicals for grooming needs. This is expected to contribute to the growth of the global market in the forthcoming years.
Major Companies Actively Focus on Product Launches to Secure Their Position
The global market is fragmented by the presence of several small, medium, and large companies that are focusing on gaining a major chunk of share in terms of revenue. They are doing so by introducing innovative hair styling products to cater to the growing demand for grooming products across developed as well as developing economies. The other key players are adopting strategies such as merger and acquisition, collaboration, and partnership to maintain their presence and further strengthen their positions in the global marketplace.
List of the Companies Profiled in the Market:
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Table of Segmentation:
Value (USD Billion)
By Product Type, Application, Distribution Channel, and Geography
By Product Type
By Distribution Channel