India Garment Steamer Market to Witness Nearly Two Fold Revenues by 2024 - 6Wresearch
Consumers in India are becoming liberal on their spending habits as a result of increasing personal disposable income. Garment steamers are primarily used by commercial segment, however, over the past few years the product is gaining high acceptance across the household segment. The growth of garment steamer market in India is backed by surging aspirations of middle class population towards branded clothing. Garment steamers are ideal for delicate fabrics, in addition, these are also used for removing wrinkles and freshening of curtains, bed sheets, and upholsteries (seats & furniture covers). Moreover, growing product awareness, urbanization, and surging emphasis towards personal upkeep are further catalyzing the growth of garment steamer market in the country.
According to 6Wresearch, India Garment Steamer market is projected to grow at a CAGR of 10% during 2018-24. Although, India brown goods market recorded nearly $1.5 billion revenues in 2017, wherein dry and steam irons contributed around 7% market revenue share and garment steamer segment recorded low share. However, the segment is likely to gain acceleration over the coming years with increasing purchasing power of consumers in the country. In terms of volume, garment steamer market is anticipated to exhibit a CAGR of around 11.7% during the forecast period. Commercial end user segment bagged highest revenue share in 2017. Moreover, on account of growing product awareness, household segment is expected to exhibit highest growth rate during the forecast period.
According to Anuj Mehrotra, Senior Research Analyst, Research and Consulting, 6Wresearch, "Standing/upright garment steamer captured majority of the market share in 2017 and the segment is likely to continue its dominance during the forecast period owing to sustained demand for these garment steamers by commercial end users. However, handheld garment steamer segment is gaining high acceptance among consumers and are projected to exhibit highest growth rate owing to compactness and portability of handheld ones."
"Currently, commercial including apparel showrooms, boutiques, and small sized businesses such as tailors & dressmakers are the major end users of garment steamers. Moreover, with growing frequent travel needs of consumers for professional commitments and personal reasons, there is an upsurge in demand for handheld garment steamers further resulting in the growth of household garment steamer segment," Anuj concluded.
According to Suman Gautam, Research Associate, Research and Consulting, 6Wresearch, "Presently, garment steamer is a niche product segment in India's consumer appliances market. Commercial garment steamer is at the growth stage, whereas, household garment steamer segment is still at nurture stage. Growing product awareness is a major contributor towards further acceptance of garment steamers among end customers."
"Moreover, there exist huge untapped opportunities in the country owing to low product awareness, especially across urban household segment. Furthermore, manufacturers are coming-up with product differentiation and different price points to attract consumers as per their product requirements. Additionally, India being a lucrative market for fashion retailers and flourishing fashion apparel market in the country, an upsurge is projected in garment steamer demand, especially for proper maintenance of expensive clothing," Suman added.
Some of the major companies in India garment steamer market include- Philips, Bajaj Electricals, Havells, Groupe SEB, Usha International, and Inalsa Appliances.
"India Garment Steamer Market (2018-2024)" provides in-depth analysis with 28 figures and 6 tables covered in 87 pages. The report estimates and forecast the overall India garment steamer market by types, end users and regions. The report also offer insights on competitive landscape, companies benchmarking, company profiles, market drivers and restraints.
For Sample Pages & Detailed Report Description Visit : http://www.6wresearch.com/market-reports/india-garment-steamer-market-2018-2024-forecast-by-types-standing-upright-handheld-compact-end-users-regions-competitive-landscape.html
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