The electric shaver business is expanding, fuelled by the country's tech-savvy and beauty-conscious population. Electric shavers have grown in popularity in South Korea because they provide a convenient and effective way to shave without the use of water or shaving cream. Major worldwide brands such as Panasonic, Philips, and Braun dominate the market, but some local brands have gained prominence in recent years. South Korea's high-income and sophisticated consumer base also have an impact on the electric shaver business. South Korean consumers are ready to pay more money on high-quality products, and they are drawn to novel features like waterproof designs, wireless charging, and advanced cutting technologies.
South Korea Electric Shaver Market Driving Factors and Challenges
The South Korea electric shaver market is expanding as a result of numerous important factors. The country's ageing population is one factor, since older people choose electric shavers for their convenience and safety features. Another motivator is the increasing popularity of K-beauty and grooming trends, which has raised demand for electric shavers among South Korean men and women.
Waterproof designs, wireless charging, and improved cutting systems have also fueled market expansion, as manufacturers create new and creative electric shaver models to fulfil the expectations of the South Korea electric shaver market.
Despite the growth factors in the South Korean electric shaver market, the sector faces various hurdles. The severe rivalry from both global and local producers is a significant challenge. This makes it difficult for new entrants to establish themselves in the market and for incumbent businesses to maintain their market share.
The South Korea electric shaver market is strongly focused on innovation, which means that manufacturers must constantly engage in R&D to remain competitive.
Impact of COVID-19 on South Korea Electric Shaver Market
The Covid-19 epidemic had a tremendous impact on the electric shaver market in South Korea. The market suffered a fall in demand during the early stages of the epidemic as consumers focused on purchasing necessary commodities such as food and medicine. Furthermore, as a result of the introduction of social distancing measures and remote work laws, there was reduced demand for grooming items such as electric shavers, since people stayed at home and did not need to maintain a professional appearance. The move to internet sales channels was another effect of the Covid-19 outbreak on the South Korean electric shaver sector.
South Korea Electric Shaver Market Key Players:
The market study provides market data by competitive landscape, revenue analysis, market segments and detailed analysis of key market players such as; Edge Well Personal Care Company, Koninklijke Phillips NV, Panasonic Korea Co. Ltd., Procter & Gamble Company, Spectrum Brands Inc., Zhejiang Run we Electric Appliances Co. Ltd.
South Korea Electric Shaver Market Segmentation:
By Type: Based on the Type, South Korea Electric Shaver Market is segmented as; Foil Shaver, Wet/Dry Shaver, Rotary Shaver.
By Gender: Based on the Gender, South Korea Electric Shaver Market is segmented as; Male, Female.
By Region: This report also provides the data for key regional segments of Seoul, Busan, Incheon, Daegu, Gwangju, Ulsan, others.
This study also encompasses various drivers and restraining factors of this market for the forecast period. Various growth opportunities are also discussed in the report.