Global Electric Iron Market to be Worth $2.14 Billion by 2029
Electric Iron: by Type (Traditional Iron, Steam Generator Iron, and Hanging Iron); by Function (Automatic, and Non-automatic); by Application (Industrial, and Residential); by Distribution Channel (Online, and Offline); by Region (North America, Europe, Asia Pacific, Latin America and Middle East, and Africa) Global Industry Analysis, COVID-19 Impact, and Industry Forecast, 2017-2029
As per Cognitive Market Research analysis, Electric Iron market size is projected to grow from USD 1.24 Billion in year 2022 to USD 2.14 Billion by 2029 at a CAGR of 8.62% from 2022-2029.
Electric Iron Market Overview:
Iron is an electrical appliance used to remove wrinkles and ensure neat and clean pressed clothes. The advantages of clothing iron are that it helps in keeping the clothes hygienic, smell free, and it provides elegant appearance. There is higher demand for clothing iron due to increasing preference towards use of clothing iron and higher demand or growing trend to look presentable.
Increasing demand of stylish clothes from millennials:
Increasing demand among the millennials to look well-dressed is expected to promote the utility of iron products. Ironed clothes make one look smarter and leave a better impression. The use of ironing extends the life of the fabric over time as it prevents the clothes from fraying. Furthermore, it is much better than the alternative to dry cleaning, which uses harmful chemical perchloroethylene. Ironing helps in removing the smell of bleach from the clothes.
A trend is gaining popularity among a band of professionals who like to inhale a refreshing touch of fashion into serious business dressing. The trend permeates job-friendly attire to suit the brand’s image. While some sectors certainly radiate authority like bank managers, lawyers, politicians, and for them power dressing is imperative. Wearing clothes that are the right-fit, comfortable and do not restrict movement is important.
Further, external appearance in terms of fashion has long served as an important form of communication inside and outside of the office. According to a report by office staffing firm OfficeTeam, 86 per cent of professionals and 80 per cent of managers said clothing choice affects someone’s chances of promotion. All these factors enhance the adoption of effective and impressive presentability.
Thus, rise in the demand of stylish clothes especially from millennials enhance the demand of electric iron market.
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Regional Analysis of Electric Iron Market:
Asia Pacific is anticipated to witness highest CAGR in electric iron market during the forecast period
North America held highest market share of 32.15% in year 2021. This can be attributed owing to high spending capacity as well as high working population. Further, in U.S., Canada, and Mexico, there is 100% accessibility to electricity which automatically stimulate high purchase of electrical products.
However, during the forecast period, APAC is significantly growing at high CAGR owing to the rise in disposable income. Further, countries like India, China, and Japan have higher number of working populations. Working women population is also rising which induce high usage of electric iron. Moreover, fashion industry in these countries is booming which has stimulated high usage of electric iron at commercial places.
Top players involved in the Electric Iron market:
- Koninklijke Philips N.V.
- Bajaj Electricals Ltd.
- Usha Electricals Ltd.
- Panasonic Inc.
- Electrolux Home Products Inc.
- Black+Decker Inc.
- Crompton Greaves
- Havells India Ltd.
- Pigeon Corporation
- TTK Prestige Limited
- March 2021:
Philips sold its domestic appliances business to global investment firm Hillhouse Capital:
Royal Philips has signed an agreement to sell its Domestic Appliances business with EUR 2.2 billion sales in 2020 in kitchen, coffee, garment care and home care appliances, to Hillhouse Capital, a global investment firm focused on helping companies achieve long-term sustainable growth through digital innovation and enablement.
- July 2022:
Electrolux re-enters Indian consumer durables market:
Swedish home appliance manufacturer Electrolux has re-entered the Indian market almost after four years and launched its "first experience centre" in the national capital. It has introduced a complete range of solutions for refrigeration, fabric care (washers and dryers), air purification and conditioning, dishwashing, cooking, and vacuum cleaner in a phased manner.
- January 2022:
Rowenta and Tefal has launched raft of new products for 2022 to make cleaning easy:
With the Cube hygiene steamer from Tefal, the traditional “ironing room” can be set up spontaneously and with little effort anywhere in the home. With just one device, home textiles and items of clothing can be ironed, steam smoothed and disinfected. With just the power of hot, high-pressure steam, the Cube promises to eliminate up to 99.99% of bacteria, viruses and germs that can settle in all sorts of substances in the home. The Pro Express Vision steam ironing station from Tefal has an extra powerful steam output of up to 180 g/min, and is therefore ideal for cleaning any home textiles.
- By Type:
Traditional iron has been used by large chunk of population mostly for residential purpose. In this type of iron, the steam boiler is located directly on the iron itself. Further, they are comparatively cheaper in price and it is of simple design consisting of a metal plate and a dial for temperature adjustment. Basic dry iron is available to buy online as well as offline.
- By Function:
Ironing is a common process in every household to remove the wrinkles from clothes. But it’s the technology that keeps on changing and upgrading the tool for its easy and convenient use. Automatic electric iron has thermostat switch to regulate the heat to a predetermined value. When the predetermined value of the temperature is reached, the thermostat switch automatically disconnects the electricity supply and reconnects the same when iron starts cooling down.
Hence, demand for automatic electric iron is high in comparison to non-automatic due to their safety benefits.
- By Application:
Demand of electric iron is higher from residential sector as electric iron is a FMCG product since the 1880s. Thus, this is the common tool found in almost every household. Further, mounting disposable income and working population has enhanced the use of electric iron at homes.
- By Distribution Channel:
In terms of distribution channel, offline distribution channel segment held the largest market share across the global market owing to a large number of consumers relying on electronic stores, supermarkets, and hypermarkets. Further, satisfaction from physical verification is high and thus, offline dominates the market. However, post COVID pandemic and rising usage of smart phone, online sale is rising at a significant growth rate.
Top Report Findings:
- Rise in the demand of stylish clothes especially from millennials enhance the demand of electric iron market
- North America is dominating the market with market share of 32.15% in year 2021
- Demand of electric iron is higher from residential sector
- Demand for automatic electric iron is high in comparison to non-automatic due to their safety benefits
- Traditional iron has been used by large chunk of population mostly for residential purpose
- Swedish home appliance manufacturer Electrolux has re-entered the Indian market almost after four years and launched its "first experience centre"
Besides, report covers complete manufacturers analysis. Additionally, it provides sales channel, analysis findings and results. The report covers holistic analysis on external and internal factors affecting the growth of market. It spots some new entrants within the market. The study thus, suggests a brand-new proposition to embellish Electric Iron market and nurture business as it explains current global market as well as future market.
- Global Home Appliance Market
- Global Washing Machine Market
- Global Hair Dryer Market
- Global Electric Steamer Market
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