Hair Styling Equipment Market to Experience Significant Growth
As per the predictions by a reputable market research conglomerate, the global hair styling equipment market size is projected to balloon by USD 3.71 billion from 2024 to 2028. The report suggests that the market could grow at a compound annual growth rate (CAGR) of approximately 4.83% during this forecast period.
Hair styling equipment is becoming an indispensable part of our grooming routine thanks to the numerous advantages it offers. Besides creating various hairstyles, these tools also aid in enhancing one’s overall appearance. The burgeoning market is being driven by several factors.
One significant catalyst is undoubtedly the increasing use of social media marketing. Hair styling tool vendors are leveraging social media platforms like Facebook, Instagram, Youtube, and Twitter for their promotional activities. Through these platforms, they can reach a broader audience, thereby driving up their sales. For example, well-known electronic goods manufacturer Philips NV routinely utilises video advertising and influencer collaborations to boost its sales. Social media penetration coupled with high internet adoption in advanced economies like Japan and the US helps vendors in expanding their product awareness and in turn, drives up their revenue.
Another trend that’s rapidly gaining popularity is the adoption of innovative technologies in hair styling tools. Market players are beginning to integrate smart sensor technology, slim designs, and smartphone connectivity into their products. One such advanced technology is the use of 24k-Gold based tools in hair styling equipment, powered by lithium-silicone batteries. These advancements are providing a significant boost to the market’s growth.
The younger population, in particular, is showing keen interest in using innovative tools equipped with smart sensors. These tools enhance hair texture, shine, curl, and volume while minimising heat damage during styling. Offline retail and online platforms are both capitalising on the rising consumers’ awareness about their appearance and the growing demand for salon services and hairstyling trends.
However, it’s not all smooth sailing for the market as the presence of counterfeit goods poses a considerable challenge. Counterfeit products made from inferior quality materials can damage hair and pose safety risks, thus resulting in a reduction in the sales and profit margins of legitimate vendors. Despite this challenge, the hair styling equipment market’s prospects remain robust due to the continuous investment in research and development by retailers and brands.
Taking a close look at the market segmentation reveals that the product category includes hair dryers, hair straighteners, hair curlers and rollers, and traditional barbering tools. The growing emphasis on energy efficiency has led to a surge in the demand for corded and cordless hair styling tools powering with lithium-silicone batteries and smart sensors. Additionally, the market caters to a wide range of end-users, spanning professional hairdressers to individual consumers, via both offline retail stores and online shops.
To conclude, the global hair styling equipment market is experiencing significant growth, primarily driven by advanced hair styling technology, robust marketing strategies, and consumers’ increasing grooming needs. These factors combined will continue to fuel the market’s expansion in the forecasted period from 2024 to 2028. As one keeps a close eye on future developments, one can expect more technological innovations and trends that will continue to shape this dynamic market.
