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Effectiveness & Convenience- Floor Cleaning Equipment Market to grow at 8% in 2020-26: Actual Market Research
Jun, 10
2021

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Effectiveness & Convenience- Floor Cleaning Equipment Market to grow at 8% in 2020-26: Actual Market Research

 

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Lack of time left for household chores due to the hectic lifestyle and the growing working women population and independent living are the major factor for catalyzing the growth of the global floor cleaning equipment market. The research report titled Global Floor Cleaning Equipment Market Overview, 2020-26 by Actual Market Research categorizes the market to forecast the revenues and analyze the trends in each of the following segments: based on product type, based on application, based on region, countries & major companies._x000D_
Changing lifestyles, high disposable incomes, rising purchasing power, and ease of usage are other major factors catalyzing the growth of the market worldwide, allowing the market to reach a value of USD 7.36 Billion in 2015. Technological advancements are anticipated to significantly boost product demand in the market. The emergence of automatic floor cleaning equipment, which can clean an area without human labor, is also expected to work in the favor of the product demand, thereby driving the market growth. Through the forecasted period, the market is expected to have a CAGR of over 8%. _x000D_
The floor cleaning industry has been undergoing significant changes, merging customer expectations and innovative technologies. The global market was dominated by vacuum cleaners, holding to 46.24% share in 2020. Cleaning is becoming smart with the implementation of smart applications and robotic technologies to create new value from data emerging from different industry verticals. Apart from digitally enhanced products, companies are focusing on developing sustainable products with low emissions and noise. The floor sweeper segment is to show the highest anticipated CGAR of over 10%. Moreover, advanced features such as navigation technology, voice control, and remote control, allow these devices to help users save time and reduce human assistance._x000D_
Features such as automatic charging, smart home trend, and voice-activated commands powered by digital voice assistants such as Amazon Alexa and Google Assistant are attracting residential clients and end-users. The rise in the commercial sector can be majorly owed to heightened demand from hospitals to maintain hygiene amid the Covid pandemic, with minimum human interventions. Several companies reported an increase in revenues in these sectors, already holding a share of over 80% in the global market. The increased influence of social media and online sales platforms has emerged as one of the most important growth drivers for the residential segment. The residential segment is expected to grow over an anticipated CAGR of over 11%. _x000D_
The Asia Pacific region dominated the global market for vacuum cleaners in 2020, with China being one of the leading markets. The strong presence of regional companies, availability of low-cost products, and high purchasing power of consumers are some of the key factors driving the demand in Asia. The need for maintaining high hygiene standards to prevent and reduce the spread of COVID-19 is expected to compel several institutions, including schools and businesses, to invest in vacuum cleaners. Latin America and Middle East & Africa together could hardly cover 15% of the global market by 2026. Several companies faced negative growth in Europe in the first and second quarters of 2020 due to heavy restrictions. Moreover, the rising need to keep hospitals clean to avoid cross-contamination and infections and maintain a healthy environment for the medical staff, patients, and visitors is anticipated to drive the demand for vacuum cleaners.