Electric Iron Market Global Opportunity Analysis and Industry Forecast, 2020-2027

[sonali sharma]

An electric iron is anappliance used for ironingthe clothes and removing crease as well as preventing the spread of infectious disease through fabrics. It was invented by HenryW. Seely in 1882. The temperature of electric iron ranges from 230 to 428 Fahrenheit and is made up of plastic and metal body.In recent times, the requirement of the domesticelectric iron is increasing due to changing lifestyle and product choice inclination toward an alluring personality. The development of steam iron has presented expanded for customers rather than the use of traditional dry iron. Steam iron is incorporated with advanced features to make the clothes wrinkles free andautomatically adjust the temperature protecting the fiber of the clothes. The new product launch in the electric iron market have expanded the safety features of electric iron by incorporation of intelligent temperature control, steam boost technology, self-cleaning ability, fast heat-up system and others.

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Market scope and structure analysis:

Report Metric

Details

Market size available for years

2020–2027

Base year considered

2019

Forecast period

2021–2027

Forecast units

Value ($US)

Segments covered

Product Type,,Usage,Distribution and Region

Regions covered

North America (U.S. and Canada), Europe (Germany, UK, France, Italy, Spain and the Rest of Europe), Asia-Pacific (China, Japan, India, Australia, Malaysia, Thailand, Indonesia, and the Rest of Asia-Pacific), LAMEA (Middle East, Brazil, Mexico, and the Rest of LAMEA)

Companies covered

Koninklijke Philips N.V., Bajaj Electricals Ltd., Usha Electricals Ltd., Panasonic Inc., Electrolux Home Products Inc., Tefal, Rowenta, Black+Decker Inc., Crompton Greaves, Havells India Ltd., Pigeon Corporation and TTK Prestige Limited.

COVID-19 ScenarioAnalysis:

Due to the COVID-19 pandemic,the demand and sales of electricironhave reduced and the customers are more inclined towards purchasing essential commodities. The challenges faced by the industry due to the lockdown scenario such as declining production, the shutdown of manufacturing plants, travel restrictions, export and import restrictions, shortage of manpower, and hampered supply chain, has impacted the sales and revenue of the electric iron market.The key manufactures have also faced restraints in delivering the products through online platforms due to disruption in the domestic supply chain.

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Top Impacting Factors:Market Scenario Analysis, Trends, Drivers andImpact Analysis

The demand for electric iron is increasing rapidly due to its regular household requirement. The new product launch and incorporation of advanced features in the electric ironsuch as spray function, non-stick plate, and automatic temperature regulation have led to the increasing demand among the corporates. The changing lifestyle, competing for social status, increasing disposable income, tech-savvy millennial, and Z generation are the main factors driving the growth of the electric iron market. The highly-priced electric iron, the complexity of designs and the availability of alternative products hinder the market growth.

Development of advanced electric iron

An electric iron is manufactured and used for commercial as well as residential services. The demand for commercial electric iron has increased due to the rapid surge in high-quality laundry services, the growing hospitality industry, the advanced fashion industry, and others.The small scale dressmakers, fashion designers, tailors, andboutiques also contribute tothe commercial segment of the electric iron market.

The availability of variants in electric iron at several price rangespresents the opportunity forthe customers to purchase electric iron according to their requirements. Theelectric iron market is flourishingdue to the increasing demand for new featured automatic electric iron as a daily necessity in the households.The key manufacturers are inclined towards new product development to increase the convenience of the product and enhance the customer experience. The variants of electric iron have different wattage, nonstick soleplate bottom, scratch-resistant properties, steam vents, steam blast, vertical steaming, variable steaming, temperature control, the self-cleaning feature, anti-calcium, anti-drip, spray mist, a water tank, and other advanced features. The expanding distribution channels such as specialty stores and e-commerce are the major factors for the growth of the electric iron market. The e-commerce platforms are providing better guarantee and warranty services, discounts and offers, multiple payment options, and home delivery privileges which have provided convenience to the customers. The lightweight, easy to carry, chargeable and portable sized electric ironhas provided the feasible option of ironing while traveling.

Key Benefits of the Report:

This study presents the analytical depiction of the electric iron marketalong with the current trends and future estimations to determine the imminent investment pockets.
The report presents information related to key drivers, restraints, and opportunities along with detailed analysis of the electric iron marketshare.
The current market is quantitatively analyzed from 2020 to 2027 to highlight the electric iron marketgrowth scenario.
Porter’s five forces analysis illustrates the potency of buyers & suppliers in the market.
The report provides a detailed electric iron marketanalysis based on competitive intensity and how the competition will take shape in coming years.
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Questions Answered in the Electric Iron MarketReport:

What are the leading market players active in the electric iron market?
What the current trends will influence the market in the next few years?
What are the driving factors, restraints, and opportunities in the market?
What future projections would help in taking further strategic steps?