This is being driven by the growing demand for advanced styling tools.
According to Technavio, the global hair styling equipment market is expected to grow by $3.71 billion from 2024 to 2028, at an annual growth rate of 4.83%.
This growth is driven by increased demand for advanced styling tools, fueled by social media marketing and e-commerce.
Brands like Philips NV are using platforms like Instagram and YouTube for influencer marketing and video advertising to reach a wider audience.
Increased internet access in major markets such as the US and Japan has increased product awareness and sales.
Innovations such as smart sensors, smartphone connectivity, and energy-efficient designs are captivating consumers.
The report said offline and online retailers are benefiting as more people invest in their personal grooming.
High-income consumers, millennials, and working women are the primary buyers, with increased focus on sustainability and health risks.
However, the market faces challenges from counterfeit products that are sold cheaply online and can pose safety risks. This negatively impacts the profits of legitimate brands, who need to invest more in advertising to retain customers.
The market includes a variety of products used by both individuals and professionals, such as hair dryers and hair straighteners. Safety concerns continue to be an issue, including electric shock and the presence of harmful chemicals in some products.
