Hair styling equipment market to grow $4.30bn by 2026
The hair styling equipment market value is set to grow by $4.3 billion by 2026, progressing at a compound annual growth rate of 5.5%, according to Technavio.
One of the key factors driving growth in the market is an increased demand for product "premiumisation" and innovation. However, the availability of counterfeit products is expected to challenge this growth.
39% of the market's growth will originate from APAC, with growth in this region expected to be faster than any other region.
Growth from the offline segment will be "significant" during the forecast period, with an increase in store and business expansions by retailers fuelling the demand for this equipment.
Salons and spas are another growth area for the hair styling equipment market, with consumers opting for professional styling to fit in with their busy lives. As hairstyle trends change, salons and spas also require advanced hair styling equipment.
Technavio emphasised that companies who offer innovative products and solutions are likely to stay ahead in the market. Some of the beauty businesses mentioned in the report include Coty, Drybar, Dyson, Panasonic and P&G.