Steam Vacuum Cleaner Market value of around US$ 3,173.5 million by 2030

Posted on 2023-01-25 by Jatin Dahiya in Advertising // 0 Comments

United States, New York, 2023-Jan-25 — /EPR Network/ —According to the Market Statsville Group (MSG), the global steam vacuum cleaners market size was valued at USD 2,771.6 million in 2022, which is expected to reach USD 3,173.5 million by 2030, growing at a CAGR of 8.9% from 2022 to 2030.

Factors such as improving hygiene standards in the commercial landscape, increasing demand from the hospitality industry, growing awareness to decrease the usage of hazardous chemicals and their presence in runoff water, and growing adoption of energy-efficient and sustainable practices are driving the market’s growth.

Furthermore, the provision of ecologically sustainable services is one of the developing trends. Green cleaning is primarily concerned with using less harmful products for human health and the environment. Equipment manufacturers continually upgrade technology to satisfy industrial standards, creating several opportunities for market players. End-users in industrialized countries and a few emerging economies are focusing on adopting sustainable technologies for their homes and businesses, which is expected to increase the adoption of steam vacuum cleaners.

Global Steam Vacuum Cleaner Market Definition

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A steam vacuum cleaner (DMR) is a type of vacuum cleaner that uses steam for cleaning. These are designed to work on any floor, carpets, rugs, curtains, and upholstery. This appliance uses water to clean, so it is free of any harmful cleaning chemicals and detergents, making it eco-friendly. Owing to the fact it uses heat, it is also very effective at eliminating sewage, cleaning pet areas, and killing germs.

Global Steam Vacuum Cleaner Market Dynamics

Drivers: Increasing rental/lease services of steam cleaner equipment

As more vendors offer equipment for rent and lease, rental services are becoming more and more popular. Due to its affordability and convenience, the new market trend of variable-term rentals has gained substantial popularity as an alternative to owning equipment. As a result, the expansion of rental services is expected to continue. Regulations, high ownership costs, and financial restraints are driving the expansion of the equipment rental services sector.

Opportunity: Increasing R&D by key market players to grab market share

With the launch of several new and creative products, research and development initiatives have helped the steam cleaners market flourish. To increase the effectiveness of their products, global manufacturers are developing new items and refining the existing models. During the forecast period, the steam cleaners market is anticipated to be driven by the release of new, cutting-edge steam cleaners with increased battery life, additional room memory, and higher efficiency. The two main factors that are most likely to increase the number of development possibilities in the market for steam cleaners are technological advancement and shifting customer preferences.

COVID–19 Impact on the Global Steam Vacuum Cleaner Market

Due to the long-term closure of manufacturing factories, shopping malls, restaurants, and other commercial areas amid the COVID-19 pandemic, the industrial and commercial business sectors were impacted. As a result, income in the industrial and commercial sectors fell in 2020. On the other hand, the hospital segment had seen promising growth in the commercial sector, owing to a labor scarcity in hospitals and the need to maintain hygiene. Furthermore, the growing requirement to keep hospitals clean to avoid cross-contamination and infections and maintain a healthy atmosphere for medical personnel, patients, and visitors increased the vacuum cleaner demand. Also, people are getting aware of maintaining proper hygiene to prevent infection. These factors are expected to increase demand for steam vacuum cleaners in the forecast period.

Scope of the Global Steam Vacuum Cleaner Market

The study categorizes the steam vacuum cleaners market based on type and application at the regional and global levels.

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By Type (Sales, USD Million, 2017–2030)

Portable Steam Vacuum Cleaner
Hand Hold Steam Vacuum Cleaner
Others

By Application (Sales, USD Million, 2017–2030)

Residential
Commercial
Contract Cleaning
Others

By Power Source (Sales, USD Million, 2017–2030)

Cord
Cordless

By Distribution Channel (Sales, USD Million, 2017–2030)

Offline
Online

By Region (Sales, USD Million, 2017–2030)

North America
- US
- Canada
- Mexico
Europe
- Germany
- Italy
- France
- UK
- Spain
- Poland
- Russia
- The Netherlands
- Norway
- Czech Republic
- Rest of Europe
Asia Pacific
- China
- Japan
- India
- South Korea
- Indonesia
- Malaysia
- Thailand
- Singapore
- Australia & New Zealand
- Rest of Asia Pacific
South America
- Brazil
- Argentina
- Colombia
- Rest of South America
The Middle East & Africa
- Saudi Arabia
- UAE
- South Africa
- Northern Africa
- Rest of MEA

Residential accounts for the highest share during the forecast period

Based on the applications, the global steam vacuum cleaners market has been segmented across residential, commercial, and others. The residential segment is expected to hold the major share of the market in 2021. The necessity to accomplish a sanitary and chemical-free cleaning of floors, walls, and kitchens is the primary driver behind the use of steam cleaner equipment in residential settings. They are becoming more popular as the frequency of thorough cleaning and sanitizing carpets in homes rises. The cost of remodeling and renovations has increased due to the growth in residential buildings. The need for powerful and environmentally friendly floor cleaning equipment is driven by customers’ increased awareness of health and hygiene.

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Online expected to witness the highest CAGR during the forecast period

Based on the distribution channel, the global steam vacuum cleaners market has been segmented into online and offline. Online sales contributed around 20% share in 2021, driven by the rising demand for a multi-channel approach and support from retailers, dealers, and customers. The majority of steam vacuum cleaners are offered through dealer websites and online shops; however, by integrating e-commerce solutions and business resource planning systems, many offline distributors are shifting the sales process online.

Asia Pacific accounts for the highest CAGR during the forecast period

Based on the regions, the global steam vacuum cleaners market has been segmented across North America, Asia–Pacific, Europe, South America, and the Middle East & Africa. Globally, Asia Pacific is estimated to hold the highest CAGR in the global steam vacuum cleaners market during the forecast period. The region includes the countries such as China, India, Japan, South Korea, Australia, Southeast Asia, and the Rest of Asia–Pacific. The region’s growth is primarily due to the availability of low-cost products, increasing purchasing power of consumers, increasing electrification of rural areas, and wide usability of online sales channels in developing countries.

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Key Market Players in the Global Steam Vacuum Cleaner Market

The global steam vacuum cleaners market is highly competitive, with key industry players adopting strategies such as partnerships, product development, acquisitions, agreements, and expansion to strengthen their market positions. Most companies in the market are indulged in expanding business across regions, enhancing their capabilities, and molding strong partner relations.