NEW YORK, Nov. 11, 2024 /PRNewswire/ — Report with market evolution powered by AI – The global vacuum cleaner market size is estimated to grow by USD 10.03 billion from 2024-2028, according to Technavio. The market is estimated to grow at a CAGR of  13.54%  during the forecast period. Growing number of smart cities is driving market growth, with a trend towards social factors driving adoption of robot vacuum cleaners in urban areas. However, threat from counterfeit products  poses a challenge.Key market players include Alfred Karcher SE and Co KG., American Vacuum Co., Beijing Roborock Technology Co. Ltd., BISSELL, Dyson Group Co., Emerson Electric Co., Haier Smart Home Co. Ltd., Irobot Corp., JS Global Lifestyle Co. Ltd., Koninklijke Philips N.V., LG Corp., MIDEA Group Co. Ltd., Miele and Cie. KG, NKT AS, Panasonic Holdings Corp., Samsung Electronics Co. Ltd., Snow Joe LLC, Stanley Black and Decker Inc., Tata Sons Pvt. Ltd., and Vac-U-Max.

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Market Driver

The vacuum cleaner market is thriving in the household appliance sector, focusing on cleaning floors with advanced suction and dirt removal technologies. Corded and cordless models cater to various residential and commercial sectors, while smart homes integrate automatic charging, voice commands, and digital voice assistants. Innovative robotic systems using IoT technologies and AI are gaining popularity. Manufacturers like Panasonic and BISSELL offer eco-friendly canister, robot, upright, handheld, bagless, and bagged models. Indoor air quality and e-commerce growth drive consumer demand. Advanced features, capacities, and power sources enhance cleaning efficiency and product innovation. Strategic alliances, health, and customer dynamics shape market trends. Safety, hygiene standards, and heavy-duty cleaning solutions address commercial environments. Specialized machines, suction mechanisms, and filtration systems ensure dust removal and address health concerns. Lifestyle changes and consumer spending influence market growth, with online sales platforms offering accessibility and sustainability. 

In today’s fast-paced urban lifestyle, consumers prioritize convenience and efficiency in their daily routines. With an increasing focus on social and professional activities, household chores have become a challenge. To address this, there is a growing demand for automated solutions, particularly vacuum cleaners. The tech-savvy population’s preference for gadgets that simplify tasks is driving market growth. Developed countries, in particular, are showing a strong affinity towards advanced, easy-to-use vacuum cleaners. Vendors are responding by developing high-performance and durable models to meet consumer expectations. 

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 Market Challenges

The vacuum cleaner market encompasses household appliances designed for cleaning floors in residential and commercial sectors. Key challenges include suction and dirt removal, corded vs cordless options, smart home integration with voice commands and automation, and the rise of robotic systems. Brands like Panasonic and BISSELL lead the market with innovative, efficient, and durable models. Hygiene and cleanliness are top priorities, driving demand for eco-friendly and bagless vacuums. IoT technologies and online sales platforms are transforming the industry, with a focus on advanced features, capacities, and power sources. Hygiene standards, safety, and heavy-duty cleaning requirements are critical in commercial environments. Manufacturing considerations include environmental concerns, automation, and cleaning processes. Consumer dynamics, health, and lifestyle changes influence purchasing decisions, with a growing emphasis on operational efficiency, initial investment, and sustainability.Counterfeit vacuum cleaners pose a significant challenge to established brands in the market due to their low production costs. Manufacturers of these replicas pay close attention to packaging, making it difficult for consumers to distinguish between authentic and fake products. The increasing trend of online shopping has further complicated matters, as it compromises the guarantee of product authenticity and quality. Consumers have reported the availability of counterfeit vacuum cleaners, particularly those manufactured in China. This has resulted in declining revenues for prominent vacuum cleaner vendors. To avoid purchasing counterfeit products, consumers are advised to carefully examine the product and its packaging before making a purchase. Additionally, purchasing from reputable retailers and checking product reviews can help ensure the authenticity of the vacuum cleaner.

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This vacuum cleaner market report extensively covers market segmentation by  

Application 1.1 Residential1.2 Commercial1.3 IndustrialDistribution Channel2.1 Offline2.2 OnlineGeography 3.1 North America3.2 Europe3.3 APAC3.4 Middle East and Africa3.5 South America

1.1 Residential-  The residential sector is the primary market for vacuum cleaners, with significant growth potential as only a tenth of the total addressable market has been penetrated. This has attracted numerous new players, including those specializing in consumer electronics. The increasing trend of online shopping in the residential sector will further boost sales during the forecast period. Additionally, the growth of smart cities in both developed and developing countries, such as the GCC and APAC, is driving demand for advanced vacuum cleaners like robotic models. Vendors are responding by developing technologically advanced robotic vacuum cleaners compatible with smart building technologies, thereby fueling market expansion.

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Research Analysis

The vacuum cleaner market encompasses a wide range of household appliances designed for cleaning floors effectively. Suction is a key feature, available in both corded and cordless models. Smart homes have brought automation to vacuuming, with automatic charging, voice commands, and digital voice assistants. Canister vacuums offer versatility for various floor types, while robotic systems and AI-powered machines bring innovative and efficient solutions. Hygiene standards are crucial in both residential and commercial sectors, making power sources and durability essential considerations. Manufacturing advances address environmental concerns, with features like automation and specialized machines for heavy-duty cleaning in commercial environments. Safety is paramount, ensuring machines meet hygiene standards without compromising performance. Power sources, features, and automation continue to drive market growth, making vacuum cleaners an indispensable tool for maintaining cleanliness and efficiency in various settings.

Market Research Overview

The vacuum cleaner market encompasses a wide range of household appliances designed for cleaning floors and removing dirt. Suction is a key feature, with both corded and cordless options available. Smart homes integrate automatic charging, voice commands, and digital voice assistants, while artificial intelligence and IoT technologies enable robotic systems for residential and commercial sectors. Hygiene and cleanliness are top priorities, with canister, robot, upright, handheld, bagless, and bagged models catering to various needs. Eco-friendly options and online sales platforms are on the rise, with advanced features, innovative designs, and strategic alliances driving product innovation. Manufacturing considerations include power sources, capacities, and safety standards. Environmental concerns and automation are shaping cleaning processes, with heavy-duty machines for commercial environments and specialized machines for wet, dry, and concrete surfaces. Lifestyle changes and consumer spending influence market trends, with health risks and operational efficiency shaping procurement analysis. Accessibility, sustainability, and digital products are also important factors in the evolving vacuum cleaner landscape.

Table of Contents:

1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Historic Market Size
5 Five Forces Analysis
6 Market Segmentation

ApplicationResidentialCommercialIndustrialDistribution ChannelOfflineOnlineGeographyNorth AmericaEuropeAPACMiddle East And AfricaSouth America

7 Customer Landscape
8 Geographic Landscape
9 Drivers, Challenges, and Trends
10 Company Landscape
11 Company Analysis
12 Appendix

About Technavio

Technavio is a leading global technology research and advisory company. Their research and analysis focuses on emerging market trends and provides actionable insights to help businesses identify market opportunities and develop effective strategies to optimize their market positions.

With over 500 specialized analysts, Technavio’s report library consists of more than 17,000 reports and counting, covering 800 technologies, spanning across 50 countries. Their client base consists of enterprises of all sizes, including more than 100 Fortune 500 companies. This growing client base relies on Technavio’s comprehensive coverage, extensive research, and actionable market insights to identify opportunities in existing and potential markets and assess their competitive positions within changing market scenarios.

Contacts

Technavio Research
Jesse Maida
Media & Marketing Executive
US: +1 844 364 1100
UK: +44 203 893 3200
Email: media@technavio.com
Website: www.technavio.com/

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SOURCE Technavio

NEW YORK, Nov. 11, 2024 /PRNewswire/ — Report on how AI is driving market transformation – The global diamond market size is estimated to grow by USD 42.72 billion from 2024-2028, according to Technavio. The market is estimated to grow at a CAGR of 8.09% during the forecast period. Growing demand for wedding jewelry is driving market growth, with a trend towards rising demand for synthetic diamonds from emerging applications. However, presence of counterfeit products in e-retailing space poses a challenge.Key market players include Anglo American plc, BlueStone Jewellery and Lifestyle Pvt. Ltd., Brilliant Earth LLC, Cartier SA, Chanel Ltd., Compagnie Financiere Richemont SA, DAMIANI S.p.A., F.lli Pisa SRL, Graff Diamonds Ltd., Kalyan Jewellers India Ltd., Kering SA, Malabar Gold and Diamonds, Pandora AS, Sheetal Group, Signet Jewelers Ltd., Swarovski AG, Tacori Inc., and The Swatch Group Ltd..

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Market Driver

The diamond market is buzzing with trends, from the formation of these rare minerals to their various applications. Diamonds are the hardest natural gemstone, formed under extreme pressure and high temperature. They’re prized for their beauty in jewelry and ornaments, but also for their industrial uses. Industrial diamonds are used in cutting tools, grinding tools, and metal machining. Synthetic diamonds, created through processes like Chemical Vapor Deposition, are gaining popularity due to their environmental sustainability. Millennials and Generation Z prefer lab-grown diamonds for their ethical and affordable appeal. Natural diamonds, with their rarity and purity, remain a top choice for jewelry application. Investment levels are high, with online sales growing due to consumer buying habits. E-commerce platforms offer a wide range of diamonds, from rough to polished, including Type Ia and Type IIa, which are the purest forms. Diamonds’ thermal conductivity makes them ideal for home care products. They’re also used in abrasive industry, construction, exploration drilling, and social media influencer gifts. Carbon, the base element of diamonds, is a valuable resource. The diamond market continues to evolve, with new trends shaping its future. 

The market for synthetic diamonds is experiencing growth due to their increasing usage in various sectors, particularly electronics and semiconductor applications. These diamonds offer unique advantages, such as superior thermal management properties. In semiconductor applications, synthetic diamonds are preferred for their high thermal conductivity, which enhances power densities and extends operational life by reducing junction temperatures. With a thermal conductivity higher than metals like copper and aluminum, synthetic diamonds effectively distribute heat across all three dimensions, making them an ideal choice as thermal spreaders. 

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 Market Challenges

The diamond market faces several challenges in the 21st century. Diamond formation as a natural process is rare and requires extreme pressure and high temperature. Natural diamonds, being a hard and valuable mineral, are highly sought after for jewelry and industrial applications. However, the discovery and production of synthetic diamonds through methods like Chemical Vapor Deposition have disrupted the market. Consumer buying habits have shifted, with millennials and Gen Z preferring lab-grown diamonds for their environmental sustainability. The abrasive industry uses industrial diamonds for metal machining and construction, while the jewelry industry values their brilliance and hardness for jewelry and ornaments. Sorting, cutting, and polishing rough diamonds remain labor-intensive and time-consuming processes. The increasing popularity of e-commerce and online sales has changed the diamond market landscape. Purity and rarity are key factors influencing investment levels in natural diamonds. The market also faces challenges in balancing the demand for jewelry applications with industrial applications, such as exploration drilling and carbon-based industries. The diamond market must adapt to these challenges by focusing on innovation, sustainability, and consumer preferences. Synthetic diamonds, while not identical to natural diamonds, offer cost-effective alternatives for various industries. As the market evolves, it’s crucial to consider the impact on the environment, ethical sourcing, and consumer education.The rise of counterfeit jewelry sales in the online diamond market is a growing concern. Sellers of imitation jewelry exploit this platform, as customers cannot physically inspect products before purchasing. They profit from full payments for fake jewelry. Increased brand awareness and the desire for luxury items have fueled the spread of counterfeit products. These counterfeit brands offer lower-priced imitations to attract customers. They also mimic top brands’ digital marketing strategies, including pay-per-click (PPC) campaigns using company names and popular search terms. This deceptive practice misleads consumers and undermines the authenticity of the online diamond market.

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Segment Overview 

This diamond market report extensively covers market segmentation by

Application 1.1 Jewelry making1.2 Industrial applicationsType 2.1 Natural2.2 SyntheticGeography 3.1 APAC3.2 North America3.3 Europe3.4 Middle East and Africa3.5 South America

1.1 Jewelry making- The diamond market experiences significant growth due to expanding middle-class populations and their increased spending power. Customers can now afford to invest more in personal accessories like diamond jewelry. Innovative designs and evolving customer tastes, driven by changing lifestyles and urbanization, further fuel demand. Major contributors to the market include the US, UK, France, and Germany. Culture, ethnicity, and fashion influence buying decisions. Daily wear jewelry’s growing popularity presents new opportunities. Online shopping trends are on the rise, leading vendors to introduce virtual Try-On technology. Offline distribution channels are expanding, with Brilliant Earth opening showrooms in Palo Alto, California, and Baltimore, Maryland. These factors collectively drive the jewelry-making segment and the global diamond market’s growth.

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Research Analysis

Diamonds are rare minerals formed under extreme pressure and high temperature from carbon atoms. Known as the hardest material on Earth, diamonds have diverse applications in various industries. In jewelry, they are cherished for their brilliance and beauty. In the abrasive industry, diamonds are used for their exceptional hardness and thermal conductivity to cut and polish other materials. The discovery of lab-grown and synthetic diamonds has disrupted traditional diamond markets, offering affordable alternatives to natural diamonds. Millennials, with their changing consumer buying habits, are driving the demand for lab-grown diamonds and synthetic products. Rough diamonds undergo a rigorous process of sorting, cutting, and polishing to transform into polished diamonds, ready for jewelry designing or industrial applications. Type Ia diamonds, the purest form of diamond, are highly sought after for their superior clarity and brilliance. E-commerce platforms have made it easier for consumers to buy diamonds online, from rough diamonds to polished diamonds, and even synthetic diamonds. Home care products also use diamond particles for their abrasive properties. The diamond market continues to evolve, adapting to new technologies and consumer preferences.

Market Research Overview

Diamonds are formed deep within the Earth under extreme pressure and high temperature, making them a rare mineral and the hardest known substance on Earth. With a thermal conductivity that outperforms copper, diamonds have diverse applications in various industries. In jewelry, they are prized for their beauty and rarity, while in the abrasive industry, they serve as essential cutting and grinding tools. The discovery of lab-grown diamonds through methods like Chemical Vapor Deposition has disrupted the market, offering more affordable and environmentally sustainable alternatives to natural diamonds. The millennial and Gen Z demographics are driving the shift towards lab-grown diamonds, with online sales and e-commerce platforms playing a significant role in consumer buying habits. Diamonds are not only used for jewelry and ornaments but also for industrial applications such as metal machining, construction, and exploration drilling. The purity and rarity of natural diamonds make them valuable for investment purposes. The diamond market is continually evolving, with advancements in technology leading to the production of synthetic diamonds. The sorting, cutting, polishing, and jewelry designing processes are essential in transforming rough diamonds into polished gems suitable for various applications. Carbon, the primary element in diamond formation, is subjected to high pressure and temperature to create these precious gems. Type Ia and Type IIa diamonds, with their exceptional purity, are highly sought after for their superior optical and electrical properties. The diamond market caters to various industries, including jewelry, home care products, and the abrasive industry. Consumer buying habits and social media influence continue to shape the market’s trends. With the increasing popularity of lab-grown diamonds, the industry is expected to experience significant growth and innovation.

Table of Contents:

1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Historic Market Size
5 Five Forces Analysis
6 Market Segmentation

ApplicationJewelry MakingIndustrial ApplicationsTypeNaturalSyntheticGeographyAPACNorth AmericaEuropeMiddle East And AfricaSouth America

7 Customer Landscape
8 Geographic Landscape
9 Drivers, Challenges, and Trends
10 Company Landscape
11 Company Analysis
12 Appendix

About Technavio

Technavio is a leading global technology research and advisory company. Their research and analysis focuses on emerging market trends and provides actionable insights to help businesses identify market opportunities and develop effective strategies to optimize their market positions.

With over 500 specialized analysts, Technavio’s report library consists of more than 17,000 reports and counting, covering 800 technologies, spanning across 50 countries. Their client base consists of enterprises of all sizes, including more than 100 Fortune 500 companies. This growing client base relies on Technavio’s comprehensive coverage, extensive research, and actionable market insights to identify opportunities in existing and potential markets and assess their competitive positions within changing market scenarios.

Contacts

Technavio Research
Jesse Maida
Media & Marketing Executive
US: +1 844 364 1100
UK: +44 203 893 3200
Email: media@technavio.com
Website: www.technavio.com/

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SOURCE Technavio

NEW YORK, Nov. 11, 2024 /PRNewswire/ — Consello, the leading global advisory and investing platform, is pleased to announce the appointment of Elizabeth A. Crain as a Partner and member of the Executive Committee.

Elizabeth brings a wealth of experience in strategic growth and business leadership. As a Founding Partner at Moelis & Company and the firm’s Chief Operating Officer from 2007 to 2023, she was instrumental in defining the firm’s direction, guiding key strategic and corporate decisions and operational execution, and oversaw the firm’s global expansion to become a leading independent investment bank.

Prior to Moelis, Elizabeth was a Managing Director in the UBS Investment Bank and served as the Chief Operating Officer of the UBS Investment Banking Department Americas. 

Elizabeth has been named as one of the 100 Most Influential Women in U.S. Finance by Barron’s and has been recognized by American Banker as one of the 25 Most Powerful Women in Finance.

Declan Kelly, Founder, Chairman and CEO of Consello, commented, “Elizabeth has been a pivotal player in driving growth at some of the most successful franchises in financial services. We are delighted to welcome her to Consello as we grow our business around the world.”

Elizabeth Crain added, “Consello is at the forefront of providing what today’s most senior leaders demand: forward-looking, holistic guidance informed by proven operational expertise. I am excited to join the leadership team as it scales this innovative approach across industries and geographies.”

Media contact:
media@consello.com

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SOURCE Consello