Market Analysis

We started with defining and understanding the market our product would be a part of. This was followed by reviewing market research literature and surveying and interviewing prospective consumers about what they were looking for. The market we selected was the global hair care appliance market. Here, the market is broadly divided into 3 major segments - dryers, straighteners, and other devices, of which our product falls into "other devices". This segment is fairly large, with a value of $805.7 Million compounding at 5.52% yearly.

THE NUMBERS

Global hair care appliance market
- Market size - $9.347 Billion (5.52%CAGR)
Market Segmentation-
- Dryers - 79.71%
- Straighteners - 11.67%
- Other - 8.62%
Product Segment - Other
- Segment size - $805.7 Million

SURVEY - KEY INSIGHTS

76.8% of respondents have straight/wavy hair
87.5% of respondents believe the health of their health is important
Hair Oil is the most commonly used product for our sample, with 60% of respondents reporting they use hair oil, followed by leave-on conditioners (42.9%) and hair serums (24.3%)
Most respondents would be open to purchasing devices that make hair care product application easier & more effective

INTERVIEWS - KEY INSIGHTS

Areas to focus on:

Tactile experience
Manufacturability
Ergonomics of usage

Adding an integrate scalp massager if possible

COMPETITION ANALYSIS AND BUSINESS OPPORTUNITY

While most competing products do have delivery mechanisms to get hair products to the scalp and roots, a major area overlooked is the scalp coverage and the overall comfort and ergonomics of the process. Also, most systems require manual operation, whether by the end-user or someone else.
Business Opportunities: There is an existing gap in the market for hair care and styling equipment designed with an ergonomics focus. Another noticeable gap that could be filled is the lack of automation in the personal care industry, despite the phenomenon permeating almost every other industry.
Two approaches are currently being considered:
- 1. Focus on scalp coverage and automation
- 2. Focus on ergonomics (and indirectly scalp coverage) and overall comfort.
- The first one possibly entails a significant electronic component while the second could be a much simpler, purely mechanical product.

POSITION CHART

Since our product aims to make hair care as clean and effective as possible for our consumers, two parameters we aim to compete in the market are the messiness of the overall process, and the effectiveness of the tool used.
Another aspect of the product we are focusing on is the overall comfort of the process and the ergonomic considerations involved.

RISKS AND MITIGATION

Non-completion of project within semester
- For the automated solution, there is a possibility of the project realization extending beyond the stipulated time.
Electrical hazards
- Since the automated solution will have a significant electrical component, there is a possibility of electric shock during operation. This can be mitigated by good design and ensuring appropriate isolation between user and electrical components.
Budget risk
- Given the complexity of said solution, there is a possibility that the prototyping costs may exceed the $400 subsidy given per group.

References - Technavio - Global Hair Care Appliances Market 2023-2027