Household Appliances Market:
Growth opportunities in the Household Appliances Market look promising over the next six years. This is mainly due to the increasing digitalization and increasing propensity towards the usage of powered and automatic devices to easy the house work.
Household Appliances Market Dynamics (including market size, share, trends, forecast, growth, forecast, and industry analysis)
Key Drivers
Rapid digitalization, accelerating per capita income, and augmenting demand for technologically upgraded products throughout the world are some of the prominent drivers contributing to the growth of the global household appliances market. Also, the increasing inclination towards the implementation of powered and automated household tools to simplify the errands led by the altering lifestyle of consumers will strengthen the household appliances market size. Moreover, these appliances offer enormous beneficial features, including economizing time, labor cost, and are highly convenient. Moreover, the rising acquisition of these appliances led by the ongoing enlargement of smart homes, mounting urban population, and growing acceptance of connected solutions will encourage consumers to choose these instruments. Other factors, which include the rising participation rate of the female labor force owing to the time saved on the errands with the help of these home appliances, will further stimulate the market growth. Additionally, the continuous innovation in household devices such as incorporating artificial intelligence and IoT coupled with the fuelling investment in research and development activities to decrease value, complications and allow power saving will boost the market share. However, the excessive cost of these appliances and the rise in the number of substitute products will hamper the market growth.
Distribution Channel Segment Drivers
Based on the distribution channel, E-Commerce is projected to witness a faster CAGR over the forecast period. This is due to the soaring utilization of smartphones and high-speed internet.
Regional Drivers
Based on the regional coverage, Asia-Pacific is predicted to expand at a higher CAGR during the forecast period. This is owing to the swift advancement in the economy across emerging countries such as China and India, accompanied by the significant variation in consumer’s preference towards technologically modernized products. In addition to this, their rising endorsement among the consumers and fast amplification in the middle-class population bolsters household appliances industry.
Household Appliances Market’s leading Manufacturers:
- Whirlpool Corporation
- BSH Hausgeräte GmbH
- Midea Group
- LG Electronics
- AB Electrolux
- Sharp Corporation
- Samsung
- Panasonic Corporation
- Hitachi, Ltd.
- Haier lnc.
Household Appliances Market Segmentation:
Segmentation by Product
- Air Conditioner & Heater
- Refrigerator
- Washing Machine
- Entertainment & Information Appliances
- Cooktop, Cooking Range, Microwave & Oven
- Cleaning Appliance
- Others
Segmentation by Distribution Channel
- Specialty Stores
- Supermarket & Hypermarket
- E-Commerce
- Others
Segmentation by Region:
- North America
- United States of America
- Canada
- Asia Pacific
- China
- Japan
- India
- Rest of APAC
- Europe
- United Kingdom
- Germany
- France
- Spain
- Rest of Europe
- RoW
- Brazil
- South Africa
- Saudi Arabia
- UAE
- Rest of the world (remaining countries of the LAMEA region)
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