PORTLAND, Oregon, January 21, 2019 /PRNewswire/ --
Technological innovations in household appliances, increase in need for comfort, surge in disposable income of consumers, rapid urbanization, growth in housing sector, and rise in inclination of consumers toward eco-friendly & energy-efficient appliances are expected to drive the growth of the global household appliances market
Allied Market Research published a report, titled, "Global Household Appliances Market by Product (Refrigerator; Air Conditioner & Heater; Entertainment & Information Appliances; Washing Machine; Cleaning Appliance, Cooktop, Cooking Range, Microwave & Oven; and Others) and Distribution Channel (Supermarket & Hypermarket, Specialty Store, E-Commerce, and Others): Global Opportunity Analysis and Industry Forecast, 2018 - 2025". The report provides in-depth analyses of the top winning strategies, drivers & opportunities, market size & estimations, key market segments, and competitive landscape. According to the report, the global home appliances market was pegged at $501.53 billion in 2017 and is expected to reach $763.45 billion by 2025, registering a CAGR of 5.4% from 2018 to 2025.
Innovations in household appliances to add new features, boost performance, and improve design coupled with rise in disposable income and increase in need for comfort among consumers drive the growth of the household appliances market. Moreover, rapid urbanization, growth of the housing sector, and change in lifestyle have supplemented the market growth. However, increase in cost of household appliances due to high import cost as well as surge in operational and manufacturing expenses hinders the market growth. On the other hand, inclination of consumers toward eco-friendly & energy-efficient appliances and proactive government initiatives for using energy-efficient appliances in various countries such as the U.S. and most of the European Union (EU) countries are anticipated to provide lucrative opportunities for the market growth.
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Refrigerator segment to grow the fastest through 2025
Among products, the refrigerator segment is expected to grow at the fastest CAGR of 6.4% through 2025, owing to the growing necessity to store food and perishable items, growth in women working population, and rise in household income. However, the others segment, which includes small household appliances like air purifiers, humidifiers & de-humidifiers, blenders, clothes steamers and iron, electric kettle & coffee machines among others, accounted for one-third share of the total market revenue in 2017 and would maintain its dominance throughout 2025. This is because this segment caters to consumers of all income groups and these products play an indispensable role in day-to-day activities. The report also analyzes air conditioner & heater, entertainment & information appliances, washing machine, cleaning appliance, and cooktop, cooking range, microwave & oven segments.
Specialty store segment to garner largest share, e-commerce segment to exhibit fastest growth
The specialty store segment captured 45.4% of the total market share in 2017, and is projected to maintain its lead through the study period, as brick and mortar stores enable consumers to analyze and evaluate products before purchasing them, presence of trained workforce to help in making purchase-related decisions, and lack of trust on online shopping sites. However, the e-commerce sector is expected to grow at the fastest CAGR of 6.4% during the forecast period due to rapid adoption of digital technologies, change in shopping behavior due to digitalization, availability of a wide range of products, and wide range of discounts and offers on online shopping sites.
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Asia-Pacific to remain lucrative through 2025
The household appliances market in the Asia-Pacific region accounted for 41.5% of the global market revenue in 2017 and is anticipated to retain its dominance during the forecast period. It is projected to grow at the fastest CAGR of 6.3% through 2025. Emerging economies including China, India, and Vietnam are expected to register an increase in sales of household appliances, owing to high purchasing power of consumers, increase in need for enhanced comfort and lifestyle, and presence of favorable government policies to promote sales of energy-efficient appliances. The other regions analyzed in the report include North America, Europe, and LAMEA (Latin America, Middle East, and Africa).
Prominent industry players
The key market players analyzed in the report include AB Electrolux, Qingdao Haier Co., Ltd. (Haier), Hitachi, Ltd., LG Electronics Inc. (LG), Midea Group Co., Ltd. (Midea), Panasonic Corporation (Panasonic), Robert Bosch GmbH, Samsung Electronics Co., Ltd., Sharp Corporation (Sharp) and Whirlpool Corporation. Product launch is a key strategy adopted by market players to gain a stronghold in the industry.
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SOURCE Allied Market Research