Global Market for Electric Household Appliances is Projected to Reach 1.5 Billion Units by 2020
Growing Consumer Affluence in Emerging Markets Drives the
Global Electric Household Appliances Market, According to New Report by Global Industry Analysts, Inc.
GIA announces
the release of a comprehensive global report on Electric Household Appliances
markets. Global market for Electric Household
Appliances is projected to reach 1.5 billion units by 2020, driven by
technology innovations, resulting obsolesce & high replacement demand, and growing
affluence of the middle-class population in emerging markets.
Household
appliances have become an essential part of modern life. Defined as time saving
electronic devices that make life simple and less stressful, electric household
appliances play a significant role in maintaining lifestyles and providing
comfort in terms of utility and convenience. Simple household electric
appliances have already become a necessity for most households worldwide. The
magnitude of growth across each product market is shaped by its functionality,
technology, aesthetics, and energy efficiency. Today, the market is replete with
a range of household appliances designed to suit various requirements of
consumers across the globe. Key factors driving growth in the market include increase
in the number of working women, rise in dual income nuclear families, increasing
disposable income and higher per capita spends on lifestyle products. In
addition to economic factors, social and cultural factors also influence demand
in the market. Technological improvements in product efficiency and performance
are also expected to benefit market growth.
The market is
witnessing a steady influx of high-priced appliances with innovative features
that reduce human labor and provide superior home care. Manufacturers are
focusing on developing smart and autonomous devices by integrating sensors, and
intelligent electronic control and machine programming concepts. Smart
appliances are forecast to show strong potential for future growth, especially
against a backdrop of escalating electricity costs worldwide and growing
government emphasis on reducing energy consumption. Smart grid-connected dish washers,
refrigerators, water heaters, among others, are currently being developed to enable
consumers better manage their electricity consumption patterns. The growing
trend of home automation is also expected to result in increased number of electric
household appliances connecting to home computer networks.
Demand for
washing machines, electric ranges, microwave ovens, room ACs, and dishwashers in
developing nations of Asia-Pacific and Latin America, is forecast to continue
witnessing strong growth. Replacement of older and obsolete appliances with
energy efficient products is a key factor driving demand in developed markets such
as North America, Japan, and Europe. Energy efficient appliances with
innovative compact designs are poised to score the highest gains in the coming
years.
As stated by
the new market research report on Electric Household Appliances, Asia-Pacific represents the largest market
worldwide. The region is also forecast to emerge as the fastest growing market with
a CAGR of 6.3% over the analysis period. Growth in the region is driven by growing
population, rising GDP rates, growing affluence of the middle-class population,
Westernization of lifestyles, rise in disposable incomes, rapid urbanization,
increasing number of households, and improving standards of living.
Key players covered
in the report include AB Electrolux, BSH Bosch-Siemens Hausgerate GmbH, GE
Appliances & Lighting, Groupe SEB, Haier Group, Hamilton Beach Brands, Inc.,
Hitachi Appliances, Inc., Indesit Company SpA, Jarden Corporation, LG
Electronics Inc., Panasonic Corporation, Miele & CIE, KG, Mitsubishi
Electric Corporation, Royal Philips Electronics NV, Samsung Electronics Co Ltd.,
Spectrum Brand Holdings, Whirlpool Corp., and Maytag Corporation, among others.
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