The Global Market for Electric Household Appliances is Projected to Reach 1.8 Billion Units by 2024
Technological Innovations,
Rising Disposable Income & Stringent Energy Efficiency Standards Drive the Global
Electric Household Appliances Market, According to a New Report by Global Industry Analysts,
Inc.
GIA
launches comprehensive analysis of industry segments, trends, growth drivers,
market share, size and demand forecasts on the global Electric Household
Appliances market. The global market for Electric
Household Appliances is projected to reach 1.8 billion units by 2024, driven by increasing technological
innovations, growing consumer disposable income, and rising number of nuclear
families. Growing awareness about
eco-friendly appliances, stringent energy efficiency standards, and rapid
urbanization in developing countries are other major growth drivers.
The
global electric household appliances market is expected to grow at a steady
pace, driven by technological innovations, growing number of nuclear families,
increasing consumer disposable income, and new product innovations. Rapid
urbanization, rise of affluent middle class population, growing consumer
awareness about eco-friendly appliances; and increasingly stringent energy
efficiency standards are the other growth propellers. Increase in number of
working women has also been adding to the growth in demand for electric
household appliances. Rapid proliferation of online sales channels, and rise in
the number of Internet users is also propelling growth in the global electric
household appliances market. Market demand is also fueled by innovations in
smart technology and the introduction of reliable Internet of Things (IoT)
platforms.
The
proliferation of artificial intelligence and smart technology is
revolutionizing the electrical appliances space. The latest smart technology
already provides a wide range of features. Internet-enabled washing machines
can be operated remotely and send out alerts to the homeowner when required,
while refrigerators come equipped with a camera that enables homeowners to view
the contents of the refrigerator through a smartphone app. There are smart
microwave systems that automate temperature monitoring and smart security
systems to ensure safety of the house. Voice-technology systems and the concept
of smart homes are gaining in popularity; with most smart devices already
capable of being operated through a range of smartphone and tablet devices.
Major
household appliances represent the largest as well as the fastest growing
product category in the electric household appliances market. Washing machines
represent the largest segment in the category, while sales of
dishwashers, room ACs, microwave
ovens, and refrigerators are expected to increase at an
impressive rate, owing to the overwhelming demand for such products in the
developing nations of Asia-Pacific, Latin America, and the Middle East.
Meanwhile, the small electric household appliances market is surging, driven by
increased need for time savings and convenience.
As
stated by the new market research report on Electric Household
Appliances,
developed markets like North America, Europe and Australia are considered
mature markets where replacement demand is predominant presently. On the other
hand, developing markets of Asia, Latin America, and the Middle East are
positioned to report strong growth, due to the fact that electric household
appliances are largely under penetrated in these markets. Asia-Pacific
represents the largest as well as the fastest growing market for electric
household appliances with a CAGR of 6.1% over the period 2016-2024. Factors,
such as technological intervention and rapidly increasing workforce participation
of women are propelling the demand for electric home appliances, such as
automated washing machines and advanced cooking appliances, across the Asian
market.
Key
players in the market include AB Electrolux, BSH Bosch-Siemens Hausgerate GmbH,
Groupe SEB, Haier Group, GE Appliances, Hamilton Beach Brands Inc., Hitachi
Appliances Inc., Indesit Company SpA, Jarden Consumer Solutions, 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.
The research report titled “Electric
Household Appliances: A Global Strategic Business Report” announced by
Global Industry Analysts Inc., provides a comprehensive review of market
trends, growth drivers, and strategic industry activities of major companies
worldwide. The report provides market estimates and projections for all major
geographic markets including the US, Canada, Japan, Europe (France, Germany,
Italy, UK, Spain, Russia, and Rest of Europe), Asia-Pacific (China, India, South
Korea, and Rest of Asia-Pacific), The Middle East/Africa, and Latin America (Argentina,
Brazil, Chile, Mexico, and Rest of Latin America). Product segments analyzed in
the report include Major Household Appliances (Dishwashers, Disposers, Dryers,
Freezers, Microwave Ovens, Range Hoods, Electric Ranges, Refrigerators, Vacuum
Cleaners, Washing Machines, Water Heaters (Electric), and Room ACs) and Small
Household Appliances (Blenders, Bread Makers, Broilers, Can Openers (Electric),
Coffee Makers, Electric Knives, Food Choppers, Food Processors, Irons, Mixers, Toaster
Ovens, Toasters, and Waffle Irons).
For
enquiries e-mail us at rsd@strategyr.com or info411@strategyr.com.
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