Home Appliances Market - Growth, Trends, And Forecasts (2020 - 2025)

The global home appliances market is experiencing steady growth with the growing middle-class economy, improved disposable income levels in a number of countries, an increase in labor costs, busier lifestyles, and the availability of a range of home appliances at competitive prices. With increasing digitalization, consumers have become tech-savvy and have strong knowledge regarding the use and benefits of all modern appliances. The number of smart appliances introduced in the market has increased steadily since 2012. The emergence of smart homes is aiding the proliferation of smart appliances, which can be connected to the smartphone and monitored remotely.

Use of connectivity as a differentiating feature by manufacturers Wireless technologies like Wi-Fi and Bluetooth can be used in or accessed by smartphones and tablets. But the inclusion of these technologies in home appliances (like air conditioners) is a means of product differentiation by manufacturers, that is enticing tech-savvy consumers. The improvement in network infrastructure has translated into better broadband and internet penetration. Therefore, consumers are increasingly opting for wireless and technologically advanced products, mostly for the convenience it offers.

Key Market Trends

Refrigeration Appliances Account for Significant Market Share

Refrigerators are considered a safe, easy, and convenient way to preserve food and food products. Rising disposable income, availability of smart and energy-efficient refrigerator units, and widening base of nuclear families are leading to upsurge in demand for refrigerators for household applications. Single door refrigerators are the most widely used door type as they are cost-efficient, easy-to-use, and may or may not contain an inbuilt freezer. The French door refrigerators, on the other hand, are rapidly gaining popularity owing to ease of usability and smart features introduced in these refrigerators. Nevertheless, market players are trying to come up with new models that have a minimum impact on the environment. Abandoning the use of old refrigerators and regular servicing are likely to reduce harmful emissions, thereby curtailing environmental pollution.

Asia-Pacific is Dominating the Home Appliances Market

The market for home appliances in the Asia Pacific region is largely dominated by regional brands including Haier, Midea, Gree, Hisense from China, Samsung, and LG from Korea, Panasonic, Sharp, and Hitachi from Japan and Videocon from India. The smart appliances market in Asia-Pacific is expected to grow at a rapid rate. Developed countries like Japan, Singapore, Hong Kong, and Indonesia are expected to register an increase in the sales of smart appliances, mostly owing to the rising energy and labor costs, the high purchasing power of consumers, and greater awareness about smart cities and smart integrated appliances. China has the highest demand for conventional air conditioners, by volume, across the globe, owing to government policies that favor energy-saving appliances, a growing property market, and hot weather.

Competitive Landscape

The report covers major international players operating in the Home Appliances Market. In terms of market share, some of the major players currently dominate the market. However, with technological advancement and product innovation, mid-size to smaller companies are increasing their market presence by securing new contracts and by tapping new markets.

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