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Published on: Jun 2020 | From USD $2900 | Published By: MORDOR INTELLIGENCE | Number Of Pages: 120
Advancement in Technologies and speed of development are supporting the growth of South Korean Major Home Appliances Market. Smart Home appliances have become a vital part of the home appliances market in South Korea.
Major home appliances in South Korea is witnessing growth in the market due to constant innovation by the manufacturers. Samsung and LG are innovating new products such as refrigerators and washing machines with larger capacity for greater food storage.
Product innovations and government policies are fostering the growth of IoT in the major appliances segment. The major home appliances market in South Korea is driven by increasing single families, premiumization of products, personalization, and cost reduction by automation in the home appliances market. Fine articulate on the other hand has been an issue in the major home appliances market for some of the consumers seeking a healthy lifestyle.
Key Market Trends
Washing Machines are Highly Demanded Major Appliances in South Korea
Koreans demand for washing machines is constantly rising with front load washing machines gaining more share in the market. The top load washing machines are losing share to front-load machines due to their more powerful function and uses in the commercial sector. On the other hand, automatic dryers are also gaining popularity. South Koreans are also preferring washing machines with IoT and look for premium segment washing machines. In 2019, LG launched a 25 kg front load washing machine while LG introduces a washing machine in the premium segment.
Rising Popularity of Dishwashers Among South Koreans
Dishwashers are drawing attention as the householdŐs appliance that decreases household labor for the South Koreans. There is an upward trend in buying dishwashers in the South Korea large home appliance market. Millennials and working couples of the country are demanding dishwashers to seek convenience.
Dishwashers are emerging as must-have for households in South Korea's market. The popularity of dishwashers has been rising among different age groups in the market. Different age groups are more and more interested in having dishwashers in the country as they help people in washing dishes by saving time.
Competitive Landscape
The large home appliances market in South Korea is competitive with the presence of local manufacturers and global manufacturers. There is a rise in competition in the country by the presence of Japanese and Chinese players. The manufacturer, therefore, is producing products in the overseas market to cater to demand in the premium category. Key companies in the market include LG and Samsung.
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1 INTRODUCTION
1.1 Study Deliverables
1.2 Study Assumptions
1.3 Scope of the Study
2 RESEARCH METHODOLOGY
3 EXECUTIVE SUMMARY
4 MARKET INSIGHTS AND DYNAMICS
4.1 Market Overview
4.2 Market Dynamics
4.2.1 Drivers
4.2.2 Restraints
4.2.3 Opportunities
4.3 Value Chain Analysis
4.4 Porter's Five Forces Analysis
4.5 Impact of COVID-19 on the Market
4.6 Insights on Government Regulation in the Market
4.7 Insights on White Goods in South Korea
4.8 Insights on Technological Innovations in the Industry
4.9 Insights on Major Smart Appliances Innovations in South Korea
5 MARKET SEGMENTATION
5.1 By Product
5.1.1 Refrigerators
5.1.2 Freezers
5.1.3 Dishwashers
5.1.4 Washing Machines
5.1.5 Cookers and Ovens
5.1.6 Others
5.2 By Distribution Channel
5.2.1 Hypermarkets/Supermarkets
5.2.2 Specialty Stores
5.2.3 Online
5.2.4 Others
6 COMPETITIVE LANDSCAPE
6.1 Market Concentration Overview
6.2 Company Profiles
6.2.1 LG Electronics
6.2.2 Dong Yang Diecasting Co.
6.2.3 Samsung Electronics
6.2.4 Shinhung Global
6.2.5 Electrolux AB
6.2.6 Whirlpool Corporation
6.2.7 Panasonic Corporation
6.2.8 Haier Electronics Group Co. Ltd
6.2.9 Mitsubishi Electric Corporation
6.2.10 Whirlpool Corporation
7 FUTURE OF THE MARKET
8 APPENDIX
SECONDARY RESEARCH
Secondary Research Information is collected from a number of publicly available as well as paid databases. Public sources involve publications by different associations and governments, annual reports and statements of companies, white papers and research publications by recognized industry experts and renowned academia etc. Paid data sources include third party authentic industry databases.
PRIMARY RESEARCH
Once data collection is done through secondary research, primary interviews are conducted with different stakeholders across the value chain like manufacturers, distributors, ingredient/input suppliers, end customers and other key opinion leaders of the industry. Primary research is used both to validate the data points obtained from secondary research and to fill in the data gaps after secondary research.
MARKET ENGINEERING
The market engineering phase involves analyzing the data collected, market breakdown and forecasting. Macroeconomic indicators and bottom-up and top-down approaches are used to arrive at a complete set of data points that give way to valuable qualitative and quantitative insights. Each data point is verified by the process of data triangulation to validate the numbers and arrive at close estimates.
EXPERT VALIDATION
The market engineered data is verified and validated by a number of experts, both in-house and external.
REPORT WRITING/ PRESENTATION
After the data is curated by the mentioned highly sophisticated process, the analysts begin to write the report. Garnering insights from data and forecasts, insights are drawn to visualize the entire ecosystem in a single report.
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