Global Electrical Appliances Market Analysis, Drivers, Restraints, Opportunities, Threats, Trends, Applications, and Growth Forecast: 2019 – 2028
Global Electrical Appliances Market is expected to register substantial CAGR of XX.X% over the forecast period. The global electrical appliances market report has been segmented on the basis of product type, distribution channel, and region.
Electrical Appliances: Overview
An electrical appliance is a device that performs specific functions that the appliance is designed for and mainly works on electricity or batteries. There are a wide range of electric appliances available in the market currently in several brands and models. An electric appliance’s average lifespan is approximately 5 to 10 years, depending on the poduct, after which it needs to be replaced.
Drivers, Restrants, and Ongoing Trends
Rising standards of living, coupled with demand for equipment that can help humans in kitchen work, for entertainment, and cleaning puposes as they can aid in saving time and effort are among the major factors that are expected to continue to support growth of the target market. In addition, rapidly changing lifestyles and hectic work schedules, and increasing number of working-women and working-mothers is resulting in higher need for time-saving electrical appliances, and drive demand and sales of products.
Increasing number of discounts and EMI options offered by stores or malls has helped middle-class individuals to purchase home appliances by paying bit by bit every month instead of taking burden of paying at once. This is another key factor expected to drive sales and revenue growth of the market.
However, high electricity consumption by electrical appliances and high maintenance cost for various equipment is a major factor that could hamper growth of the global electrical appliances market. In addition, easy availability of used appliances or refurbished products is another key factor thatcould retraint growth of the target market to a certain extent.
Development of cost-effective electrical appliances that do not consume high electricity power to run on or can function on solar power can create lucrative revenue opportunites for existing as well and new players in the global electrical appliances market in the years to come.
Recent major trend of smart homes, coupled with increasing focus of major companies to develop and launch smart and connected home appliances that can be controlled by remote controller or by mobile phone applications (apps) are expected to further fuel growth of the target market to a significant extent.
Another macro trend observed in the market is that the companies are making their products available on E-commerce websites and apps at cost-effective prices and no interest EMI options. This option can help both, customers and well as sellers, as it enables cusomters to check reviews, compare costs and make easy purchase with internet banking options. It also helps sellers or companies to make their product visible to larger customer base and built customers’ trust. Some of the appliances include refrigerators, dishwashers, freezers, air conditioners, washing machines, dryers, vacuum cleaners, heaters, BBQs, toasters, food processor, ovens, kettles, irons, and computers, among others.
By Product Type:
Among the product type segments, the refrigeration appliances segment is expected to account for the highest share in the global electrical appliances market in terms of revenue over the forecast period. Rising need for refrigerators, especially from countries with tropical or hot climate conditions and growing focus of companies on development of refrigerators with new features and innovations are factors expected to drive growth of this segment.
By Distribution Channel:
Among the distribution channel segments, the specialist electrical retailer segment is estimated to dominate in the global market with highest revenue share, as the specialty retailer sells only selected electrical appliances and have expert staff with good knowledge of electrical appliances being sold and brand options. The E-retailer segment is projected to register a significant growth rate in the next 10 years.
The Asia Pacific electrical appliance market is estimated to account for the largest revenue share in the global market. The countries such as China, Japan, Malaysia, and India are expected to contribute majority of the revenue shares in the Asia Pacific market. Rising urbanization, coupled with increasing disposable income is expected to result in higher demand for home appliances such as refrigerators, air conditioners, and washing machines among other products in countries in this region.
The North America and Europe markets are expected to account for significant revenue shares in the global market owing to presence of prominent players in the US and the UK respectively. Moreover, high demand for electrical home appliances in countries in these regions is another key factor expected to drive revenue growth of the markets in North America and Europe.
Global Electrical Appliances Segmentation:
Segmentation by Product Type:
- Refrigeration Appliances
- Air Treatment Products
- Small Cooking Appliances
- Food Preparation Appliances
- Home Laundry Appliances
- Vacuum Cleaners
- Personal Care Appliances
- Others (Water Heater, Water Treatment Appliance, Electric Hand Dryer)
Segmentation by Distribution Channel:
- Hypermarket and Supermarket
- Specialist Electrical Retailers
- Departmental Stores
Segmentation by Region:
- North America
- Asia Pacific
- Latin America
- Middle East & Africa
Particular Scope Region
- North America
- Rest of Europe
- Asia Pacific
- South Korea
- Rest of Asia Pacific
- Latin America
- Rest of Latin America
- Middle East and Africa
- South Africa
- Rest of Middle East and Africa
Actual Year 2019 Estimated Year 2020 Forecast Period 2020–2029 Revenue in US$
- AB Electrolux
- GE Appliances
- Haier Group Corporation
- Hitachi Appliances Inc.
- Indesit Company S.p.A
- LG Electronics Inc.
- Miele & CIE KG
- Mitsubishi Electric Corporation
- Samsung Electronics Co. Ltd.
- Whirlpool Corp.
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