Global Household Appliances Market Analysis, Drivers, Restraints, Opportunities, Threats, Trends, Applications, and Growth Forecast to 2028
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“Global Household Appliances Market Analysis Trends, Applications, Analysis, Growth, and Forecast to 2028” is a recent report generated by MarketResearch.biz. The global household appliances market report has been segmented on the basis of product type, distribution channel, and region.
Global Household Appliances Market: Overview
Household appliances or home appliances are electric, electromechanical, or gas-powered devices designed to perform a specific task, such as entertainment, cooking or cleaning, etc. that help consumers in day-to-day activities. There are variety of products in the household appliances market which includes washing machines, fridge, TVs, air conditioners, heaters, etc.
Global Household Appliances Market: Dynamics
Increasing adoption of innovative and technologically advanced products coupled with growing awareness regarding eco-friendly & energy-efficient appliances among individuals are some of the major factors expected to drive growth of the target market. Changing lifestyle patterns, increasing investment in R&D activities to innovate energy-efficient products, and product innovations in terms of technology, performance, features, and design, is also expected to bolster growth of the target market over the forecast period. Rising number of working women population, inclination towards luxury and tech-savvy appliances, coupled with increasing disposable income are some of the other factors expected to fuel growth of the target market.
Latest trend shows that, emergence of smart homes is supporting the demand for smart appliances, that can be connected to the smartphone and monitored remotely. Increasing usage of mode of connectivity as a differentiating feature like Wi-Fi and Bluetooth that can be used in and accessed by smartphones and tablets, giving a new way for growth of the target market. Manufacturers also focus on developing energy efficient technologies which include ‘Energy Star’ specifications and efficiency levels.
In December 2017, LG Electronics Inc. launched ‘ThinQ brand’ which will use artificial intelligence (AI) in all its household devices.
Global Household Appliances Market: Segment Analysis
Global market is segmented on the basis of product type, distribution channel, and geography.
On the basis of product type, the global market is segmented into refrigerator, air conditioner & heater, entertainment & information appliances, and cleaning appliance. Refrigeration appliances account for significant market share, owing to rising demand for smart connected kitchen appliances.
By distribution channel, the global market is segmented into supermarket & hypermarket, specialty stores, and e-commerce. Specialty stores in terms of segment accounts for major market share revenue and is expected to maintain its dominance over the forecast period. However, the e-commerce segment is expected to grow at a higher rate during the forecast period.
Global Household Appliances Market: Regional Analysis
The market in North America is expected to dominate the global household appliances market in terms of revenue. Factors such as technological advancements in appliances, changing consumer preferences, improved living standards coupled with government initiatives for energy-efficient appliances in countries in the region is also expected to propel growth of the target market during the forecast period.
The market in Europe accounted for second-highest revenue share in the global household appliances market, followed by markets in Asia Pacific, Latin America, and Middle East & Africa respectively. The market in Asia Pacific is projected to grow at significant rate, owing to emerging economies such as China and India, comprising of large working population, increasing urbanization, development in distribution channel, coupled with rising disposable income.
Global Household Appliances Market Segmentation:
Segmentation by Product Type:
- Air Conditioner & Heater
- Entertainment & Information Appliances
- Cleaning Appliance
Segmentation by Distribution Channel:
- Supermarket & Hypermarket
- Specialty 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
- Qingdao Haier Co., Ltd. (Haier)
- Hitachi, Ltd.
- LG Electronics Inc. (LG)
- Midea Group Co., Ltd. (Midea)
- Panasonic Corporation (Panasonic)
- Robert Bosch GmbH
- Samsung Electronics Co., Ltd.
- Sharp Corporation (Sharp)
- Whirlpool Corporation
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