The global appliances market is anticipated to expand at a CAGR of 7% during the forecast period, 2021 – 2028. The growth of the market is attributed to the increasing demand for technologically advanced household and personal care appliances.
The concept of controlling and managing home appliances through smartphone devices and increasing Internet penetration is leading to large acceptance of smart appliances across the globe. Manufacturers are changing their focus toward revenue-oriented and high-margin smart connected appliances. These factors have given increase to intense competition, thereby encouraging manufacturers develop advanced and convenience-oriented products.
The macroeconomic factors such as changing consumer buying patterns, digitalization, and increasing demand for consumer electronics are augmenting the market growth. The manufacturers are concentrating on development of smart appliances by integrating sensors, intelligent electronic controls, and advanced machine programs.
The raw materials used in the manufacturing of the appliances involve silicone, plastics, and metals. They account for over 65% of the production cost. These raw materials have negative environmental and social impacts such as mass-scale extraction of metals, toxic gas emissions, and resource contamination. The regulatory bodies such as the US Environmental Protection Agency (EPA), Energy Efficiency and Renewable Energy (EERE), Association of Home Appliance Manufacturers (AHAM), and American society of heating, refrigerating, and air-conditioning engineers (ASHRAE), have implemented stringent to establish customers’ safety.
Market Trends, Drivers, Restraints, and Opportunities:
- Increasing need for safe and effective appliances has made companies to produce eco-friendly products with improved durability, efficiency, and less power dependence. This, in turn, is expected to propel the market growth.
- Easy availability of numerous household and kitchen appliances at reasonable rates, such as refrigerator, air conditioners, and televisions due to intense rivalry among the industry players is anticipated to positively influence the growth of the market.
- Rising popularity of e-commerce shopping portals owing to availability of various discounts and free delivery services is anticipated to spur the market growth during the forecast period.
- Increasing consumer spending and rising awareness related to energy-efficient products across the developing economies are expected to boost the market growth.
Global Appliances Market Segment Insights
Based on products, the market is segmented into home, smartphones, and personal care. The home segment is further divided into washing machines, television, refrigerators, and air conditioners. On the other hand, the personal care segment is divided into oral care and hair care. In 2020, the smartphones segment held a major market share, in terms of revenue. The cost, design, and operating system are the major parameters that determines the demand for smartphones across the globe. Increasing penetration of Internet is propelling the growth of the market segment. Increasing number of innovations in smartphone technology is anticipated to spur the market segment. The rivalry between Android and iOS device manufacturers is expected to stimulate the segment growth.
The home appliances segment dominated the market followed by the smartphone segment. Germany, China, Italy, and Mexico are the major exporters of household appliances, including air conditioners and televisions. Increasing disposable income and rapid growth of the e-commerce platforms are driving the growth of the home segment.
In terms of regions, the global appliances market is categorized as Asia Pacific, North America, Latin America, Europe and Middle East & Africa. Asia Pacific dominated the market in 2020, in terms of revenue, and is projected to continue its dominance throughout the analysis period. China is one of the major manufacturers of the appliances in the Asia Pacific. Consumers in the region are preferring low-cost and eco-friendly products. The market in North America accounted for a large share of the market owing to presence of major manufacturers and well-established e-commerce industry.
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