A recent report published by Infinium Global Research on home appliances market provides in-depth analysis of segments and sub-segments in the global as well as regional home appliances market. The study also highlights the impact of drivers, restraints, and macro indicators on the global and regional home appliances market over the short term as well as long term. The report is a comprehensive presentation of trends, forecast and dollar values of global home appliances market. According to the report, the global home appliances market is projected to grow at a CAGR of 2.8% over the forecast period of 2019-2025.
The home appliance industry comprises electrical or mechanical devices used in a household. Smart appliances offer advanced features and are more energy efficient. Home appliances mainly include air conditioners, refrigerators, and freezers, coffee machines, heaters, recording devices, television and washing machines/ dryers. Buying new home appliances isn’t always as affordable. New Energy Star applications typically need less maintenance than standard models do. The consumption of energy-efficient appliances leads to reduced consumption of energy that automatically translates to savings on electricity bills. An Energy Star appliance saves 30% on electricity costs. According to the U.S. Environmental Protection Agency (EPA), one can reduce greenhouse gas emissions by up to 130,000 pounds over the lifetime of efficient appliances.
With the growing middle-class economy, the home appliances market is undergoing steady growth along with the availability of a wide range of home appliances at a competitive price. These are the primary factors driving the growth of the home appliances market. Consumers extensively purchase home appliances as they provide suitability, reduce manual efforts and save time. Moreover, with increasing digitalization, consumers have become tech-savvy and have strong knowledge regarding the use and benefits of all modern appliances. The emergence of smart homes is supporting the proliferation of smart appliances that can be connected to the end user's smartphone and monitored remotely. This, in turn, is strengthening the growth of the home appliances market. Furthermore, Use of connectivity as a distinguishing feature by manufacturer’s Wireless technologies such as Wi-Fi, Bluetooth, and ZigBee are accessed by smartphones and tablets. Therefore, consumers are easily opting for wireless and technologically advanced products. This, in turn, has opened several doors of opportunity for the key players in the global home appliances market. Low cost related to the proprietorship of white goods, predominantly in developing economies also provides opportunities for market growth. The market is significantly driven by inclinations such as effectiveness, diversity, sustainability and elegant design and smart functionality of home appliances. Product innovation, new product development, product differentiation and integration of numerous value-added features in appliances are further expected to project the home appliances market demand over the next few years.
Among the geographies, Asia Pacific dominated the global home appliances market. The growth in Asia Pacific region is due to owing to the rising energy and greater awareness about smart cities and smart integrated appliances. Moreover, in developed countries, the demand for smart connected kitchen appliances are gaining traction owing to early technology adopters. Only a few vendors such as LG Electronics and Samsung Electronics have paved their way into the smartly connected refrigerator space, with product offerings largely targeted at the developed markets. Financial expansion in countries such as China and India is anticipated to boost the home appliances market demand. Growing population, rapid infrastructure development, and strong economic development are also expected to positively influence market growth over the forecast period.
In 2018, Whirlpool
Corporation is expanding its smart home appliance ecosystem this year with the
announcement of a collaboration with Honeywell. Consumers will now be able to
connect smart appliances from Whirlpool Corporation to Honeywell’s line of
connected thermostats, allowing for remote management of their appliance
operating modes and energy outputs.
The report on global home appliances market covers segments such as product, distribution channel, application, and technology. On the basis of product, the sub-markets include kitchen appliances, washing appliances, entertainment appliances, air conditioner, and others. On the basis of the distribution channel, the sub-markets include e-commerce, retail, and others. On the basis of technology, the sub-markets include Wi-Fi, Bluetooth, ZigBee, radio frequency identification, cellular technology, and IoT.
The report provides profiles of the companies in the market such as SAMSUNG, Whirlpool Corporation, Panasonic Corporation, Midea Group., LG Electronics., V-ZUG Ltd, Newell Brands, Haier Inc, Electrolux, and De’Longhi Appliances S.r.l.
The report provides deep insights into the demand forecasts, market trends, and micro and macro indicators. In addition, this report provides insights into the factors that are driving and restraining the growth in this market. Moreover, The IGR-Growth Matrix analysis given in the report brings an insight into the investment areas that existing or new market players can consider. The report provides insights into the market using analytical tools such as Porter's five forces analysis and DRO analysis of home appliances market. Moreover, the study highlights current market trends and provides forecast from 2019-2025. We also have highlighted future trends in the market that will affect the demand during the forecast period. Moreover, the competitive analysis given in each regional market brings an insight into the market share of the leading players.
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