A recent report published by Infinium Global Research on the small domestic appliances market provides an in-depth analysis of segments and sub-segments in the global as well as regional small domestic appliances market. The study also highlights the impact of drivers, restraints, and macro indicators on the global and regional small domestic appliances market over the short term as well as long term. The report is a comprehensive presentation of trends, forecast, and dollar values of the global small domestic appliances market. According to the report, the global small domestic appliances market is projected to grow at a CAGR of 6.05% over the forecast period of 2020-2026.
The global small domestic appliances market was valued at USD 68.8 billion in 2020 and is projected to reach near USD 97.6 billion by 2026, growing at a CAGR of 6.05% from 2020 to 2026. Nowadays, technologically advanced small domestic appliances products are demanded by consumers which saves their time in a busy lifestyle. Small appliances used in residences and the commercial versions are designed to use in hotels and other places. Furthermore, smart appliances are developed and designed to be energy-efficient features and allow the users to operate the appliances conveniently with low power consumption. Small domestic appliances are easy to use and kitchen appliances cook food more quickly than traditional cooking methods, which eventually leads to lower energy consumption. These products reduce the time required for cooking as well as cleaning kitchenware.
Owing to changing lifestyles demand for small domestic appliances increases as consumers are demanding technologically advanced appliances. Growing demand for small domestic appliances across the world that meet government regulations and increasing the need for eco-friendly products is boosting new product innovation in the global market. Further, the growth of nuclear families and the rapid rise in dual-income households across developed and developing countries boosts the demand for small domestic appliances. An increase in Smartphone users and growing internet penetration even in remote regions also drive the growth of this market. Further, the high spending power of the working class population is expected to fuel market growth. However, the high power consumption of domestic small appliances and increasing cost of energy and carbon footprint associated with the usage of some products is expected to hinder the growth of this market. Moreover, the factors such as rising working population and increasing disposable income are anticipated to provide growth opportunities to the small domestic appliances market over the forecast period. The current concerns over the spread of coronavirus are creating a huge impact on the small domestic appliances market. COVID-19 pandemic affected the global small domestic appliances market by hindering production and demand, by disrupting the supply chain and appliance market disruption, and by its impact on firms and the financial markets. The worldwide appliance industry is heavily dependent on Chinese manufacturers. Lockdown in China has caused severe demand-supply gaps in the industry. The gap in the demand-supply chain will hinder the functioning of the flourishing small domestic appliances industry.
Geographically, Asia Pacific dominates the small domestic appliances market in terms of revenue and growth rate. Countries such as China, India, and Japan hold a major share of the small domestic appliances market in the Asia Pacific and offers significant growth potential in this region. The Asia-Pacific market is largely driven by technological advancements and internet penetration rate in developing economies, such as China and India. North America and Europe are expected to be other major markets for small domestic appliances. To improve work efficiency, consumers in these regions are opting for innovative and technologically advanced products. The residential sector prefers small domestic appliances more as compared to the commercial sector in these regions.
The report on the global small domestic appliances market covers segments such as product type, end users, and distribution channel. On the basis of product type, the sub-markets include kitchen appliances, floor care appliances, personal care appliances, heating appliances, and others. On the basis of end users, the sub-markets include residential, and commercial. On the basis of distribution channel, the sub-markets include online, and offline.
The report provides profiles of the companies in the market such as Morphy Rihards, Groupe SEB, Candy Hoover Group Srl, Dyson limited, Kenwood Limited, Koninklijke Philips N.V., Robert Bosch GmbH, Russell Hobbs, Whirlpool Corporation, and Stanley Black & Decker, Inc..
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 the small domestic appliances market. Moreover, the study highlights current market trends and provides forecast from 2020-2026. 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.