2021 Household Appliances Manufacturing Market Size, Growth, Drivers, Trends And Forecast

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The Household Appliances Manufacturing Global Market Report 2020-30 by The Business Research Company describes and explains the global household appliances manufacturing market and covers 2015 to 2020, termed the historic period, and 2020 to 2025, termed the forecast period, along with further forecasts for the period 2025-2030. The report evaluates the market across each region and for the major economies within each region.

The Household Appliances Manufacturing Global Market Opportunities And Strategies Report covers household appliances manufacturing market drivers, household appliances manufacturing market trends, household appliances manufacturing market segments, household appliances manufacturing market growth rate, household appliances manufacturing market major players, and household appliances manufacturing market size.

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The household appliances manufacturing market report focuses particularly on identifying the trends, opportunities, and strategies that can lead to success. O&S reports are available off the shelf and can be delivered to clients on the day of purchase.

Household Appliances Manufacturing Global Market Opportunities And Strategies Report is the most comprehensive report available on this market and will help gain a truly global perspective as it covers 60 geographies. The chapter on the impact of COVID-19 gives valuable insights on supply chain disruptions, logistical challenges, and other economic implications of the virus on the market. The chapter also covers markets which have been positively affected by the pandemic.

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Trends in the market include:

Growing Popularity Of Smart Home Appliances-

The growing popularity of smart home appliances is a major trend in the market. Smart home appliances are devices which are connected to other devices via the internet, and other technologies such as Bluetooth, near field communication (NFC) and Wi-Fi. The increased popularity of smart appliances can be attributed to the increased demand for smart homes, the rise in internet and smartphone penetration, and energy efficiency initiatives. The rise of the Internet of Things (IoT) technology also supports the development of smart appliances. Smart appliances are generally more energy-efficient than their traditional counterparts. Currently, various product categories such as washing machines, refrigerators, microwave ovens, and coffee machines are available with smart and connected features. Owing to the growth in the demand for smart home appliances, traditional appliance makers such as Whirlpool, Electrolux, GE Appliances, Miele, and BSH have acquired significant capabilities and experience in the smart appliance segment. In addition, technology companies such as Apple, Google, Microsoft, Intel, Xiaomi, and Cisco, which are not known for producing appliances, are also entering this segment. The global market for smart home appliances was estimated at about $32 billion in 2018 and is growing rapidly, supporting the overall household appliances market.

Premiumization Of Household Appliances-

Household appliance manufacturers are increasingly offering premium appliances to cater to the growing demand for these product categories and increase revenues. This can be attributed to the changes in consumer lifestyles and increased consumer preference for high-quality luxury products. Premium appliances mainly focus on focus on the aesthetics and color of the products, use premium quality materials such as metals and glass, and offer an enhanced consumer experience at a premium price. Examples of premium appliances include side-by-side four-door refrigerators, twin washing machines, wine conditioners, coffee machines, steam ovens and kitchen hobs. High net-worth individuals (HNIs) as well as and young upper-middle-class populations with high disposable incomes are the major consumers of premium household appliances. Global manufacturers such as LG Electronics, Philips, Samsung Electronics, Miele, Siemens, are Panasonic have launched a range of premium appliances in the market. Samsung, for example, launched the Chef Collection line-up of premium kitchen appliances in 2014. The line’s refrigerator sells for about 8 million won ($7,054) in South Korea, up to four times the price of other fridges in the market. LG Electronics unveiled its LG Signature line-up of premium home appliances in 2016.  It is estimated that LG Electronics spent about $7 billion on research and development of premium products in 2018.

The market is segmented:

By Type Of Appliance-

  1. a) Small Electrical Appliances
  2. b) Household Cooking Appliances
  3. c) Household Refrigerators And Home Freezers
  4. d) Household Laundry Equipment
  5. e) Other Major Household Appliances

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