A lead analyst at AMR highlighted that the white goods market in LAMEA is anticipated to grow at the fastest CAGR during the forecast period.
Allied Market Research published a research report on the white goods market. The findings of the report state that the global market for white goods generated $ 635.4 billion in 2019, and is estimated to reach $ 1,031.0 billion by 2027, registering a CAGR of 7.8% from 2021 to 2027. The report offers valuable information on changing market dynamics, major segments, top investment pockets, and competitive scenarios for market players, investors, shareholders, and new entrants.
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The report provides detailed insights on drivers, restraints, and opportunities to help the market players in devising several growth strategies. An increase in expenditure on home improvement by people, a rise in disposable income and standard of living among people living in both developed and developing countries, and extensive adoption of automation in major industries are expected to drive the growth of the global white goods market. On the other hand, the high cost of installation is expected to hinder growth to some extent. However, the growing popularity of smart and internet-enabled devices and appliances for seamless connectivity is expected to ample opportunities for the industry.
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“Growing technological advancements in white goods and their adoption have been majorly influencing the growth of the product market. Furthermore, the growing standard of living and personal disposable income is considerably facilitating people to buy home appliances. It is also found through the study, that consumers are actively replacing their old home appliances with smart home appliances during the lockdown period of COVID-19 pandemic, which further boosts the demand for white goods market,” Roshan Deshmukh, Assistant Manager, Consumer Goods at Allied Market Research.
The report provides a detailed scenario of the impact of the Covid-19 pandemic on the white goods market globally. The outbreak of COVID-19 has had a negative impact on the growth of the global white goods market, owing to the presence of lockdowns in various countries across the globe. Lockdowns resulted in the closure of manufacturing facilities of electronics items, which adversely impacted the demand for white goods during the pandemic. This was mainly due to the stringent social distancing restrictions imposed by the government during the pandemic, in order to curb the spread of the virus. However, the market is expected to recoup soon.
The report offers detailed segmentation of the global white goods market report based on product, end-user, distribution channel, and region.
Based on product, the refrigerator segment held the largest market share in 2019, holding nearly two-fifths of the global market. The dishwasher segment, on the other hand, is predicted to cite the fastest CAGR of 10.3% during the forecast period.
Based on end-user, the residential segment held the majority market share in 2019, garnering nearly three-fifths of the global market. The commercial segment, on the other hand, is predicted to cite the fastest CAGR of 8.5% during the forecast period.
Based on region, the market across Asia-Pacific held the lion’s share in 2019, holding nearly half of the global market. The market across the LAMEA region, on the other hand, is predicted to exhibit the fastest CAGR of 9.4% during the forecast period.
The key players analyzed in the global white goods market report include Alliance Laundry System LLC, AB Electrolux, Blue Star Limited, Haier Group Corporation, IFB Industries Ltd, LG Electronics Inc., Havells India Limited, Koninklijke Philips N.V., The Middleby Corporation, and Whirlpool Corporation.
About Allied Market Research:
Allied Market Research (AMR) is a full-service market research and business-consulting wing of Allied Analytics LLP based in Portland, Oregon. Allied Market Research provides global enterprises as well as medium and small businesses with unmatched quality of “Market Research Reports” and “Business Intelligence Solutions.” AMR has a targeted view to offer business insights and consulting to assist its clients to make strategic business decisions and achieve sustainable growth in their respective market domains.
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