INDUSTRY REPORT
The global household appliance market is poised to grow by US $ 21.76 billion during 2020-2024
Major appliances are characterised as large machines capable of completing a routine household job , the purposes of which include cooking or refrigeration in home , commercial , industrial or institutional locations . They are generally in a set position and are considered part of the home in the real estate market as they are typically included in the property when other furnishings are not . They frequently require a generous amount of electricity to function properly . The most prominent products in the major appliance industry are ovens , ranges , refrigerators , freezers , washers and dryers . Dishwashers and air conditioning units are also manufactured .
This multi-billion-dollar industry is run by some huge brands . Increasing urbanisation , a rising working-class population and new product development are just some of the factors driving growth in this market . One major driver of this industry is the rise in per capita income in developing countries , which has greatly spurred consumer spending .
Small household appliances
“ The global small household appliances market is forecasted to reach US $ 159.49 billion in 2024 , growing from US $ 115.30 billion in 2020 . The market is predicted to grow at a CAGR of 8.45 % during the period spanning 2020-2024 . The growth in this market was driven by various factors such as increasing global population , surging GDP per capita , rising internet penetration , increasing smartphone users and an upsurge in the working population ,” commented ResearchandMarkets . com .
“ Growth is predicted to be driven by various market trends like rising global urban population , the growing adoption of the Internet of Things ( IoT ) and evolving consumer needs & lifestyle . However , the market is also expected to face privacy threats which are likely to hamper growth ,” it continued .
A connected cooker .
In 2019 , the dominant share of the market was held by the U . S . segment , followed by China . According to the analyst , the U . S . small household appliances market by product category can be segmented into personal care , home environment , cooking and food preparation .
“ The dominant share of the market in 2019 was held by the personal care segment , followed by the home environment segment , cooking and food preparation , respectively . China ’ s small household appliances market by product category can be segmented into cooking , home environment , food preparation and personal care . In 2019 , the highest share of the Chinese market was held by the cooking segment , followed by home environment , food preparation and personal care , respectively ,” explained the analyst .
Asia Pacific is the highest contributor in terms of revenue in the global connected home appliances market , followed by Europe and North America
Connected home appliances
However , growing smartphone penetration and increasing internet speed is driving the global smart home appliances market . The market is segmented into smart washing machines and dryers ; smart air conditioners ; smart refrigerators ; smart microwave ovens and smart dishwashers . Connected home appliances are smart electronic appliances with internet connectivity , accessible from any remote location using mobile devices such as smartphones , tablets and laptops .
The global increase in the number of smart homes ; the increased adoption of smart grids ; improved R & D infrastructure of existing players in the segment and increased product availability contribute to existing demand for smart washing machines and dryers . These are also considered key drivers to facilitate the growth of the segment .
ISMR April 2021 | sheetmetalplus . com | 31