INDUSTRY REPORT
“ Increasing urbanisation , growing middle-class populations and new product development are just some of the factors driving growth in this market .”
INDUSTRY REPORT
SMART AND CONNECTED
We highlight trends , growth drivers and challenges for the global household appliances industry , as well as smart homes .
Home appliances refer to a range of devices , generally operated on electricity and used in the home for chores such as cooking , cleaning or preserving cold food . Also termed ‘ domestic ’ appliances , these mainly involve white goods such as refrigerators ; air conditioners ; dishwashers ; clothes dryers ; drying cabinets ; freezers ; kitchen stoves ; water heaters ; washing machines etc .
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 middle-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 .
Household appliance market
Product innovation and advances leading to portfolio extension and ‘ product premiumisation ’ is a key factor driving market growth for the global household appliance market according to analyst , Technavio . Fierce rivalry in the global home appliance industry has prompted vendors to invest heavily in R & D and innovation to stay afloat in such a competitive market . Technavio forecasts market growth for the sector of US $ 89.50 billion from 2020 to 2025 in its latest market research report .
One major driver of this industry is the rise in per capita income in developing countries , which has greatly spurred consumer spending
24 | sheetmetalplus . com | ISMR April 2022