INDUSTRY REPORT
“ The household appliance market structure is expected to remain fragmented during the forecast period . Vendors are deploying different organic and inorganic growth strategies to compete in the market . Various players in the household appliance market are engaging in strategic partnerships and joint ventures , coupled with launching differentiated products to up their game ,” it explained .
Refrigeration and cooling appliances ( such as refrigerators ; freezers ; fridge freezers and beverage coolers ) are common household appliances .
The worldwide home appliance market is seeing an increase in the number of multi-functional solutions
“ Refrigerators , air conditioners and washing machines saw the largest sales in APAC , owing to rising disposable income and changing lifestyles among the population , as well as rising urbanisation . The growing middle class in APAC acquired high-end goods ,” said the analyst .
“ Because Western European markets are established , manufacturers are focusing their efforts on Eastern European consumers . As a result , during the projected period , positive sales growth in the major household appliance market in Europe is expected ,” it added .
Specialty stores ; department stores ; hypermarkets ; supermarkets ; convenience stores and clubhouse stores are all part of the offline distribution channel . Because of the shift in consumer preference towards online shopping , sales through the offline distribution channel have been gradually falling over time . To fuel sales through offline channels , vendors are managing their sales through local retail entities . They also have strategic partnerships with professional chains of home appliance shops , according to Technavio ’ s report .
“ APAC will contribute to 53 % of the market growth during the forecast period . China and Japan are the key markets for household appliances in APAC . The growth of this region can be attributed to the growing middle-class population and their rising income , which empowered their spending power on household needs and appliances ,” said the report .
In terms of country-wise market growth , the report outlines that China ; USA ; Japan ; Germany and France will contribute to the highest market growth levels .
“ Another element driving the home appliance market share rise is the rising use of multi-functional and innovative products . Multi-functional products on the market can serve multiple household applications , resulting in excellent value for money . Customers believe that multifunctional products save them time and money . They also eliminate the requirement for multiple items for different applications ,” explained the report .
“ Vendors are always innovating to stay competitive , maintain high customer attention , extend their customer base and generate demand for their products to meet the growing demand for multi-functional
Product innovation and quick adoption for technologically advanced appliances are further adding to the growth of the small domestic appliances market in Europe
household appliances . The worldwide home appliance market is seeing an increase in the number of multifunctional solutions , which is driving acceptance of these devices ,” it added .
Small domestic appliances
The global small domestic appliances market size was valued at US $ 176,804.3- million in 2020 and is estimated to reach US $ 581,657.6 million by 2030 , registering a CAGR of 13.0 % from 2021 to 2030 . This is according to new analysis on ResearchandMarkets . com .
“ A growing urbanised population creates huge demand for small domestic appliances as people living in metro cities seek a high standard of living and look for advanced and smart domestic appliances during the forecast period . Increasing personal disposable income and affordable credit facilities are promoting people to improve and design their living rooms and kitchens . A surge in innovation for home appliances has prompted people to replace their old model appliances with new smart appliances ,” said the report .
High price and comparative popularity of residential and commercial small domestic appliances brands have led to the advent of counterfeit brands . Counterfeit brands are generally prevalent in developing economies where customers are highly price-sensitive . This factor restricts the sale of the existing original small domestic appliances brands in these regions .
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