INDUSTRY REPORT consumers and the presence of a huge number of nuclear families is augmenting the demand for innovative and advanced household appliances .
Global market challenges
In its latest Annual Report , Electrolux set out a comprehensive list of challenges experienced by the global household appliance market in 2022 . This included supply chain constraints ; high general inflation ; raised interest rates ; soaring energy prices and increased geopolitical tensions .
Although industry supply shortages for semiconductor and electrical products industries remain far above their long-run average , these shortages have showed some signs of easing in recent months . Global electronics manufacturers faced intense cost pressures during the first half of 2022 , due to rising international raw material prices .
COVID-19 lockdowns led to the closure of various plants and factories in leading regions such as North America , Europe , Asia Pacific , South America and the Middle East and Africa . This had a negative impact on the global supply chain and hampered manufacturing , delivery schedules and sales of various goods .
“ The outbreak of the COVID-19 pandemic in 2020 had a negative impact on the consumer electronics ’ market . Lockdown measures and travelling restrictions imposed by government resulted in supplychain disruptions ; lack of labour and the closure of production facilities . However , certain segments ( such as dishwashers and laptops ), witnessed positive growth owing to increased expenditure on home improvement products and rising work-from-home trends . E-commerce platforms also played an exceptional role in the sales of consumer electronics during the pandemic across the globe ,” explained analyst , Precedence Research .
Kitchen appliances
Kitchen appliance manufacturers continuously develop , innovate and integrate IoT with kitchen appliances . Companies are focusing on reducing energy consumption and promoting sustainability as well as convenience . Appliances include devices such as ovens ; refrigerators ; stoves ; blenders and dishwashers that help the user to save time , money and energy .
Data Bridge Market Research valued the global kitchen appliances market at US $ 241.30 billion in 2021 and expects it to reach a value of US $ 351.11 billion by 2029 , at a CAGR of 4.80 % during the forecast period .
“ The rising introduction of advanced products is a vital factor responsible for market growth , as is the growing popularity of TV
LG showcased its portfolio of advanced home appliances at KBIS 2023 .
Image : Shutterstock . com .
Companies are focusing on reducing energy consumption and promoting sustainability as well as convenience
cooking reality shows and increasing disposable income . The growing number of restaurants and eateries will create new opportunities for the kitchen appliances market during the forecast period ,” explained the analyst .
“ Furthermore , the introduction of novel shapes and sizes and new features for improved usability are expected to boost the market . The growing number of hotels and restaurants and government and association regulations governing cleanliness and hygiene are major factors driving the kitchen appliances ’ market . Consumers ' growing preference for e-commerce is fuelling the growth of kitchen appliances . A growing desire to improve the visual appearance of various food dishes is also expected to drive market demand in the coming years . The introduction of modular and energy-efficient kitchen equipment ( such as induction cooktops , speed cooking ovens and warming drawers ) is also fuelling market growth ,” it added .
However , it pointed out , high initial capital and maintenance costs are expected to have a negative impact on consumer interest in new device developments . Uneven economic development in rural China , India and Africa is causing power outages . Approximately 50 % of the population in 38 of 49 Sub-Saharan African countries live without electricity , which will have a negative impact on the size of the kitchen appliances ’ market . n
The smart home
Any collection of gadgets , systems or appliances that are connected to a single network and may operate independently and from a distance are referred to as smart home automation . A connected home is a more general term for a home ’ s technology when it functions as one system . As an illustration , the home ’ s thermostat ; lighting ; audio speakers ; security cameras ; TVs ; locks ; appliances and more are all interconnected into a single system that can be managed from a smartphone or via a mobile touchscreen device .
One of the major benefits of employing a smart home automation system is that it allows the user to remotely monitor their entire house . The rising focus on energy conservation and reduced carbon emissions are anticipated to drive market growth . Improved regulatory initiatives by governments for deploying smart home devices to save energy are encouraging people to adopt these products , thereby significantly impacting market growth .