The electric household appliances market is expected to grow at a steady pace by 2024 backed by increasing consumer spending. Electric household appliances are making everyday life of consumers easier. Rising need to replace obsolete appliances with newer models is projected to bring in considerable growth opportunities for electric household appliances manufacturers.
Electric household appliance makers are developing innovative products that incorporate advanced technologies. In 2019, global consumer electronics company, Sharp announced the launch of its new range of smart home appliances in India, including super-heated stream ovens, twin cookers, vacuum blenders, bread makers and juicers.
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Climatic changes along with exhaustion of natural resources have outlined a change in the overall electric household appliances market outlook lately. Recognizing the role of electric household appliances in the energy sustainability, growing number of consumers are inclining toward energy efficient products. In this regard, numerous government initiatives promoting the use of sustainable products is leaving an influential impact on the overall industry share. For instance, recently, Electric Partnership Program undertaken by the OHIO government has been designed to improve the electric efficiency of minimum income households who are eligible for PIPP Plus (Percentage of Income Payment Plan Plus). Such exemplary move by various governments of developing and developed nations is reshaping market dynamics.
Boasting a diversified product landscape, encompassing air conditioners, dishwashers, refrigerators & freezers, cooking appliances, and washers & dryers, the demand for electric household appliances market is likely to upscale in the coming seven years. Global demand for air conditioners has been increasing swiftly both across developed as well as developing nations. While a notable rise in the middle-class population has fueled the air conditioners market demand in emerging countries, a shift toward energy saving products in developed countries is driving market for split ACs. It is expected that this trend likely to upscale in the coming years with the online availability air conditioners, subject to the fact that the consumer accessibility factor has enhanced with a large number of market giants on board pertaining to e commerce.
Economic structure plays a pivotal role in the development of any emerging market, electric household appliances market being no exception. Having said that, the economic downturn in some of the regions have impacted the market penetration in those belts. As per market experts, several countries have been lately facing challenges related to socioeconomic growth, structural modification, which in a way is raising hindrances for market. Fluctuation of exchange rates and poor export is creating inflation pressures for the overall growth of the market. However, the proactive participation of various government organizations is expected to open up new opportunities for the industry participants in near future.
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As per reliable statistics, Asia Pacific has been in the vanguard of the global electric household appliances market over the recent years, given that the region is home to a large number of market players. China and India, two of the most developing economies across the globe are estimated to be the growth avenues for APAC household appliances market. The numerous initiatives undertaken by regional government bodies have also played a key role in the augmentation of the market. For instance, the Indian Government initiation of Make in India movement has boosted many manufacturers to involve in R&D activities for expanding the local production capacity. Furthermore, the region has witnessed a paradigm shift in terms of progressive mindset, which has led to a significant rise in the working woman population in this belt, stimulating market share from automatic washing machines and advanced electric cooking appliances. Economic advancements, technological interference, and low commodity price trends are the major attributing factors for the massive commercialization of APAC industry.
Worldwide, electric household appliances market is fiercely competitive including the participation of the top giants including Electrolux, LG, Siemens AG, Whirlpool Corporation, Samsung, Walton group etc.
Major Key Points from Table of Content:
Chapter 4 Electric Household Appliances Market, By Product
4.1 Electrical household appliances market share by product, 2016 & 2024
4.2 Refrigerators & Freezers
4.2.1 Refrigerators & freezers market, by region, 2013 – 2024 (USD Billion)
4.3 Washers & Dryers
4.3.1 Washers & dryers market, by region, 2013 – 2024 (USD Billion)
4.4.1 Dishwashers market, by region, 2013 – 2024 (USD Billion)
4.5 Room Air-Conditioners
4.5.1 Room air-conditioners market, by region, 2013 – 2024 (USD Billion)
4.6 Cooking Appliances
4.6.1 Cooking appliances market, by region, 2013 – 2024 (USD Billion)
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