Household appliances are devices & equipments that have been produced to augment the comfort levels of consumers and also provide comfort in household activities for instance cooking, storage, entertainment, cleaning, washing. Based on their functions & capabilities they are either fixed or mobile. They are categorized into three sub-categories: small household appliances, major household appliances or white goods, and consumer electronics. Small household appliances include semi-portable & portable machines that are usually used on platforms such as table tops and counter-tops. Some of these appliances are blenders, clothes steamers & iron, air purifiers, humidifiers & de-humidifiers, electric kettle & coffee machines, and others. Major household appliances are large home appliances, which are commonly used for regular housekeeping tasks such as food preservation, cooking, washing laundry, and others. Additionally, consumer electronic appliances include various devices used for entertainment, and home-office activities such as music system, TVs and others.
Referring to study, “Household Appliances Global Market Opportunities And Strategies To 2023” some of the key companies that are currently working in the global household appliances market are Qingdao Haier Co., Ltd. (Haier), Midea Group Co., Ltd. (Midea), Sharp Corporation (Sharp), Robert Bosch GmbH, Samsung Electronics Co., Ltd., Hitachi, Ltd., LG Electronics Inc. (LG), AB Electrolux, Panasonic Corporation (Panasonic), and Whirlpool Corporation.
Based on product type, household appliances market is segmented as entertainment & information appliances, air conditioner & heater, refrigerator, cleaning appliance, washing machine, cook top, cooking range, microwave & oven and others. Energy star rated refrigerators holds major share in global market as they are installed with efficient compressors, insulation, and defrosting features that assist to improve their energy efficiency. Thus, manufacturers invest in research & development (R&D) to innovate energy-efficient products owing to surge in demand for such appliances. In addition, based on distribution channel, market is segmented as e-commerce, supermarket & hypermarket, specialty stores and others. The E-Commerce segment is likely to witness higher growth rate due to high penetration of internet & smart-phone and growth in technological advancements during the forecast period.
The household appliances market is driven by increase in access to electricity, followed by increase in urbanization, rise in disposable income, participation of females in paid work force, decreased time for household activity and upsurge in affordability of household appliances. However, availability of counterfeit brands may impact the market. Moreover, growth in technological advancements, investing in developing economies and growth in e-commerce sales are key opportunities for market.
Based on geography, the North-American region holds major share in global household appliances market owing to high product penetration in the region. The Asian-Pacific and European regions are estimated to witness higher growth rate due to low interest rates, good economic situation, increase in household income, rise in middle-class population, easy access to consumer finance, easy access to goods through development of retail channels, and change in lifestyles of the population over the forecast period. It is predicted that future of the global market will be bright as a result of increase in demand for premium built-in or integrated appliances for instance ovens, with integrated steam function, integrated hob extractors, flexible induction hobs, and built-in dishwasher among others during the forecast period. It is also predicted that global household appliances market will be reached at US $433.4 billion by 2023, at a CAGR of 8.9%.
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Global Household Appliances Market
Household Appliances Global Market Opportunities and Strategies to 2023
Ankur Gupta, Head Marketing & Communications