The home appliances market is an ever-growing market, with a huge potential to grow and cater to the needs of the people. The market has witnessed a significant growth in the past few years. This has been playing a crucial role in easing the life of the people along with providing quality services and products that takes a huge load off of the working population. Developing markets of Asia-Pacific have driven the growth of the market by leading the pack with innovative products at a much lower cost, which has led to a majority of the population across the nations to invest in technology to reduce the burden on their shoulders.
The global home appliances market has been estimated at USD XX.XX billion in 2016 and is projected to reach a value of USD XX.XX billion by 2020 growing at a CAGR of XX.XX% during the forecast period from 2016 to 2021. Technological innovation has contributed towards improving the standard of living of people across the world. An astronomical change in the way of things can be observed due to the increased disposable incomes of people and the rapid urbanization trends catching up to the different parts of the world.
Changing consumer preference and innovative credit schemes are some of the major drivers stimulating the growth of this segment. On the other hand, the higher cost of some of the essential appliances has slowed the growth of the market. With credit schemes not being as popular as they should be, the high price quotient is hindering the home appliances market growth.
The global home appliances market has been segmented on the basis of products into kitchen appliances (electrical ranges, microwaves, cooktops and others), refrigeration appliances (refrigerators, freezing systems and others), washing appliances (washing machines, washer dryer, dryers, steam iron devices and others), room comfort (air conditioners, room heaters, ceiling fans, dehumidifier and others), water heater appliances (storage tank water heaters, solar water heaters, gamma electric iron rods and others), cleaning appliances (vacuum cleaners, dishwashers and others) and entertainment appliances (televisions and others) with kitchen appliances being expected to be the fastest growing sector. Need for efficient and safer appliances has prompted manufacturers to introduce the trend of eco-friendly products, which has led to improved appliances with increased durability and lesser power dependence.
The current trend of smart homes is encouraging the use of smart appliances in home designing, with people willing to invest in a completely connected home that can be easily operated. With big players in the market investing in R&D to come up with smart applications, it will lead to smart appliances propelling the growth of the home appliances market. The market has also been segmented on the basis of the distribution channel into direct selling, supermarkets, specialty stores, e-commerce, departmental stores and others. Though supermarket and departmental stores have been a favorite for the consumers, e-commerce is expected to be the fastest growing distribution channel during the forecast period. A platform with a plethora of choices with the ability to compare products from different manufacturers with a delivery option to the location has led to forecasting e-commerce to be the fastest growing segment of the distribution channels.
The market has been further segmented on the basis of region into North America (the United States, Canada), Europe (the United Kingdom, Germany, France, Italy, Sweden, Switzerland, Russia and others), Asia-Pacific (China, India, Japan, South Korea, Australia and others), Latin America (Brazil, Mexico, Columbia, Chile, Argentina and others) and Middle East and Africa (the United Arab Emirates, Saudi Arabia, South Africa, Israel, Qatar and others). North America is leading the market in the home appliances market but the fastest growth is expected in the Asia-Pacific region with urbanization reaching rural areas and with consumers willing to invest in technology will propel the growth of the global home appliances market.
The report also considers key trends that will impact the industry and profiles of leading companies with majority market share in the global home appliances market. Some of the major players in home appliances market mentioned in the report are Haier Electronics Group Co. Ltd, Whirlpool, Electrolux AB, Defy Appliances (Pty) Ltd, Candy Group, LG Electronics, Godrej Group, Panasonic Corporation, Samsung Electronics, Viking Range, LLC, AmicaWronki S.A., Arcelik A.S and Gorenje Group.
What the report offers/b>
Market definition for the global home appliances market, along with identification of key drivers and restraints. Market analysis for the global home appliances market, with region-specific assessments. Identification of factors instrumental in changing the market scenario, rising prospective opportunities and identification of key companies that can influence the market on a global and regional scale. Extensively researched competitive landscape section with profiles of major companies along with their strategic initiatives and market share. Identification and analysis of the macro and micro factors that affect the global home appliances market on both global and regional scale. A comprehensive list of key market players along with the analysis of their current strategic interests and key financial information.
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