Major players in the small electrical appliance market are AB Electrolux, Dyson Ltd., Panasonic Corporation, Koninklijke Philips N.V., Haier Group Corporation, Midea, Miele & Cie. KG, Samsung Electronics Co., Ltd., LG Electronics and BISSELL.
The global small electrical appliance market is expected to grow from $60.83 billion in 2020 to $67.49 billion in 2021 at a compound annual growth rate (CAGR) of 10.9%.The growth is mainly due to the companies rearranging their operations and recovering from the COVID-19 impact, which had earlier led to restrictive containment measures involving social distancing, remote working, and the closure of commercial activities that resulted in operational challenges. The market is expected to reach $99.83 billion in 2025 at a CAGR of 10%.
The small electrical appliance manufacturing market consists of sales of small electric appliances and electric housewares including household-type fans (except attic fans), household-type vacuum cleaners, and other electric household-type floor care machines.
Increased electrification especially in rural areas has contributed to the growth of the small electrical appliances market in the forecast period.Electrification coupled with the rise in disposable income has boosted the demand for household type fans.
For example, in India, the percentage of rural population with access to electricity increased to 90% in 2019. The net disposable income of Per capita rose to $1,836.68 during the 2019-2020 period, exhibiting a spike of 6.8% compared to the 2018-19 period, with a growth rate of 10.0%. Rise in disposable income increased the purchasing power of the people which in turn has increased the market for small electrical appliances.
Rise in awareness about the adverse effects of high energy consumption, and the carbon footprint associated with the usage of several small electrical appliances is expected to restrain the market in the forecast period.Several factors such as increasing internet penetration led to an increase in awareness about the consumption of energy, rising cost of energy and adverse effects associated with the usage of several household appliances such as vacuum cleaners.
In 2019, European Union banned the sale of vacuum cleaners containing motors more powerful than 900W. These factors will limit the growth of the small electrical appliances.
The small electrical appliance market covered in this report is segmented by product into household type fans, household type vacuum cleaners, and other household type small electric appliances. The small electrical appliance market in this report is segmented by application into home, and commercial.
Small electrical appliance manufacturers are increasingly producing energy-efficient products to reduce carbon footprint and enable energy savings for the consumers.The rise of energy-efficient appliances can be attributed to stringent government regulations on electric home appliances and advances in technology.
Energy efficient fans are designed to utilize minimum energy.Currently, over 80 countries have standards and labels for energy efficient appliances.
For example, in the USA, ENERGY STAR certified ceiling fans provide cutting edge design, use latest technology and are 60% more efficient than conventional ceiling fans.
In June 2018, Bajaj Electricals, an Indian consumer electrical equipment manufacturing company acquired Nirlep Appliances for $6.2 million. This acquisition will make available a running business setup and other synergic benefits to Bajaj Electricals. Nirlep Appliances, an Indian kitchen equipment manufacturing company.
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