Shibuya-ku, Tokyo, Japan, Japan, Oct 22, 2021, 10:17 /Comserve / -- Home Appliances Market With Top Countries Data, Industry Analysis , Size, Share, Revenue, Prominent Players, Developing Technologies, Tendencies and Forecast
The global home appliances market is expected to witness significant growth over the forecast period due to rising economies and evolving consumer lifestyle. Technological advancements have directed to the development of smart appliances and are expected to drive market growth over the forecast period. Smart appliances offer advanced features and are more energy efficient. The rise in consumer disposable income, high living standards, and the need for comfort originates consumers to upgrade their existing appliances to smarter versions, which is further expected to coerce the market demand. Consumers widely purchase home appliances as they offer ease, diminish efforts, and save time.
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Product innovation, new product development, product differentiation, and integration of numerous value-added features is further expected to catapult the market demand over the next few years. The market is considerably driven by trends such as effectiveness, diversity, sustainability, and stylish design and smart functionality of home appliances. Home appliance markets offer significant market growth opportunities as they are easy to use and help improve quality of life. Moreover, the market is beholding new trends in terms of sustainability and energy efficiency, thereby simplifying several household tasks while endorsing well-being. High-quality materials and aesthetically pleasing designs combined with innovative and diverse functionalities offer avenues for market growth. Design is an important aspect of these white goods.
Use of connectivity as a differentiating feature by manufacturers Wireless technologies like Wi-Fi and Bluetooth can be used in or accessed by smartphones and tablets. But the inclusion of these technologies in home appliances (like air conditioners) is a means of product differentiation by manufacturers, that is enticing tech-savvy consumers. The improvement in network infrastructure has translated into better broadband and internet penetration. Therefore, consumers are increasingly opting for wireless and technologically advanced products, mostly for the convenience it offers. Low cost associated with the ownership of white goods, particularly in developing economies also provides opportunities for market growth. Furthermore, a rise in replacement sales in developed regions is also expected to drive the market demand. This may be attributed to a rise in per capita income coupled with rapid urbanization.
Key Market Trends
Refrigeration Appliances Account for Significant Market Share
Refrigerators are considered a safe, easy, and convenient way to preserve food and food products. Rising disposable income, availability of smart and energy-efficient refrigerator units, and widening base of nuclear families are leading to upsurge in demand for refrigerators for household applications. Single door refrigerators are the most widely used door type as they are cost-efficient, easy-to-use, and may or may not contain an inbuilt freezer. The French door refrigerators, on the other hand, are rapidly gaining popularity owing to ease of usability and smart features introduced in these refrigerators. Nevertheless, market players are trying to come up with new models that have a minimum impact on the environment. Abandoning the use of old refrigerators and regular servicing are likely to reduce harmful emissions, thereby curtailing environmental pollution.
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Asia-Pacific is Dominating the Home Appliances Market
The market for home appliances in the Asia Pacific region is largely dominated by regional brands including Haier, Midea, Gree, Hisense from China, Samsung, and LG from Korea, Panasonic, Sharp, and Hitachi from Japan and Videocon from India. The smart appliances market in Asia-Pacific is expected to grow at a rapid rate. Developed countries like Japan, Singapore, Hong Kong, and Indonesia are expected to register an increase in the sales of smart appliances, mostly owing to the rising energy and labor costs, the high purchasing power of consumers, and greater awareness about smart cities and smart integrated appliances. China has the highest demand for conventional air conditioners, by volume, across the globe, owing to government policies that favor energy-saving appliances, a growing property market, and hot weather.
Competitive Landscape
The report covers major international players operating in the Home Appliances Market. In terms of market share, some of the major players currently dominate the market. However, with technological advancement and product innovation, mid-size to smaller companies are increasing their market presence by securing new contracts and by tapping new markets.
1 INTRODUCTION
1.1 Study Deliverables
1.2 Study Assumptions
1.3 Scope of the Study
2 RESEARCH METHODOLOGY
3 EXECUTIVE SUMMARY
4 MARKET DYNAMICS
4.1 Market Overview
4.2 Market Drivers
4.3 Market Restraints
4.4 Value Chain / Supply Chain Analysis
4.5 Porters 5 Force Analysis
4.5.1 Threat of New Entrants
4.5.2 Bargaining Power of Buyers/Consumers
4.5.3 Bargaining Power of Suppliers
4.5.4 Threat of Substitute Products
4.5.5 Intensity of Competitive Rivalry
4.6 Impact of Covid 19 on market
5 MARKET SEGMENTATION
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