“Appliances market is expected to demonstrate lucrative growth through the forecast period” says Visiongain report
16 July 2019
Visiongain has launched a new semiconductor report Appliances Market Report 2019-2029 : Forecasts by Product (Home Appliances, Television, Air Conditioners, Refrigerators, Washing Machine, Personal Care Appliances, Oral Care, Hair Care, Smartphones) PLUS Profiles of Leading Companies and Regional and Leading National Market Analysis.
The global appliances market is expected to demonstrate lucrative growth during the forecast period. The growing popularity of e-commerce due to lucrative offers & free delivery, and rising demand for technologically advanced personal care and home appliances are the major factors driving the market. In addition, growing awareness regarding energy efficiency, increasing expenditure on such appliances, rapid urbanization, and improving standards of living in the emerging regions are expected to further drive the market growth.
The market is witnessing a paradigm shift pertaining to the manufacture of eco-friendly products and strict regulatory compliance policies, due to rising concern for environmental problems. Several guidelines have been established by the authoritative bodies, to be implemented during manufacture, sales & operation, and recycling, to help the companies to increase durability, ensure environmental & consumer safety, and increase energy efficiency. There are various barriers that restrict their implementation. Although, several programs are organized by the governments to create public awareness about energy-efficiency worldwide, the favorable results have not been achieved due to various issues during the program's implementation stage. However, the market has significantly benefited from intense competition between emerging companies, especially in the Asia Pacific region, due to easy availability and competitive pricing of kitchen and other home appliances such as refrigerator, televisions, and washing machines. Certain macroeconomic factors such as digitalization and changing consumer buying patterns are expected to further propel the revenue growth. The trend of controlling and managing household appliances by smartphones and the internet is gaining prominence that facilitates revenue growth and increased adoption of smart appliances.
Some of the key manufacturers in the global industry include Samsung Electronics Co. Ltd., The Whirlpool Corporation, Haier Group Corp., Electrolux AB, BSH Hausgeräte GmbH, Midea Group, and LG Corp. One of the key strategies undertaken by companies to gain market share is development of autonomous, smart appliances by integrating machine programming concepts, intelligent electronic control and sensors. Furthermore, the focus of these manufacturers is shifting towards high-margin and revenue-oriented smart appliances.
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