Electric Household Appliances Market Size

Electric Household Appliances Market Size

Electric Household Appliances Market size surpassed USD 350 billion in 2016 and is poised to witness over 8% CAGR till 2024. The global industry shipments were over 600 million units and are set to cross 1 billion units by 2024./p>

The market demand is driven by growth of organized retail sector coupled with need for modernized appliances across APAC region. The increasing demand for air conditioners, refrigerators, and washing machines, can be attributed to improving living standards and increasing number of households across the globe./p>

Major appliances, such as washing machines, refrigerators, and air conditioners, have continued to sustain robust demand in APAC on account of high consumer demand. As regional economies are advancing, consumers have started utilizing modernized devices and adopting technologies to improve the household./p>

The low-level adoption is translating to an untapped potential for the market players. Steady growth is predicted in the developing markets while rural regions are set to outdo the trends due to improving lifestyles and rising purchasing power./p>

The active participation from government organizations will provide significant opportunities for the industry participants. The economic downturn and poor export performances are anticipated to inhibit the electric household appliances market growth./p>

Several countries are facing socioeconomic and economic challenges with structural challenges hindering the economic growth. Instability of exchange rates, inflationary pressures, and poor export performance are further straining major households with growing financial burdens.