Electric Household Appliances Market worth over $600bn by 2024
Published Date: June 28, 2017 Authors: Preeti Wadhwani, Prasenjit Saha
Electric Household Appliances Market size is slated to exceed USD 600 billion by 2024, according to a new research report by Global Market Insights, Inc.
The market growth in the coming years is owing to rise in disposable incomes in developing countries, which has led to an enhanced consumer spending. Consumers are willing to spend more on appliances, which can be used for an extended period. Moreover, they are progressively seeking value-added products owing to advanced specifications such as ease of cleaning and reduced cooking times. The presence of these products is making everyday life easier, thereby driving the product sales.
Electric household appliances market is playing a vital role in improving the economy of Asia Pacific and offers employment to millions of people. With continued economic advancements, consumers demand modernized equipment and are adopting technologically advanced electronics to enhance the overall quality of life. The low penetration level has led to considerable growth avenues manufacturers in the region. Technological advancements in engineering & design with the low pricing trends have made the products affordable for most of the consumers in Asia Pacific.
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Rapid industrialization, technological advancements, and reducing prices of the air conditioners are anticipated to spur the room air conditioner market size. Split ACs will witness a significant demand due to the ease-of-installation, higher energy efficiency, and varying building infrastructures.
It is expected that the online sales of air conditioners will show a rapid growth in the coming years as consumers are feeling comfortable purchasing branded appliances online. In addition, improvements in after-sales services have provided an impetus to the market growth. Manufacturers are working with several other companies to ensure timely delivery and installation after the online sales of the product.
Browse key industry insights spread across 164 pages with 98 market data tables & 19 figures & charts from the report, “Electric Household Appliances Market Size By Product (Refrigerators & Freezers, Washers & Dryers, Dishwashers, Air Conditioners, Cooking Appliances), Industry Analysis Report, Regional Outlook (U.S., Canada, Germany, UK, France, Italy, Spain, Switzerland, Poland, Ukraine, Belarus, Russia, China, Japan, India, South Korea, Taiwan, Malaysia, Indonesia, Thailand, Singapore, Australia, Brazil, Mexico, Argentina, Chile, Saudi Arabia, UAE, Qatar, Egypt, Nigeria, South Africa, Kenya, Israel), Application Potential, Price Trends, Competitive Market Share & Forecast, 2017 – 2024” in detail along with the table of contents:
With a rise in environmental and social consciousness, many consumers are looking for steps to diminish the impact on the atmosphere. Driven by the desire to contribute toward the environmental ecosystem, consumers are seeking products, which are energy-efficient and cost-effective, thereby driving the market.
The key players operating in the electric household appliances market are AB Electrolux, Toshiba, Panasonic Corporation, Haier Group, V-Guard Samsung Electronics Co., Ltd., Whirlpool Corporation, etc. The industry is demanding modernization with manufacturers focusing on developing smart and autonomous equipment by integrating machine programming concepts, intelligent electronic control, and sensors.