The global household appliances market is estimated to reach 342.82 billion USD by 2022 from 240.86 billion USD in 2017at a CAGR of 6.06% for the forecasted period.
Many consumers have less time now to complete household work and this is the time when these appliances comes into picture. Increased awareness about the climate, growing number of consumers are major factors for driving growth of this productMarket Dynamics
The rise in per capita income in developing countries which has increased the disposable income has led to increase in consumer spending which act as a major driving force. Appliances like these are making life easier for customers hence increasing the demand for these products. The factors that drives the growth in this market are increasing urbanization, rising working class population and new product development.
To make these products it takes great technological tools, which are expensive and hence the cost of goods would be high and would be a major constraint.Market Segmentation
The market can be segmented by Product category, by distribution Channel and by geography.
Segmentation by product category
--> Smart kitchen appliances
--> Smart laundry appliances
The increase use of digital devices is one of the reason for the growth of smart kitchen appliances market.
Smart kitchen appliances have an additional advantage that they can be accessed remotely and also allows better time management. Smart kitchen appliance market includes smart refrigerator, dishwashers, cookware and cooktops etc.
Due to rising electricity cost and the growing usage of energy conservation among consumers has led to increase of adoption of smart kitchen appliances in the forecasted period.
Segmentation by distribution channel
--> Specialty retailers
--> Department stores
--> Mass retailers, hypermarkets, and supermarkets
--> Discount stores
Specialty retailer has the largest share .They offer a large variety of brands, diverse product portfolios . They have expert team which demonstrate the appliances to make consumer comfortable.
Segmentation by Geography:
--> North America
North America is expected to grow at a faster rate as compare to other regions owing to technological advancements and growing awareness among customers for connected devices.
Also high internet and smartphone penetration leads to adoption of smart appliances in countries such as US, Canada and Mexico.Key Players
The key players in the industry are Electrolux, Haier, LG, Samsung and Whirlpool. Other prominent vendors in the smart appliances market include Dacor, Friedrich, FUJITSU GENERAL, Midea, Mitsubishi Electric, Panasonic, Robert Bosch, Videocon, and Voltas.Report Contents
> Market segments
> Market Drivers, Restraints and Opportunities
> Market Size & Forecast 2016 to 2022
> Supply & Demand Value Chain
> Market - Current Trends
> Competition & Major Companies
and R&D Status
> Porters Five Force Analysis
> Strategic and Critical Success Factor Analysis of Key PlayersRegional Analysis:
> North America
>> US and Canada
> Latin America
>> Mexico, Brazil, Argentina and Rest of Latin America
> Western Europe
>> EU5 (Germany, France, Italy, Spain, U.K.)
>> Nordic Countries (Denmark, Finland, Norway, and Sweden)
>> Benelux (Belgium, The Netherlands, and Luxembourg)
>> Rest of Western Europe
> Eastern Europe
>> Rest of Eastern Europe
> Asia Pacific
>> Australia and New Zealand
>> Rest of Asia Pacific
> Middle East and Africa
>> GCC countries (Saudi Arabia, Oman, Qatar, Bahrain, UAE and Kuwait)
>> South Africa
>> North Africa
>> Rest of Middle East and Africa
This report is an elaborate aggregation of primary inputs from industry experts and participants across the supply chain. It provides details on market segmentation which is derived from several product mapping exercises, macroeconomic parameters and other qualitative and quantitative insights. The impact of all such factors is delivered across multiple market segments and geographies.Report Highlights:
> Detailed Historical Overview (Market Origins, Product Launch Timeline, etc.)
> Consumer and Pricing Analysis
> Market dynamics of the industry
> Market Segmentation
> Estimated Market Sizing in terms of volume and value
> Recent trends in Market and impact
> Research Status and Technology
> Extensive Industry Structure Coverage
Publisher Name : Market Litmus