Electric Household Appliances Market size to exceed 1.5 billion units by 2023
Electric household appliances market size is anticipated to reach 1.5 billion units by 2023. Technological innovations accompanied by increasing obsolesce of products is likely to drive the industry growth. Proliferating replacement needs along with rising income levels of middle class is expected to elevate the industry demand over the fore cast period. Surge in the industry can be attributed to increasing investments in research and development activities in order to offer better products to the consumers. In addition, escalating consciousness for home restructuring and renovation might act as catalyst for boosting demand of these products.
Electric household appliances are time saving equipment that makes life less stressful and simple. It aids in providing comfort and better lifestyle by offering convenience and utility to the consumers. The rise in demand of these appliances depends mainly upon certain factors such as technology implied, functionality offered, energy efficiency and aesthetics. Furthermore, growing dual source of income among nuclear families, higher disposable income as well as increasing per capita expenditure on lifestyle products is likely to positively impact the industry demand. Certain attributes such as social factors, cultural factors and economic factors are estimated to have considerable impact during the coming few years.
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The industry today is likely to witness steady inflow of expensive household products with innovative characteristics that enables the user with superior home care solutions and thus aids in reducing human labor. Manufacturers are now focusing on development of smart as well as autonomous products by integrating intelligent equipment such as electronic controls, sensors and pairing it with machine programming concepts. Technological enhancements in product performance and efficiency of these devices are likely to drive electric household appliances market over the forecast period. Significant opportunities exist for electric household appliances retail market space.
Products equipped with smart grid such as refrigerators, water heaters and dish washers are now being developed in order to facilitate customers to tackle their electricity consumption pattern. Rising awareness towards home automation is likely to increase the number of electric household appliances. Operators are estimated to experience fierce competition from the retailers outside the industry. Growing consciousness about online shopping might also hamper the industry demand. Moreover, these smart appliances are forecast to exhibit high growth prospects owing to increasing government initiatives for reducing energy consumption as well as ascending electricity prices. Electric household appliances with sophisticated compact designs along with energy efficient attributes are expected to witness eminent growth rate over the forecast period.
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Asia Pacific electric household appliances market is anticipated witness huge demand for room A.Cs, washing machines and microwave ovens. It is likely to grow at a CAGR of over 6.5% from 2016 to 2023. The surge in the region can be attributed to numerous factors such as high GDP rates, increasing affluence of middle class population, rapid urbanization, proliferating number of households, westernization of population, improving standard of living as well as escalating disposable income.
North America, Europe and Japan are likely to witness considerable growth owing to rising replacement needs for obsolete as well as older products in the region. As of July 2015, Australian appliance industry is anticipated to hamper its growth owing to growing competition from low cost manufacturers from other Asian counties. High import penetration rate coupled with competitive pricing are anticipated to hider the domestic production of appliances.
Key players in electric household appliances market share includes BSH Bosch, Siemens, AB Electrolux, GE Appliances & Lighting, Haier Group, Groupe SEB, Hamilton Beach Brands, Indesit Company, Hitachi Appliances, Jarden Corporation, Panasonic Corporation, LG Electronics Inc, Mitsubishi Electric Corporation, Samsung Electronics, Miele & CIE, Royal Philips Electronics NV, Spectrum Brand Holdings, Maytag Corporation and Whirlpool Corp among others.
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