The global home appliance market is expected to witness substantial growth over the forecast period owing to rising economic pressures and evolving consumer lifestyle. Technological advancements have led to the development of smart appliances, and are expected to drive the market growth over the forecast period. Smart appliances offer advanced features and are more energy efficient. Rise in consumer disposable income, high living standard and need for comfort instigates consumers to upgrade their existing appliances to smarter versions, which is further expected to impel the market demand. Consumers widely purchase home appliances as they provide convenience, reduce manual efforts and save time. Product innovation, new product development, product differentiation and integration of numerous value added features is further expected to catapult the home appliance market demand over the next few years.
Home appliances perform several chores ranging from meal preparation to personal care. The market is considerably driven by trends such as effectiveness, diversity, sustainability and elegant design and smart functionality of home appliances. Home appliance market offer significant market growth opportunities as they are easy to use, and help improve quality of life. In addition, the market is witnessing new trends in terms of sustainability and energy efficiency, thereby simplifying several household chores while promoting well-being. High quality materials and aesthetically pleasing designs combined with innovative and diverse functionalities offer avenues for market growth. Design is an important aspect of these white goods. For example, home appliances are now available in a wide choice of colors.
Low cost associated with the ownership of white goods, particularly in developing economies also provides opportunities for market growth. Furthermore, rise in replacement sales in developed regions is also expected to drive the home appliance market demand. This may be attributed to rise in per capita income coupled with rapid urbanization. Home appliance encompasses cooking, home comfort, refrigeration and laundry appliances. Home comfort segment is expected to witness high growth over the next few years owing to rising customers’ preference for comfort and minimum manual efforts. Economic development in countries such as China and India is anticipated to boost the market demand. Growing population, rapid infrastructure development and strong economic development is also expected to favorably impact market growth over the forecast period. Industry participants emphasize on product development, innovation and new product introduction to sustain competition.
Home appliances mainly include air conditioners, coffee machines, refrigerators and freezers, heaters, recording devices, television and washing machines/ dryers. Key market players focus on mergers and acquisitions in order to expand their global footprint. The home appliance market players include Philips, Haier, Blendtec, Braun Company, Hamilton Beach Brands, BPL Group, Krups, Meyer Corporation, Kitchen Aid, Proctor Silex, Zojirushi Corporation, Russell Hobbs Inc., Brother Industries and Tiger Corporation.
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