New York, February 26, 2021 (GLOBE NEWSWIRE) – Reportlinker.com announces the publication of the report “Household Appliances Global Market Report 2021: COVID 19 Impact and Recovery to 2030” – https://www.reportlinker.com/ p06027709 /? utm_source = GNW
$ 11 billion in 2020 to $ 331.57 billion in 2021 at a compound annual growth rate (CAGR) of 7.6%. The growth is mainly due to companies reorganizing their operations and recovering from the impact of COVID-19, which previously led to restrictive containment measures involving social distancing, remote working and the closure of business activities which resulted in operational challenges. The market is expected to reach $ 436.04 billion in 2025 at a CAGR of 7%.
The home appliance market consists of the sales of home appliances by entities (organizations, sole proprietorships and partnerships) that produce small appliances, household electrical items, and large appliances. The home appliance market is segmented into small appliances; household cooking appliance; domestic refrigerator and domestic freezer; household laundry equipment and other major household appliances.
Asia-Pacific was the largest region of the global home appliance market, accounting for 49% of the market in 2020. Western Europe was the second largest region accounting for 19% of the global home appliance market.
Africa was the smallest region in the global home appliance market.
Home appliance manufacturers incorporate LED lights into their products to minimize energy consumption. LED lights require less power than CFL or incandescent bulbs.
Home appliance manufacturers are focusing more on introducing products with LED lighting for minimal power consumption and improved visual appearance. For example, GE’s LED refrigerator lighting systems minimize power consumption by 80% compared to halogen lamps.
The company has introduced products such as French door coffee fridges and streamlined wall ovens with this lighting. For example, Philip Electronics NV, Osram Opto, Digital Lumens Inc, and Cree Corporation are among the major companies manufacturing LED lighting.
Rising demand for on-demand online laundry services is expected to restrain the household washing machine market during the forecast period. The on-demand laundry services market is expected to be helped by expected stable economic growth in many developed and developing countries.
The International Monetary Fund (IMF) predicts that global real GDP growth will be 3.7% in 2019 and 2020, and 3.6% from 2021 to 2023. In addition, emerging markets are expected to continue to grow slightly faster. than developed markets in the forecast. period. For example, China is expected to register 6.2% GDP growth in 2019. Stable economic growth, increasing internet penetration and increasing disposable income associated with the fast-paced lifestyles of individuals will lead to an increase in Internet services. laundry on demand, thus reducing the market for household washing machines.
The upward trend of outdoor parties and barbecue grills on weekends and holidays is expected to drive the barbecue and grill market during the forecast period. The rapidly changing lifestyle along with the increase in outdoor recreational activities will increase the demand for barbecue and grilling machines.
The barbecue market in Europe is expected to reach $ 5.98 million by 2026. The increase in access to unique camping sites and the increase in adventure camping, coupled with the increase in disposable income , will boost the barbecue market globally, which in turn will boost the household appliance market during the forecast period.
Read the full report: https://www.reportlinker.com/p06027709/?utm_source=GNW
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