LONDON–(BUSINESS WIRE)–The global home appliance market is expected to grow at a CAGR of over 6% during 2019-2023, according to Technavio’s latest market research report. Request a free sample report
Home appliance industry growth is expected to accelerate over the next five years, driven by product innovation and advancement leading to portfolio expansion and product premiumization. Competition among home appliance manufacturers is intense as the market is fueled by technological advancements and changing customer preferences. Some of the product innovations introduced by leading home appliance companies such as improved functionality, design and performance are expected to increase the growth of the global home appliance market over the next few years.
To learn more about global trends impacting the future of market research, download a free sample: https://www.technavio.com/talk-to-us?report=IRTNTR30111
According to Technavio, increased adoption of multi-functional and advanced products will positively impact the market and contribute significantly to its growth over the forecast period. This research report also analyzes other important trends and market drivers that will affect the growth of the market over the period 2019-2023.
Global Household Appliances Market: Increased Adoption of Multifunctional and Advanced Products
To meet the growing demand for multi-functional home appliances, vendors are innovating to stay competitive, grab customer attention, expand customer base, and generate demand for their products. The increase in the number of these multi-functional offerings in the global appliance market will drive the adoption of these products. For example, multicookers offer multiple benefits such as baking, steaming, and frying. Likewise, automatic washing machines with dryers wash, rinse and dry clothes. These products are designed to meet the demand for convenience and busy lifestyles of customers, which in turn will drive the growth of the overall global market.
“Besides increasing adoption of multi-functional and advanced products, increasing adoption of smart home appliances will drive the market growth over the forecast period,” says a senior analyst at Technavio.
Sign up for a free trial today and get instant access to over 10,000 market research reports.
The Technavio SUBSCRIPTION platform
Global Household Appliances Market: Segmentation Analysis
This market research report segments the global appliance market by product (major appliances and small appliances), distribution channel (offline and online) and geography (Americas, APAC and EMEA).
The APAC region led the market in 2018, followed by EMEA and the Americas respectively. During the forecast period, the APAC region is expected to maintain its dominance and record the highest incremental growth due to several factors such as increasing urbanization, increasing purchasing power and changing modes of life.
Technavio’s sample reports are free and contain several sections of the report, such as market size and forecast, drivers, challenges, trends, etc.
Request a free sample report
Some of the main topics covered in the report include:
Market Segmentation Analysis
Market size and forecast
Five forces analysis
Main leading countries
Ranking of suppliers
Positioning on the supplier market
Technavio is a global leader in technology research and consulting. Their research and analysis focuses on emerging market trends and provides actionable insights to help companies identify market opportunities and develop effective strategies to optimize their market positions.
With more than 500 specialist analysts, Technavio’s reporting library consists of more than 10,000 reports and accounts, covering 800 technologies, spanning 50 countries. Their customer base consists of enterprises of all sizes, including more than 100 Fortune 500 companies. This growing customer base relies on Technavio’s comprehensive coverage, in-depth research, and actionable market intelligence to identify opportunities in existing markets and potentials and assess their competitive positions in changing market scenarios.
If you would like more information, please contact our media team at [email protected].