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Home appliance manufacturing market trends include the rise of smart products

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Global Home Appliance Market Report 2021: Impact of COVID-19 and Recovery to 2030

The Business Research Company Home Appliance Manufacturing Market Report Opportunities and Strategies Global Forecast to 2023

LONDON, GREATER LONDON, United Kingdom, May 18, 2021 /EINPresswire.com/ – The growing popularity of smart home appliances is one of the main home appliance industry trends. Smart home devices are devices that are connected to other devices through the Internet and other technologies such as Bluetooth, near field communication (NFC), and Wi-Fi. The growing popularity of smart devices can be attributed to demand increase in smart homes, increasing internet and smartphone penetration, and energy efficiency initiatives. The rise of Internet of Things (IoT) technology is also supporting the development of smart devices. Smart devices are generally more energy efficient than their traditional counterparts. Currently, various product categories such as washing machines, refrigerators, microwave ovens and coffee machines are available with smart and connected functionality. Due to the growing demand for smart home appliances, traditional home appliance manufacturers such as Whirlpool, Electrolux, GE Appliances, Miele and BSH have gained significant capabilities and experience in the smart appliance segment. In addition, technology companies such as Apple, Google, Microsoft, Intel, Xiaomi, and Cisco, which are not known to produce home appliances, are also entering this segment. The global smart home appliance market is growing rapidly, supporting the entire home appliance market.

The home appliance market is made up of the sales of home appliances by entities (organizations, sole proprietorships, and partnerships) that produce household appliances such as household electrical goods, washing machines, and large household appliances. The home appliance industry includes companies that manufacture and sell home appliances such as microwave ovens, blenders, blenders, and coffee / tea makers to end users for their personal or household use.

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the global home appliance market size is expected to grow from $ 308.11 billion in 2020 to $ 331.57 billion in 2021 at a compound annual growth rate (CAGR) of 7.6%. The growth is mainly driven by 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 shutdown of business activities that have resulted in operational challenges. The market is expected to reach $ 436.04 billion in 2025 at a CAGR of 7%.

The global home appliance manufacturing market is segmented by type into small electrical appliances, household cooking appliances, household refrigerators and freezers, household laundry equipment, and other major household appliances.

The main competitors with home appliance market share are Whirlpool Corporation, Haier Smart Home Co., Ltd. (Qingdao Haier Co., Ltd.), Robert Bosch GmbH, Midea Group Co., Ltd. and LG Electronics Inc.

Home Appliance Manufacturing Market – By Appliance Type (Small Electrical Appliances, Household Cooking Appliances, Household Refrigerators and Freezers, Household Laundry Equipment, and Other Major Household Appliances), By Distribution, By End Customers and By Region, Opportunities and Strategies – Global Forecast To 2023 is part of a series of new reports from The Business Research Company which provides home appliance manufacturing market overview, a forecast of the manufacturing market size and growth home appliances for the whole market, home appliance manufacturing market segments and geographies, home appliance manufacturing market trends, home appliance manufacturing market drivers, restraints, revenues, profiles and market shares of the main competitors.

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