According to a new report, the global home appliance industry is segmented into products, distribution channels and regions.
5933 NE WIN SIVERS DRIVE, PORTLAND, OR, USA, Sept. 20, 2022 /EINPresswire.com/ — According to a new report released by Allied Market Research titled “Home Appliances Market by Product and Distribution Channel: Analysis of Global Opportunities and Industry Forecast, 2018 – 2025”. The global home appliance market size was valued at USD 501,532 Million in 2017 and is projected to reach USD 763,451 Million by 2025, growing at a CAGR of 5.4% from 2018 to 2025. In 2017, the US market home appliances accounted for nearly 17% of the global home appliance market.
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The growth of government subsidiaries in the form of rebates and tax credits to manufacturers producing energy-efficient appliances is expected to drive the development of energy-efficient and smart home appliances. In addition to easing the customer-user interface by integrating devices with the IoT platform, manufacturers are focusing on developing energy-efficient technologies that meet Energy Star specifications and efficiency levels.
The market is highly competitive as repeat purchases are low and consumers are familiar with the product. The loss of a customer is therefore a delicate matter. To establish a relationship with each customer, manufacturers invest heavily in R&D to launch quality products at a competitive price, and also offer after-sales services. Moreover, after launching new products, players need to invest heavily in various types of marketing communications to increase their reach.
The global home appliance industry is segmented into products, distribution channels and regions. By product, in the cooking appliances segment, induction cooking technology is gaining popularity, due to rising fuel prices. Additionally, the changing lifestyle of the consumers with the increase in the number of nuclear families has increased the dependence of the users on home appliances and hence is expected to drive the growth of the home appliance market. The refrigerator segment is estimated to register the highest CAGR of 6.4% by 2025, owing to the increase in the need to store food and perishables, increase in the population of women working life and increased household income.
By distribution channel, the specialty store segment generated the highest revenues in 2017, as the majority of consumers rely on specialty stores due to product category specialization and presence of high expertise. Conversely, e-commerce sales have seen the highest growth rate because they offer a wide variety of products and are one of the most convenient shopping methods.
The home appliance market share in Asia-Pacific is expected to account for the highest market share in 2017 and is expected to maintain its dominant position throughout the forecast period. Improving living standards and developing housing industry are driving the growth of the Asia-Pacific market.
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The Asia-Pacific region market held more than two-fifths of the total market revenue in 2017 and is expected to maintain its leading position during the forecast period. It is expected to grow at the highest CAGR of 6.3% from 2018 to 2025. This region is a lucrative segment. Other regions analyzed in the research are North America, Europe and LAMEA (Latin America, Middle East and Africa).
Key market players profiled in the report include:
○ AB Electrolux
○ Qingdao Haier Co.Ltd. (Haier)
○ Hitachi Ltd.
○ LG Electronics Inc. (LG)
○ Midea Group Co.Ltd. (Midea)
○Panasonic Corporation (Panasonic)
○ Robert Bosch GmbH
○ Samsung Electronics Co. Ltd.
○ Sharp Corporation (Sharp)
○ Whirlpool Company
Key Findings of the Home Appliances Market:
○ In terms of value, the refrigerator segment is expected to grow at a CAGR of 6.4% during the forecast period.
○ North America is expected to dominate the market, registering a significant CAGR of 4.6% in terms of value.
○ Asia-Pacific is expected to show exponential growth throughout the forecast years, with a CAGR of 6.3%, in terms of value.
○ The specialty store distribution channel is expected to dominate the global home appliance market, registering a CAGR of 5.0%.
○ China accounted for more than a third of the total home appliance market in Asia-Pacific in 2017.
○ In the global home appliance market, India is expected to grow at a CAGR of 8.3% in terms of value.
Reason to buy:
○ Save and reduce time carrying out entry-level research by identifying the growth, size, leading players and segments in the global Household Appliances Market.
○ Highlights key business priorities to guide companies to reform their business strategies and establish themselves in the vast geography.
○ The key findings and recommendations highlight crucial progressive industry trends in the Household Appliances Market, thereby allowing players to develop effective long term strategies in order to garner their market revenue.
○ Develop/modify business expansion plans using substantial growth offering in both developed and emerging markets.
○ Take an in-depth look at the global market trends and outlook coupled with the factors driving the market, as well as those restraining the growth to some extent.
○ Improve the decision-making process by understanding the strategies that drive business interest with respect to products, segmentation, and industry verticals.
○ The white goods market is expected to reach $1,031.0 billion by 2027
○ Smart Home Appliances Market growth opportunities in the global industry
○ Japan home appliance market is expected to reach $27,979.0 million by 2025
Allied Market Research (AMR) is a full-service market research and business consulting division of Allied Analytics LLP based in Portland, Oregon. Allied Market Research provides global corporations as well as small and medium enterprises with unrivaled quality of “market research reports” and “Business Intelligence solutions”. AMR has a focused vision to provide business insights and advice to help its clients make strategic business decisions and achieve sustainable growth in their respective market area.
Pawan Kumar, CEO of Allied Market Research, leads the organization in delivering high quality data and insights. We maintain professional relationships with various companies which helps us to extract market data which helps us to generate accurate research data tables and confirm the utmost accuracy of our market predictions.
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