“Home Appliances Market by Product and Distribution Channel: Global Opportunity Analysis and Industry Forecast, 2018-2025,”
PORTLAND, 5933 NE WIN SIVERS DRIVE, #205, OR 97220, USA, March 10, 2022 /EINPresswire.com/ — Home Appliances Market Snapshot 2018-2025
According to a new report published by Allied Market Research titled “Home Appliances Market by Product and Distribution Channel: Global Opportunities Analysis and Industry Forecast, 2018 – 2025”, the global home appliances market size was valued at 501 $532 million in 2017, and is expected to reach $763,451 million by 2025, growing at a CAGR of 5.4% from 2018 to 2025. In 2017, the US home appliance market accounted for almost 17% of the market world of home appliances.
Eco-friendly and energy-efficient devices are further driving the growth of the market
Appliances can be categorized into major appliances or household appliances, small appliances, and consumer electronics. The growth of household appliances market is attributed to increasing technological advancement, rapid urbanization, growing housing sector, rising per capita income, improving living standards, the increase in the need for comfort in household chores, to changes in the lifestyle of consumers and to the escalation in the number of small households. Additionally, the consumer inclination towards eco-friendly and energy efficient devices is further driving the market growth.
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.
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Positive impact on the growth of the home appliance market
Manufacturers in the home appliance market are continuously developing products with enhanced features and functionality to stay competitive. Despite the development of higher value-added products, product prices collapsed and thus remained stagnant at a low level for several years. The drop in prices is due to the pressure of competition from countries with low manufacturing costs. Manufacturers are also under pressure related to margins due to fierce competition in the market. This fall in prices forces companies to develop innovative products. This downward trend in home appliance prices encourages customers to purchase the products, which in turn can stimulate the market. Decreasing prices of home appliances have a positive impact on the growth of the home appliances market.
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.
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 grow exponentially over the forecast years, with a CAGR of 6.3%, in value terms.
The specialty store distribution channel is expected to dominate the global home appliances 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 appliances market, India is expected to grow at a CAGR of 8.3% in terms of value.
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Key Players profiled in this report include:-
QINGDAO HAIER CO., LTD.
LG ELECTRONICS INC.
MIDEA GROUP CO., LTD.
ROBERT BOSCH GmbH
SAMSUNG ELECTRONICS CO., LTD.
TABLE OF CONTENTS :-
CHAPTER 1 INTRODUCTION
1.1. Description of the report
1.2. Main benefits for stakeholders
1.3. Key market segments
1.4. Research methodology
1.4.1. Secondary research
1.4.2. Primary research
1.4.3. Analyst tools and templates
CHAPTER 2: EXECUTIVE SUMMARY
2.2. CXO point of view
CHAPTER 3: MARKET OVERVIEW
3.1. Definition and scope of the market
3.2. Main conclusions
3.2.1. The best investment pockets
3.2.2. The best winning strategies
3.3. Porter’s Five Forces Analysis
3.3.1. Bargaining power of suppliers
3.3.2. The bargaining power of buyers
3.3.3. Surrogate Threat
3.3.4. The threat of new entrants
3.3.5. Intensity of competitive rivalry
3.4. Positioning of market players, 2017
3.5. Market dynamics
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