Manufacturers in Home Appliances Market are continuously developing products with enhanced features and functionality to stay competitive
According to a new report published by Allied Market Research, titled “Japan Household Appliance Market by Product, Distribution Channel, and Region: Opportunity Analysis and Industry Forecast, 2018 – 2025”, the Japanese household appliance market was valued at 20,279.9 million in 2017. , and is expected to reach $27,979.0 million by 2025, growing at a CAGR of 4.0% from 2018 to 2025. Entertainment and information devices are expected to maintain their dominant position, in terms of of revenue generation, throughout the forecast period of the Japan Home Appliances Market. .
Manufacturers in the home appliance market are continuously developing products with enhanced features and functionality to stay competitive. Despite the development of products with higher added value, product prices collapsed and thus remained stagnant at a low level for several years. The fall in prices is due to the pressure of competition from countries with low manufacturing costs. Manufacturers are also under pressure on margins due to fierce competition in the Japanese appliance market. This fall in prices forces companies to develop innovative products.
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This downward trend in household appliance prices encourages customers to purchase the products, which in turn may boost the Japanese household appliance market. The reduction in household appliance prices is having a positive impact on the growth of the Japanese household appliance market. According to the United Nations, much of the world is currently experiencing urbanization. Nearly 54.8% of the world’s population currently lives in urban areas. The growth of urbanization has led to a change in the way of life of individuals. The increase in the number of nuclear families, coupled with the increase in urbanization, creates a huge demand for household appliances.
Thus, rapid urbanization has led to an increased need for faster and more reliable household appliances such as refrigerators, air conditioners, washing machines, which save time, money and are convenient for daily use. The high price and remarkable popularity of home appliance brands has led to the advent of counterfeit brands. Counterfeit brands are generally prevalent in developing economies where customers are very price sensitive. This factor limits the sale of existing original household appliance brands in the Japanese market. On the contrary, the development of durable and energy-efficient household appliances at an economical price is expected to increase the penetration rate among low and middle income groups.
The Japanese home appliance market is segmented on the basis of product and distribution channel. According to the product, the Japanese home appliance market is categorized into refrigerator, air conditioner and heater, entertainment and information appliances, washing machine, dishwasher, wall oven, microwave, cooking appliances, coffee maker, blender, juicers, canisters, deep cleaners, other vacuum cleaners, steam mops and other appliances. Based on the distribution channel, the market is divided into supermarket, specialty store, manufacturer store, e-commerce company and others.
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Entertainment and information devices were the highest revenue generator in the Japanese household appliances market and are expected to grow at a CAGR of 4.4% during the forecast period. The entertainment and information device manufacturing industry is very dynamic in nature. Technological advancements and replacement play a vital role in the growth of the industry. The growing penetration of Smart TVs facilitates the use of applications that were previously developed for smartphones.
TV is getting smarter with the addition of features such as browsing the web, downloading videos, streaming games live from websites, and downloading news and traffic updates. Although smart TVs currently represent only a small portion of overall sales, adoption of these devices is on the rise as consumers recognize the availability of the vast amount of web content.
Currently, the TV market is in the fourth generation of connected TVs, with major manufacturers competing for TV models with the latest innovations in user interface, content aggregation and application development. Smart TVs are equipped with an operating system to run apps and widgets, which can stream videos and music. It allows the user to access various new functions such as recording TV programs and browsing the Internet, through which the user can access sites such as Google, Facebook and others using the Wi-Fi connectivity. The growth of the Japanese home appliances market is attributed to the rising per capita income of the consumer, which fuels the improvement in lifestyle and enables higher living standards.
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The convergence of technologies and platforms, lifestyle trends, growing mobility needs and technological advancements are fundamentally changing the way consumers interact with media content. The growth of the entertainment and information devices market is also driven by the emergence of wireless technology and the subsequent demand for smart entertainment devices with built-in Wi-Fi connectivity. These devices help streamline setup, allowing the user to access the music and movies of their choice without a lengthy process. Majority of the companies operating in the home entertainment market are focusing on product launches to enhance their product portfolio and bring competitive product offerings to the market, thereby increasing the Japanese home appliances market size.
In September 2018, OnePlus, the Chinese smartphone manufacturing company, announced the expansion of its product line in the SmartTV industry and is expected to compete with other brands and its rival smartphone companies such as Xiaomi and Samsung. In October 2016, Bose launched new wireless soundbars and surround sound systems. These devices are very small in size and provide the best audio experience. Devices launched by Bose are enabled with Wi-Fi and Bluetooth and with NFC for easy pairing. In September 2016, Sony launched its Z series range of its flagship BRAVIA 4K HDR TVs. These TVs are equipped with a new 4K image processor, 4K HDR processor.
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