Japan Household Appliances Market Opportunity Analysis and Industry Forecast, 2021-2025
POTLAND, 5933 NE WIN SIVERS DRIVE, # 205, OR 97220, UNITED STATES, December 2, 2021 /EINPresswire.com/ – According to a new report released by Allied Market Research, titled “Japanese home appliance market By Product, Distribution Channel and Region: Analysis of Industry Opportunities and Forecast, 2018-2025 ”, the Japanese home appliance market was valued at $ 20,279.9 million in 2017 and is expected to reach $ 27,979.0 million dollars by 2025, with a CAGR of 4.0%. from 2018 to 2025. Entertainment and information devices are expected to retain their dominance, in terms of revenue generation, throughout the forecast period of the Japanese home appliances market.
Manufacturers in the home appliance market are constantly developing products with improved 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 fall in prices is due to competitive pressure from countries with low manufacturing costs. Manufacturers are also under pressure from margins due to fierce competition in the Japanese home appliance market. This drop in prices is forcing companies to develop innovative products.
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This downward trend in home appliance prices encourages customers to buy the products, which in turn can boost the Japanese home appliance market. Falling home appliance prices are positively impacting the growth of the Japanese home appliance market. According to the United Nations, much of the world is currently undergoing urbanization. Almost 54.8% of the world’s population currently live in urban areas. The growth of urbanization has brought about a change in the lifestyle 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 resulted in an increased need for faster and more reliable household appliances such as refrigerator, air conditioning, washing machines, which save time, money and are convenient for daily use. The high price and remarkable popularity of appliance brands led to the advent of counterfeit brands. Counterfeit brands are generally prevalent in developing economies where customers are very price sensitive. This factor restricts the sale of original brands of existing household appliances 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 classified into refrigerator, air conditioner and heater, entertainment and information appliances, washing machine, dishwasher, wall oven, microwave, cooking appliances, coffee machine, blender, juicer, canister, deep cleaners, other vacuums, steam mop and other appliances. Based on the distribution channel, the market is divided into supermarket, specialty store, manufacturer store, e-commerce company, and others.
Entertainment and information devices have been the major revenue generator in the Japanese home appliance market and are expected to experience 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 growth in smart TV penetration makes it easier to use applications that were previously developed for smartphones. TV is getting smarter and smarter with the addition of features like browsing the web, downloading videos, live streaming games from websites, and downloading news and updates from the web. traffic. Although smart TVs currently represent only a small portion of overall sales, adoption of these devices is increasing as consumers recognize the availability of the large amount of web content.
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Currently, the TV market is in the fourth generation of smart TVs, with major manufacturers competing for TV models with the latest innovations in user interface, content aggregation and software development. ‘applications. 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 Wi-Fi connectivity.
The growth of the Japanese home appliance market is attributed to the increase in the consumer’s per capita income, which is fueling improved lifestyles and enabling higher standards of living. The convergence of technologies and platforms, lifestyle trends, growing mobility needs and technological advancements are fundamentally changing the way consumers interact with multimedia content.
The growth of the entertainment and information device 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, enabling for the user to access the music and movies of their choice without a long process. Majority of 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 size of the Japanese home appliance market.
In September 2018, OnePlus, the Chinese smartphone manufacturer, announced the extension of its product line to the SmartTV industry and is expected to compete with other brands and competitors, such as Xiaomi and Samsung. In October 2016, Bose launched new wireless sound bars and surround sound systems. These devices are very small in size and provide the best audio experience. Bose-launched devices are compatible with Wi-Fi and Bluetooth and with NFC for easy pairing. In September 2016, Sony launched its Z Series line of flagship BRAVIA 4K HDR televisions. These TVs have a new 4K image processor and 4K HDR processor.
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