Home Household appliances Top 4 emerging trends impacting the household appliances market in Europe until 2020: Technavio

Top 4 emerging trends impacting the household appliances market in Europe until 2020: Technavio

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LONDON–(BUSINESS WIRE)–Technavio’s latest report on home appliance market in Europe provides an analysis of the most important trends that are expected to impact the market outlook from 2016 to 2020. Technavio
defines an emerging trend as a factor that is likely to have a significant impact on the market and contribute to its growth or decline.

Poonam Saini, Principal Analyst at Technavio, specializing in research on home, kitchen and major appliances sector, says:The purchase of household appliances in Europe depends mainly on replacement purchases, as basic products are commonly found in almost all European homes. Thus, players are focusing on introducing innovative features and technology upgrades to entice consumers to purchase upgrades..”

The increasingly hectic schedules of individuals, both in their personal and professional lives, lead to an increased demand for practical and time-saving home appliances. Home appliance manufacturers are also focusing on continuous technological advancements in the field of electronics to add more perceived values ​​to their products and improve their functionality, which can, in turn, improve user convenience.

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According to Technavio analysts, the top four emerging trends driving the home appliance market in Europe are:

  • Demand for smart features on the rise

  • Growing demand for compact, integrated built-in appliances for small kitchens

  • Heat pump technology is gaining popularity

  • Government initiatives

Demand for smart features on the rise

With the improvement in the living standards of European consumers and the growing interest in connectivity-enabled smart devices, the adaptation of smart home appliances is expected to grow over the forecast period. Advances in technology and the emergence of smart homes are contributing to the proliferation of smart devices like smart microwave ovens, smart washing machines, and smart air conditioners that can be connected to the end user’s smartphone and monitored remotely. The European smart home market is expected to reach over $15 billion and grow at a CAGR of 16% during the forecast period.

Improved network infrastructure has resulted in better broadband and internet penetration, and consumers are therefore increasingly opting for wireless and technologically advanced products, mainly for convenience.“, according to Poonam.

Growing demand for compact, integrated built-in appliances for small kitchens

Compact houses are driving the market for built-in appliances such as dishwasher, washing machines and ovens that are specifically intended for small fitted kitchens. The request for built-in freezers is also growing. Electrolux experienced an increase in sales of fitted kitchen some products; this helped improve the company’s product range and strengthen its position in the European market. Since built-in appliances allow consumers to optimize the use of space in their kitchen, their demand is on the rise.

Heat pump technology is gaining popularity

Devices with heat pump technology are two to three times less energy-intensive than conventional ones. This technology is gaining popularity in the face of rising electricity prices and growing awareness of greenhouse gas emissions. Heat pump water heaters use less than 63% of the total energy consumed by conventional electric water heaters, so they are gaining popularity with homeowners concerned about saving electricity. These water heaters harvest energy from water, waste heat sources, ambient air and the earth to heat water stored in insulated storage tanks.

Government initiatives

Government initiatives play a key role in the market. As the housing construction sector has not performed well in recent years, the French government has taken steps to boost the market by providing $2.15 billion in tax breaks to banks and offering new mortgage loans to zero rate. This allows consumers to move into new homes and buy new appliances. To stimulate Italy’s moribund real estate market, the country’s government has announced plans to offer an eco-bonus for household appliances in 2015. This bonus will provide tax breaks to consumers who buy high-efficiency major household appliances. energy.

The main suppliers are:

  • Electrolux

  • LG

  • Robert Bosch

  • Samsung

  • Tourbillon

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