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New York, Sept. 22, 2022 (GLOBE NEWSWIRE) -- Reportlinker.com announces the release of the report 'White Goods Global Market Report 2022' -
The global white goods market is expected to grow from $554.56 billion in 2021 to $594.70 billion in 2022 at a compound annual growth rate (CAGR) of 7.24%. The white goods market is expected to grow to $789.62 billion in 2026 at a compound annual growth rate (CAGR) of 7.34%.
The white goods market consists of sales of white goods by entities (organizations, partnerships, and sole proprietors) that refer to large household appliances or electrical goods used for domestic purposes. Traditionally, white goods were made of enamel-coated materials that were white, but over time, white goods are available in multiple colours.
The main types of white goods include Cleaning Equipment, Preservation & Cooking Equipment, Heating & Cooling Equipment, and Others.The cleaning equipment refers to the electronic machines used for cleaning clothes and floors.
Washing machines and vacuum cleaners are some of the cleaning equipment used for washing & drying clothes, and cleaning floors.They are used by domestic, private sector, corporate, public sector, government, and hospital customers.
They are sold through online and offline sales channels through different distribution methods including supermarkets & hypermarkets, sspecialitystores, retail stores, e-commerce, and others.
North America was the largest region in the white goods market in 2021.Asia-Pacific is expected to be the fastest-growing region in the forecast period.
The regions covered in the white goods market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa.
The white goods market research report is one of a series of new reports that provides white goods market statistics, including white goods industry global market size, regional shares, competitors with a white goods market share, detailed white goods market segments, market trends and opportunities, and any further data you may need to thrive in the white goods industry. This white goods market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.
The increase in the adoption of smart home appliances by customers to the reduced workload is expected to propel the growth of the white goods market.A smart home appliance is an electronic device connected to a central system that can be programmed or controlled remotely or function autonomously based on input from sensors, which detect temperature, light levels, or activity.
Smart appliances are usually built to work with other smart devices, preferably part of a larger smart home system.There will be a significant demand for white goods in response to the rise in the adoption of smart home appliances.
For instance, according to the smart home study published in Digitized House in May 2022, approximately 70% of consumers own at least one intelligent appliance product as the US has flying sales of intelligent appliances.In addition, the majority of customers still plan to add more such appliances in the future.
Thus, the increase in the adoption of smart home appliances by customers is expected to drive the white goods market.
The introduction of new innovative systems is the key trend gaining popularity in the white goods market.The introduction of new innovative systems includes smart home appliances that are technologically advanced, which utilize the latest technologies such as artificial intelligence to manage their operations and make daily living easier.
Innovative white goods are set for future growth by providing customers with relevant benefits such as reduced workload, time savings, and security.For instance, in September 2020, Samsung, a global home appliances company launched a new range of artificial intelligence (AI) powered front load washing machines in India.
These washing machines come with the company's latest Q-Rator technology offering smart features to manage laundry. The smart features include a laundry planner to manage the washing machine time, auto-recommendation for the optimal wash cycle, and a homecare wizard to manage the washing machine's condition.
In February 2022, Crompton Greaves Consumer Electricals Ltd, an Indian electrical equipment company acquired a controlling stake in Butterfly Gandhimathi Appliances Ltd for an amount of around INR 13,796.8 million ($180 million) . The acquisition is expected to make Crompton a leading kitchen appliance brand and expand its reach to customers. Butterfly Gandhimathi Appliances Ltd is an Indian kitchen and electrical appliances company.
The countries covered in the white goods market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, and USA.
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