Household Appliances Market Size Is Growing At USD 1096.54 Bn By 2030

Ottawa, Jan. 25, 2023 (GLOBE NEWSWIRE) -- The rising technological advancements in the various household appliances such as refrigerators, dishwashers, air conditioners, and washing machines is driving the growth of the global household appliances market . The rising disposable income of the consumers, growing population, rising number of nuclear families, changing lifestyle, rising urbanization, and improving standards of living are some of the prominent factors that are expected to boost the growth of the global household appliances market.

The rising innovations and development of energy-efficient and eco-friendlier household appliances is gaining a rapid traction among the consumers. Furthermore, the easy availability of financing and installment options is increasing the affordability of the consumers and hence it drives the demand for the household appliances. The surging penetration of the e-commerce platforms across the globe is expected to significantly boost the sales of the various household appliances across the globe.

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The ease of gathering information over the internet and easy comparison available between various brands and products over the internet is considered to be a significant factor that influences the buying behavior of a modern-day consumer. Furthermore, the introduction of various latest and innovative features in the products significantly influences the growth of the household appliances market.

Report Highlights

• By product , the major appliances segment dominated the market. The refrigerators segment mainly drives the growth of the major appliances segment. The high demand for the refrigerators among the population for storing food and food products has led to the higher adoption of refrigerators. Moreover, the availability of huge variety of refrigerators based on size, door, and functions is expected to fuel the demand for the refrigerators during the forecast period.
• By distribution channel , the e-commerce is expected to be the fastest-growing segment. The rising penetration of e-commerce platforms, growing adoption of smartphones, and growing penetration of internet is fostering the sales of household appliances through e-commerce channels. The easy shopping, convenient payment options, huge variety of products, easy refund and replace options, huge discounts, and quick home delivery are the major features of the e-commerce platforms that drives the growth of the household appliances market.

Recent Development

• In January 2021, Samsung and Deutsche Telekom successfully tested their first 5G SA trial in Czech Republic, Europe.
  

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Scope of the Report

Regional Snapshot

Asia Pacific dominated the global household appliances market in 2022. Asia Pacific is the home to several leading household appliances manufacturers such as Samsung, LG, Panasonic, and Bajaj. The huge penetration of the various brands across the urban and the rural areas of the region has significantly contributed to the market growth. The rising government investments to electrify the rural areas is expected to boost the demand for the household appliances in the forthcoming years. The presence of huge population, rising disposable income, improving living standards, and growing number of nuclear families are the major factors responsible for the growth of the Asia Pacific household appliances market.

North America held the second position in the household appliances market. The huge demand for the luxury home improvement items, high disposable income, higher standards of living, and higher number of households in the major market like US has significantly driven the growth of the North America household appliances market. The proliferation of digital technologies has led to the development of more efficient and sustainable household appliances, which is expected to boost the demand in the forthcoming future.

Market Dynamic

Driver

Technological advancements and the rising number of product launches

The proliferation of digital technologies and the growing investments by the market players to introduce new and innovative appliances in the market is significantly driving the growth of the household appliances market. The integration of various novel technologies like artificial intelligence , machine learning, internet of things, and robotics in the household appliances is expected to drive the growth of the global household appliances market during the forecast period.

Restraint

Lack of infrastructure

In the rural areas of several developing and underdeveloped economies, there is a lack of proper infrastructure and lack of electricity. The lack of electrification is a major factor that may hamper the market growth. Most of the population in underdeveloped economies lives in the rural villages and depends on agriculture. The low affordability and lack of electricity restricts them to adopt the advanced household appliances.

Opportunity

Rising investments in the development of sustainable product

The manufacturers are investing heavily on the development of eco-friendly products. The traditional household appliances significantly contributed to the emission of greenhouse gases. The rising awareness regarding the harmful effects of the appliances on the environment is boosting the demand for the energy-efficient and eco-friendlier household appliances in the market.

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Challenge

Availability of counterfeit products

There are numerous local manufacturers who provide low quality and counterfeit household appliances especially in the developing markets like India and China. The low income groups opt towards the counterfeit appliances owing to the major features and low cost of the product. However, there is no quality and warranty of these products and many times the customer loses their money. The availability of counterfeit products is a major challenge for the market players.

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About Us

Precedence Research is a worldwide market research and consulting organization. We give unmatched nature of offering to our customers present all around the globe across industry verticals. Precedence Research has expertise in giving deep-dive market insight along with market intelligence to our customers spread crosswise over various undertakings. We are obliged to serve our different client base present over the enterprises of medicinal services, healthcare, innovation, next-gen technologies, semi-conductors, chemicals, automotive, and aerospace & defense, among different ventures present globally.

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