(MENAFN- Straits Research)
Introduction
The U.S.-China trade war is resulting in healthy Latin America home appliances market growth. Brazil, Argentina, and Columbia are emerging as investment hubs for foreign investors, and the respective governments are directing their focus on internal development through initiatives such as building special economic zones (SEZs) for more robust economic development. For instance, South America has more than 500 SEZs that host around 10,000 enterprises and over one million employees. SEZs feature industrial parks and development zones that foster technological upgrades.
Despite the positive growth drivers, South and Central America, and the Caribbean region's growth rate is pegged to be a little over 1% on account of slow growth in key economies. Regardless of the slow growth, the region is expected to record substantial investments. For instance, China is the foremost investor in the region; the country's investments since 2005 amount to over a staggering USD 141 billion. As per the World Bank, Chile's industrial sector contributed around 31% to its GDP in the year 2018. Expansionary monetary policies by governments and favorable investment climate are positively influencing economic growth and expanding the country's manufacturing sector, which is indirectly translating into demand for consumer electronics, and home appliances industries.
Over the past 5 years, the hospitality industry has showcased great dynamism in Latin America. The World Economic Forum in its report, travel, and Tourism Competitiveness Index, listed six Latin American countries among the top 50 most competitive globally.
Costa Rica, Argentina, Chile, Brazil, and Panama have become surprisingly competitive in this sector. Chile experienced a 6.3% increase in European tourists and a 33.8% rise in Chinese tourist's arrival in the year 2017.
This surging rise in tourist footfall in Latin America has led to a
high demand for air fryers in hotels and restaurants.
All these factors are likely to create upswings for air fryer market
COVID-19 Impact
The impact of the novel coronavirus outbreak is visible in all sectors worldwide, and it has led to widespread disruption in the supply chain. The sealing of borders and limited transportation is changing the very meaning of globalization.
The home appliance industry globally relies on foreign equipment manufacturers from countries, such as China, which manufacture components that go into the making of these appliances. With the disruption of the supply chain and governments' apprehensiveness to buy from China, the prices of air fryers are likely to rise. This is likely to hamper the growth of the air fryer market in the coming months.
Competitive Players
Koninklijke Philips N.V.
BLACK DECKER Inc.
Conair Corporation
Avalon Bay
Breville Group Ltd
Meyer Manufacturing Company Limited
GoWISE USA
NuWave LLC
Groupe SEB
SharkNinja Operating LLC
Havells India Ltd.
TTK Prestige Ltd.
DeLonghi S.p.A
Stanley Black and Decker, Inc.
Pigeon Corporation
Bajaj Electricals Limited
American Micronic Instruments.
Recent Developments
January 2024 -
Ninja, a manufacturer specializing in compact kitchen appliances, introduced its latest innovation: an air fryer. This product particularly appeals to individuals with smaller kitchen spaces or restricted countertop areas. The Ninja Air Fryer MAX PRO 6.2L AF180UK boasts a remarkably spacious capacity, cleverly concealed behind a compact design.
January 2024 - Salter, a British homeware business, unveiled two new air fryers of larger dimensions, aiming to compete with brands such as Ninja . Salter aims to challenge Ninja, the industry's emerging cost-effective air fryer brand, with generous capacities, energy-efficient characteristics, and remarkably low prices.
Segmentation
By Product Type
Digital
Manual
By Design
Basket
Paddle
By End-User
Residential
Commercial
By Distribution Channel
Specialty Stores
Supermarkets/Hypermarkets
E-Commerce
Others
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