LONDON--(BUSINESS WIRE)--Technavio’s latest market research report on the global laundry drying cabinets market provides an analysis of the most important trends expected to impact the market outlook from 2018-2022. Technavio defines an emerging trend as a factor that has the potential to significantly impact the market and contribute to its growth or decline.
According to Technavio market research analysts, the global laundry drying cabinets market will grow at a CAGR of close to 6% during the forecast period. Technology innovation and portfolio extension leading to product premiumization is a major factor driving the market’s growth.
The innovations in design allow the key players and brands to maintain high brand associations with customers. New designs help create product differentiation and value proposition for potential customers. Players in the market are taking advantage and strengthening their product mix by introducing high-priced variants of laundry drying cabinets. Brands also work with wide-ranging materials to enhance their product portfolios.
Some materials are obtained at lower costs but can still be used to create durable and desired designs in the premium segment to allow for greater profit margins for manufacturers and retailers. Each material and design is marketed to create product differentiation and expand the product portfolio of assorted brands. In the recent years, the number of players focusing on innovative products has increased. Players have registered their presence physically and at the same time venturing into online retail.
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In this report, Technavio highlights the rising online sales of laundry drying cabinets as one of the key emerging trends driving the global market:
Rising online sales of laundry drying cabinets
The key players in the market have a vast online presence and have started selling products through their online channels, either through their website or listing products on some e-commerce site.
“In developed regions like the Americas and Europe, the online distribution network has reached a significant growth momentum by 2016. Countries such as the US, Germany, the UK, and France are expected to generate huge sales online by the end of the forecast period. The sale of laundry drying cabinets are expected to gain momentum due to the growing smartphone adoption and Internet penetration in developing regions,” says a senior analyst at Technavio for research on home, kitchen, and large appliances.
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Global laundry drying cabinets market segmentation
This market research report segments the global laundry drying cabinets market into the following technologies (vented drying cabinets and heat pump drying cabinets), end-users (commercial laundry drying cabinets and residential laundry drying cabinets), and key regions (the Americas, APAC, and EMEA).
The vented drying cabinets segment held the largest market share in 2017, accounting for nearly 55% of the market. The market share for this technology is expected to decrease by 2022. The fastest growing technology is heat pump drying cabinets, which will account for nearly 46% of the total market share by 2022.
The Americas was the leading region for the global laundry drying cabinets market in 2017, accounting for a market share of nearly 44%. By 2022, the Americas will continue dominating the market whereas APAC is expected to register the highest growth rate.
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