LONDON--(BUSINESS WIRE)--Technavio analysts forecast the household appliances market in Europe to grow at a CAGR of more than 3% during the forecast period, according to their latest market research report.
The introduction of multifunctional products is one of the major trends being witnessed in the household appliances market in Europe 2018-2022. The growing demand for innovative and advanced products has propelled the demand for and popularity of multifunctional household appliances in Europe. Multifunctionality of products not only addresses their basic features but also derives the maximum value from the amount spent on a single product.
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According to Technavio analysts, one of the key factors contributing to the growth of the household appliances market in Europe is the product innovation and portfolio extension leading to product premiumization:
Household appliances market in Europe: Product innovation and portfolio extension leading to product premiumization
Players operating in the household appliances market in Europe constantly engage in R&D and innovation to sustain in the competitive market environment. This is due to the growing competition and increased customer demand for innovative products. The major product innovations introduced are in terms of technology, performance, features, and design. Customers also look for household appliances that can perform multiple tasks with minimal resources.
According to a senior analyst at Technavio for research on home, kitchen, and large appliances, “To meet evolving customer needs, vendors continuously innovate their product range and increase their product line as per the growing consumer demand. Moreover, the growing purchasing power and increasing disposable income, customers are gradually increasing their spending on household appliances. This has propelled the demand for premium household appliances and help the growth of the household appliances market in Europe.”
Household appliances market in Europe: Segmentation analysis
The household appliances market in Europe research report provides market segmentation by product (major household appliances and small household appliances), by distribution channel (offline distribution channel and online distribution channel), and by region (Germany, France, UK, Italy, and Rest of Europe). It provides an in-depth analysis of the prominent factors influencing the market, including drivers, opportunities, trends, and industry-specific challenges.
Of the two major products, the major household appliances segment held the largest market share in 2017, contributing to over 77% of the market. The growth in the segment can be attributed to the increased disposable income, high urbanization, and increased products advancements and offerings.
Germany held the largest share of the market in 2017, accounting for more than 21% share. The growth in the country is attributed to the significant lifestyle changes among consumers in the country.
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Some of the key topics covered in the report include:
- Market ecosystem
- Market characteristics
- Market segmentation analysis
- Market sizing
- Market size and forecast
Five Forces Analysis
- Regional comparison
- Key leading countries
- Vendors covered
- Vendor classification
- Market positioning of vendors
- Competitive scenario
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