LONDON--(BUSINESS WIRE)--The global household appliance market is expected to post a CAGR of almost 7% during the period 2019-2023, according to the latest market research report by Technavio. Request a free sample report
Factors such as growing competition in the market and changing consumer preferences are compelling vendors to increase their R&D efforts and expand their product portfolios. Vendors are innovating their products in terms of technology, performance, features, and design. Also, with growing purchasing power and rising disposable incomes, the consumer spend on household appliances is also increasing. This has led to a higher demand for premium household appliances. As a result of these factors, the growth of the global household appliances market is expected to accelerate during the forecast period.
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As per Technavio, the increase in M&A and strategic alliance activities will have a positive impact on the market and contribute to its growth significantly over the forecast period. This research report also analyzes other important trends and market drivers that will affect market growth over 2019-2023.
Global Household Appliances Market: Increase in M&A and Strategic Alliance Activities
The market is witnessing an increase in the number of M&As and strategic alliances between competitors and vendors of related industries. This inorganic growth strategy is helping vendors increase their market shares, enhance product features, and expand their business in new regions. The strategy is also allowing vendors to gain competitive advantage in the market. Such increased M&As and strategic alliances are attracting investments and contributing to product innovations, thereby influencing the growth of the market.
“Increased adoption of advanced multi-functional products and the rising adoption of smart household appliances will further boost market growth during the forecast period,” says a senior analyst at Technavio.
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Global Household Appliances Market: Segmentation Analysis
This market report segments the global household appliances market by product (major household appliances, and small household appliances), distribution channel (offline and online), and geography (the Americas, APAC, and EMEA).
The APAC region led the market in 2018, followed by EMEA and the Americas respectively. During the forecast period, the APAC region is expected to maintain its dominance over the market. This is due to the growing demand for small appliances from single households in the region.
Technavio’s sample reports are free of charge and contain multiple sections of the report, such as the market size and forecast, drivers, challenges, trends, and more.
Some of the key topics covered in the report include:
- Market ecosystem
- Market characteristics
- Market segmentation analysis
- Market definition
- Market size and forecast
Five Forces Analysis
- Geographic comparison
- Key leading countries
- Landscape disruption
- Competitive scenario
- Vendors covered
- Vendor classification
- Market positioning of vendors
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