LONDON--(BUSINESS WIRE)--The global dishwasher market size is expected to grow by USD 1.34 billion during 2020-2024. The report also provides the market impact and new opportunities created due to the COVID-19 pandemic. We expect the impact to be significant in the first quarter but gradually lessen in subsequent quarters – with a limited impact on the full-year economic growth.
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Consumers are investing heavily in kitchen designs that are sophisticated yet easy to maintain. The concept of smaller and compact homes is gaining importance. This compels consumers to put significant emphasis on good storage and space plans while designing a kitchen. With innovations in terms of color schemes and cabinet models, kitchen designs have undergone drastic transformation over the past decade. This change of preferences of consumers encourages vendors to add new streamlined appliances to their portfolio. For instance, Haier, through its subsidiary GE Appliances, offers under-the-sink dishwashers to cater to homeowners who have restricted space in their kitchens. Evolving kitchen designs are hence, expected to boost the growth of the market during the forecast period.
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The increase in the incidences of coronavirus is affecting the world economy and businesses across several industries. The consumer discretionary industry is also expected to witness a negative growth due to the global pandemic. Similarly, the COVID-19 pandemic is expected to have a negative impact on the growth of the global dishwasher market. Technavio's custom research reports offer detailed insights on the impact of COVID-19 at an industry level, a regional level, and subsequent supply chain operations.
As per Technavio, the rising use of stainless-steel dishwasher interiors will have a positive impact on the market and contribute to its growth significantly over the forecast period. This research report also analyzes other significant trends and market drivers that will influence market growth over 2020-2024.
Dishwasher Market: Rising Use of Stainless-Steel Dishwasher Interiors
The rising use of stainless-steel dishwasher interiors is one of the key dishwasher market trends that will drive growth of the market. The growing popularity of stainless-steel dishwasher is attributed to its robustness and low maintenance. In addition, stainless-steel dishwashers have a lower wattage heating element for drying and they also save energy. Furthermore, they help in protecting heat-sensitive items placed on the lower rack of the dishwashers.
“Factors such as the increasing labor costs, busier lifestyles, and increasing influence of western lifestyle on APAC countries will have a significant impact on the growth of the dishwasher market value during the forecast period,” says a senior analyst at Technavio.
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Dishwasher Market: Segmentation Analysis
This market research report segments the dishwasher market by product (freestanding dishwasher and built-in dishwasher) and geography (Europe, North America, APAC, South America, and MEA).
The European region led the dishwasher market share in 2019, followed by North America, APAC, South America, and MEA respectively. However, during the forecast period, the APAC region is expected to register the highest incremental growth due to factors such as the changing lifestyles and time-pressed schedules of the urban demographic, increase in consumer sophistication, and the rising household incomes.
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Some of the key topics covered in the report include:
- Vendors covered
- Vendor classification
- Market positioning of vendors
- Competitive scenario
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