LONDON--(BUSINESS WIRE)--The global household appliance market size is expected to grow by USD 21.76 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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The growing innovation and advances in technology have changed the demand and preferences of the customers, hence propelled the demand for innovative products. The major product innovations introduced in the global household appliance market are in terms of technology, performance, features, and design. In addition, with the growing purchasing power and rising disposable income, customers are gradually increasing their spend on household appliances. This has propelled the demand for premium household appliances and led to the growth of the global household appliance market.
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As per Technavio, the increased adoption of integrated smart home technology 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.
Household Appliance Market: Increased Adoption of Integrated Smart Home Technology
The adoption of smart and advanced appliances has increased significantly, mainly due to the growing adoption of smart homes and smart home technologies such as smart hubs and smart AI-enabled smart home controllers that can control the appliances remotely. For instance, Amazon Echo offered by Amazon is a smart hub voice-controlled device that operates and controls smart home appliances such as smart refrigerators and air conditioners. In addition, uninterrupted and easy connectivity to smart appliances is an essential feature that helps consumers handle and perform tasks remotely. The wireless technologies used by devices for connectivity include Wi-Fi, Bluetooth, and ZigBee. Many vendors in the household appliance market have transformed their product offerings to sync with the smart and advanced technology led by the growing popularity of IoT, which integrates digital and wireless technology. IoT will be a trend that will influence vendors during the forecast period. The growth and advances, coupled with the increased adoption of smartphones, smart hubs, and IoT devices, will drive the global household appliance market.
“Other factors such as the growing demand for multifunctional products, and the increase in M&A and strategic alliance activities will have a significant impact on the growth of the household appliance market value during the forecast period,” says a senior analyst at Technavio.
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Household Appliance Market: Segmentation Analysis
This market research report segments the household appliance market by product (major household appliances and small household appliances), distribution channel (offline and online), and geography (APAC, Europe, North America, South America, and MEA).
The APAC region led the household appliance market share in 2019, followed by Europe, North America, South America, and MEA respectively. During the forecast period, the APAC region is expected to register the highest incremental growth due to factors such as rising urbanization, higher spending power, and the increased demand for smart appliances from single households.
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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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