electric household appliances market for cooking appliances segment are designed for countertops and will witness high growth in several regions. These appliances are less expensive and are being used for several purposes. They are gaining popularity owing to lifestyles changes of consumers and technological advancements in appliances which has catalyzed the growth of electric household appliance market. In the electric household appliances market, consumers are valuing high quality, design and convenience rather than prices.
Electric Household Appliances Market is expected to exceed USD 600 billion by 2024. The industry growth can be credited to the rise in disposable incomes in several countries, which has enhanced the consumer’s spending capacity. Presence of these appliances is making consumers everyday life easier owing to which they are willing to spend more, thereby propelling the electric household appliances market revenue.
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Growing investments in R&D activities to deliver energy efficient and technologically advanced appliances is making the consumers more inclined towards such appliances. Moreoever, rising urbanization and residential events in several countries will the surge the electric household appliances market demand. The demand for low cost appliances with more functionality is the criteria used by the consumers while buying an appliance.
Government administrations are introducing stringent regulations to raise awareness amongst consumers regarding CO2 emissions and healthy eating which will trigger the demand for electric household appliances market. Several regulatory and government authorities are inclined towards adoption of energy-efficient appliances, and have set minimum energy standards for energy labeling of appliances. They are pushing the consumers to incorporate smart devices which is contributing to the overall revenue growth.
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Built-in electric appliances are expensive than the freestanding units and can fit into limited spaces. However, with rising disposable income, the overall shipment volume is anticipated to grow. An increase in the total households of single and two-person will be an important factor driving the growth of electric household appliances market. High demand for the replacement of obsolete appliances will provide widespread array of prospects for the industry.
Rising urbanization, demand for energy-efficient appliances, and high capita income are characterizing the U.S. electric household appliances market. There is also an inclination toward connected appliances to deliver more convenience and user-friendly experiences for the consumers in the region. In addition, increasing awareness about home automation will escalate the industry demand.
Major Key Points from Table of Content:
Chapter 3 Electric Household Appliances Industry Insights
3.1 Industry segmentation
3.2 Industry landscape, 2013 – 2024
3.3 Industry ecosystem analysis
3.3.1 Vendor matrix
3.3.2 Distribution channel analysis
3.3.3 Policies affecting the ecosystem
3.4 Raw material trends
3.4.1 Stainless steel
3.5 Pricing trends
3.6 Technological & innovation landscape
3.7 Regulatory landscape
126.96.36.199 Consumer Product Safety Act
188.8.131.52 Federal Hazardous Substances Act (FHSA)
184.108.40.206 EMC Directive
220.127.116.11 Ecodesign Directive
18.104.22.168 EU 517/2014
22.214.171.124 Electricity act of 1994
126.96.36.199 Waste Electrical and Electronic Equipment Directive (2002/96/EC)
3.8 Industry impact forces
3.8.1 Growth drivers
188.8.131.52 Rise in disposable incomes and growth of organized retail sector
184.108.40.206 Technological advancements
220.127.116.11 Advertising and promotions by players
18.104.22.168 Energy efficiency measures in North America
22.214.171.124 Replacement of obsolete products and government initiatives in Europe
126.96.36.199 Need for modernized appliances across APAC
188.8.131.52 Rising disposable income levels in Latin America
3.8.2 Industry pitfalls and challenges
184.108.40.206 High unemployment rates
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