Electric Household Appliances Market is witnessing a substantial influx of high-priced appliances with advanced features that are designed to reduce human work and provide superior home care. The worldwide electric household appliances industry players are emphasizing on developing smart and automatic devices by integrating electronics with intelligent sensors and machine programming. Smart electric household appliances have already become a necessity for most of the households and can aptly be termed under the common saying “Home is where the smart is”.
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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.
Growing investments in R&D activities to deliver energy efficient and technologically advanced appliances is making the consumers more inclined towards such appliances. Moreover, 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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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.
As per estimates, Asia Pacific electric household appliances market is anticipated to witness huge demand for home appliances due to rising spending capacity and rapid urbanization in the emerging regions. Consumers are progressively seeking value added products that can reduce their efforts & time and are affordable at the same time. This has resulted into a robust demand for appliances including washing machines, air conditioners, and cooking appliances in the region which in turn have accelerated the growth of electric household appliances industry.
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Key players participating in electric household appliances market include Panasonic Corporation, V-Guard, Toshiba Corporation, Siemens AG, Haier Group, Sharp Corporation, AB Electrolux, Samsung Electronics Co., Ltd., Whirlpool Corporation.