Electric Household Appliances Market: What Will Be The Future Growth Opportunities

The Electric Household Appliances Market is anticipated to exhibit considerable growth in the coming years owing to the rise in disposable incomes in developing countries, which has led to an enhanced consumer spending. Consumers are willing to spend more on appliances, which can be used for an extended period. Moreover, they are progressively seeking value-added products owing to advanced specifications such as ease of cleaning and reduced cooking times. The presence of these products is making everyday life easier, thereby driving the sales in the electric household appliances market.
Electric household appliances market is playing a vital role in improving the economy of Asia Pacific and offers employment to millions of people. With continued economic advancements, consumers demand modernized equipment and are adopting technologically advanced electronics to enhance the overall quality of life. The low penetration level has led to considerable growth avenues manufacturers in the region. Technological advancements in engineering & design with the low pricing trends have made the products affordable for most of the consumers in Asia Pacific.
It is expected that the online sales of air conditioners will show a rapid growth in the coming years as consumers are feeling comfortable purchasing branded appliances online. In addition, improvements in after-sales services have provided an impetus to the electric household appliances market growth. Manufacturers are working with several other companies to ensure timely delivery and installation after the online sales of the product.
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Rapid industrialization, technological advancements, and reducing prices of the air conditioners are anticipated to spur the room air conditioner market size. Split ACs will witness a significant demand due to the ease-of-installation, higher energy efficiency, and varying building infrastructures.
With a rise in environmental and social consciousness, many consumers are looking for steps to diminish the impact on the atmosphere. Driven by the desire to contribute toward the environmental ecosystem, consumers are seeking products, which are energy-efficient and cost-effective, thereby driving the electric household appliances market.
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.
With the growing prevalence of smart technologies, the prominent electric household appliances market players including Electrolux, Siemens AG, Samsung, Walton Group, and LG are undertaking numerous growth strategies which boosts innovation and product development. A recent report on electric household appliances market put forth by Global Market Insights, Inc., has estimated the market valuation to surpass USD 600 billion, with global shipments exceeding 1 billion units by 2024.