Market Trends of Asia-Pacific Small Home Appliances Industry
Increasing Disposable Income & Urbanization is fueling the demand for small home appliances
The Small Kitchen Appliances market stands tall as one of the most proactive industry verticals. The rising number of households in Asia- Pacific and especially India and China and the reduction in average household size, and the growth of households such as nuclear families and individuals living in rented apartments as flatmates are creating conducive conditions for the development of small cooking appliances. The rising urbanization of the population is expected to positively impact the growth of the small home appliances market over the forecast period. Rise in urbanization and disposable income in this region has fueled the demand for accommodation and subsequently boosted the housing market and led to reduction in size of apartments. Consumers are looking for advanced home appliances and designs that emanate elegance, and productivity as their lifestyle improves. China is anticipated to dominate the small home appliance industry in the Asia Pacific region. India is expected to grow exponentially during the forecast period, followed by Japan.
E-commerce Channel is Fastest Growing Distribution Channel
E-commerce is emerging as a top distribution channel with internet retailing and connected lifestyles, electronics, and appliance specialist retailers remain the channel with the highest volumes. Distribution is notably tending towards channels featuring high discounts, including private label goods outlets, mega markets offering high discounts through tax rebates and tie-ups with manufacturers, and e-commerce, which has been posing as a major competitor to other sellers due to the highly competitive discounts and other offers. Ecommerce has become one of the fastest-growing industries in Asia-Pacific (APAC) in 2020 that not only survived but also thrived in the lockdowns imposed by most countries. Moreover, the region is continuing to see major expansion in 2021 as well. Ecommerce is expected to grow at a rapid rate of 8.2% between 2020 and 2025 in this region. This is significantly higher than in the USA and Europe.
