Market Trends of Home Appliances Industry
Rising Urbanization Will Propel The Small Home Appliances Market
The small home appliances market is projected to experience substantial growth in the coming years, driven by an increase in consumer spending. This rise in spending can be attributed to the growth of disposable incomes and urbanization. Urbanization has brought about changes in both work and living practices, as well as the development of organized retail sectors. As a result, many developing countries are expected to undergo rapid urbanization and witness a rise in spending power, leading to a surge in demand for small home appliances. Urban residents are expected to adopt these appliances at higher rates, contributing significantly to the market's growth. The demand for small appliances such as coffee makers, food processors, and egg cookers has already fuelled the expansion of the small domestic appliances market. Additionally, the urbanization of the population is anticipated to boost the sales of major smart appliances, including high-end ones. The market will also be further augmented by the growth of small kitchen appliances. Consumers are increasingly seeking value-added products that offer convenience and affordability. This has led to a significant change in the decision-making process prior to purchase due to changing consumer preferences. Furthermore, the increasing popularity of online sales and discounted prices has led to a surge in the purchase of small appliances.
Asia-Pacific is Dominating the Home Appliances Market
The Asia-Pacific region is poised to lead the market in the projected period. The region's expanding population and urbanization, along with the surge in construction activities for both commercial and residential buildings in countries like India, China, Japan, South Korea, and Bangladesh, among others, have driven the demand for household appliances. Additionally, the emergence of local players offering affordable appliance products is anticipated to further stimulate market growth. Moreover, prominent regional brands such as Haier, Midea, Gree, Hisense from China, Samsung, LG from Korea, Panasonic, Sharp, Hitachi from Japan, and Videocon from India hold a significant market share in the home appliances sector in the Asia-Pacific region. The smart appliances market in Asia-Pacific is projected to witness substantial growth, with developed countries like Japan, Singapore, Hong Kong, and Indonesia expected to experience a rise in smart appliance sales due to factors like increasing energy and labor costs, strong consumer purchasing power, and growing awareness of smart cities and integrated appliances. Notably, China stands out with the highest demand for traditional air conditioners globally, driven by government initiatives promoting energy-efficient appliances, a booming real estate market, and the region's hot climate.
