The report entitled; “Home Appliances Market Trends, Dynamics, and Analysis,” recently published by Stratview Research offers a comprehensive outlook of the industry. This report by Product (Refrigerator, Air Conditioner & Heater, Entertainment & Information Appliances, Washing Machine, Cleaning Appliance, Cooktop, Cooking Range, Microwave & Oven; Others), By Distribution Channel (Supermarket & Hypermarket, Specialty Stores, E-Commerce, Others), and Region - COVID-19 Impact Analysis and Forecast to 2026.
Market Dynamics
Rising technological developments, rapid urbanization, significant growth in the housing sector, rise in per capita income, and better living standards are some of the key factors boosting the market growth. Also, the surge in need for comfort in household chores and change in consumer lifestyle toward energy-efficient and eco-friendly appliances further augment the product demand. Moreover, favorable government initiatives for energy-efficient appliances in developed economies offer immense growth opportunities to the industry players.
Segment Analysis
Product Trends
Based on product, the home appliances market is classified into the refrigerator, air conditioner & heater, entertainment & information appliances, washing machine, cleaning appliance, cooktop, cooking range, microwave & oven; and others. The refrigerator segment held a significant market share in 2020 and is estimated to register a healthy CAGR during the forecast timeline. Refrigerators are generally operated continuously throughout the year. It has become a vital part of a household and is one of the first appliances, which is purchased once the household income reaches an adequate level, further bolsters the segment growth.
Regional Trends
By region, the Asia Pacific market accounted for a significant share in 2020 and is expected to grow at a substantial CAGR in the following years. This is mainly ascribed to a rise in household income, increase in the middle-class population, rapid urbanization, easy access to consumer finance, easy access to goods through the development of retail channels, and change in lifestyles of the population, further proliferates the regional market growth.
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