Demand for Appliances and Impact of COVID-19……..


The global appliances market size was valued at USD 969.4 billion in 2016 and is projected to register a CAGR of 7.2% from 2017 to 2025. This growth can be attributed to the rising demand for modern and technologically upgraded household and personal care appliances. In addition, growing popularity of e-commerce shopping portals due to discount packages and free delivery services is expected to have a positive impact on the market growth over the forecast period. Furthermore, rising consumer spending and growing awareness regarding energy-efficient products across the emerging economies will propel the market growth.
Covid 19's rapid development worldwide has led to serious implications for most suppliers of electronics and electrical products, in the form of supply chain disruptions. While the pandemic crisis has decreased the frequency of purchase of consumer appliances, the lead time for delivery of orders has also increased significantly. Limited availability of components, restricted labor supply, and other supply chain related costs are some of the major challenges that most industry players are focusing on at present. The end of the lockdown is expected to bring this industry significantly higher consumer traffic, most notably through the online channels, and the manufacturers will need to design their production plans and distribution networks in tandem with this changing business environment. Our team is diligently working towards accounting these factors in our report with the aim of providing you with the up-to-date, actionable market information and projections.
Easy availability of several household and kitchen appliances at lower prices, including refrigerator, air conditioners, and televisions owing to intense rivalry among the industry participants has also significantly benefitted the market across emerging nations, especially in Asia Pacific region. Rising need for safe and efficient appliances has made companies to manufacture eco-friendly products with increased durability, efficiency, and lesser power dependence. Macroeconomic factors, such as changing consumer buying patterns, digitalization, and rising demand in emerging economies, are augmenting the revenue growth. Manufacturers are focusing on developing autonomous, smart appliances by integrating sensors and intelligent electronic control and machine programming concepts.
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This is also expected to contribute to the market expansion. Raw materials used in the production of appliance include silicone, precious metals, plastics, and chemicals. Raw materials account for over 65% of the manufacturing cost of a final product. These raw materials have considerable negative environmental and social impacts including toxic gas emissions, mass scale extraction of metals, and resource contamination. Regulatory bodies, such as the U.S. EPA, Energy Efficiency and Renewable Energy (EERE), Association of Home Appliance Manufacturers (AHAM), and American Society of Heating, Refrigerating and Air-conditioning Engineers (ASHRAE), have implemented regulations about the use of these products and related raw materials to ensure consumer safety.
The concept of managing and controlling home appliances through smartphone devices and the internet is gaining prominence, leading to the higher adoption of smart appliances. Additionally, manufacturers are shifting their focus towards revenue-oriented and high-margin smart connected appliances. These factors have given rise to intense competition, thus, making manufacturers to develop innovative and convenience-oriented products.Rapidly growing popularity of several major Operating Systems (OS), such as iOS and Android, has also been a major driver. Android held over 80% of the global smartphone market share, while Android and iOS together held over 95% of the share in 2016.
In 2017, smartphone product segment held the largest share of the market.Price, design, and operating system are the most crucial parameters in smartphone industry. Growth of mobile internet is projected to be dominant with a significant rise in smartphone sales across emerging economies, such as Africa and India, in the near future due to flexibility in social networking and unlimited communication facilities. Several innovations in smartphone technology are expected over the forecast period owing to fierce rivalry among android and iOS device manufacturers, which will help boost market growth.
Home appliances held the second-largest share of the global market in the past. China, Germany, Italy, and Mexico are the major exporters of household products, such as air conditioners and televisions. Small appliances sector has witnessed a robust growth in the recent years with a rise in consumer disposable income, increased popularity of e-commerce platforms, and rapid urbanization. Small appliances include coffee makers, vacuum cleaners, blenders, and room heaters among others.
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The market is dominated by multinational companies. Competition among existing companies is growing due to technological innovations and rising middle-class population, especially in emerging markets. In addition, rise in demand for energy-efficient devices and premium products is forcing them to invest more in R&D activities. A lot of companies are also focusing on M&A for an improved product portfolio.Some of the key manufacturers in the global industry include The Whirlpool Corporation, Electrolux AB, Haier Group Corp., BSH Hausgeräte GmbH, LG Corp., Midea Group, and Samsung Electronics Co. Ltd.
This report forecasts revenue and volume growth at global, regional, and country levels and provides an analysis of the latest industry trends in each of the sub-segments from 2014 to 2025. For the purpose of this study, Grand View Research has segmented the global appliances market report on the basis of product and region:
·         Product Outlook (Revenue, USD Million, 2014 - 2025)
·         Home
o    Television
o    Washing Machine
o    Refrigerator
o    Air Conditioner
o    Others
·         Personal Care
o    Hair Care
o    Oral Care
o    Others
·         Smartphones
·         Others
About Grand View Research
Grand View Research, Inc. is a U.S. based market research and consulting company, registered in the State of California and headquartered in San Francisco. The company provides syndicated research reports, customized research reports, and consulting services. To help clients make informed business decisions, we offer market intelligence studies ensuring relevant and fact-based research across a range of industries, from technology to chemicals, materials and healthcare.








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