According to Data Bridge Market Research new Market report, global household appliances market will account to an estimated USD 521.59 billion in 2018 growing at a CAGR of 4.89% during the forecast period of 2019 to 2026.
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Global Household Appliances Market
Household appliances are also known as domestic appliances which are usually used in household functions like cooking, cleaning and food preservation. Small appliances, major appliances and consumer electronics are three types of the home appliances. It increases the comfort levels of consumers and provides comfort in household activities such as cooking, cleaning, washing, storage, entertainment.
Global household appliances market is segmented on the basis of product, distribution channel and geography.
By Product (Air Conditioners & Heaters, Laundry Appliances, Dishwashers, Cooking Appliances, Storage Appliances, Entertainment & Infotainment Appliances, Others), Distribution Channel (Supermarkets & Hypermarkets, Retail, E-Commerce, Direct, Others), Geography (North America, South America, Europe, Asia-Pacific, Middle East and Africa)
FACTORS DRIVING GROWTH IN HOUSEHOLD APPLIANCES MARKET
Increasing levels of urbanization
According to United Nations, around 55% of the global population currently resides in urban areas as of 2018. Projections to this data suggest that by the year of 2050, this percentage of population could rise to 68%.
According to statista in 2018, Northern America had the highest share of the population living in urban areas, with around 82%, followed by the Latin America & the Carribean at 78%, Europe at 74%, Oceania at 67%, Asia at 49% and Africa at 43%.
This high share and projected rise of the share of the population living in the urban areas is expected to be one of the major factors for the growth of the market, as high levels of urbanization induces rise in the construction and various other end-use industries which employ the use of metal powder in production of end products.
Few of the major competitors currently working in the household appliances market are Whirlpool Corporation; Morphy Richards; LG Electronics; Havells India Ltd.; SAMSUNG; Electrolux; Koninklijke Philips N.V.; Haier lnc.; Panasonic Corporation; BSH Home Appliances Group; Hitachi Appliances, Inc.; Mabe; Midea Group; Miele & Cie. KG.; SHARP CORPORATION; Aabsal Company; Ariston Thermo SpA; BORK; MIRC ELECTRONICS LIMITED; V-GUARD INDUSTRIES LTD and Teka Group.
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Global Household Appliances Market – Industry Trends and Forecast to 2026