Major companies in the household appliance market include Samsung Electronics; Panasonic Corporation; Whirlpool Corp; Bosch Gmbh and LG Electronics Inc. The global household appliances market is expected to grow from $308.
New York, Feb. 26, 2021 (GLOBE NEWSWIRE) -- Reportlinker.com announces the release of the report "Household Appliances Global Market Report 2021: COVID 19 Impact and Recovery to 2030" - https://www.reportlinker.com/p06027709/?utm_source=GNW
11 billion in 2020 to $331.57 billion in 2021 at a compound annual growth rate (CAGR) of 7.6%. The growth is mainly due to the companies rearranging their operations and recovering from the COVID-19 impact, which had earlier led to restrictive containment measures involving social distancing, remote working, and the closure of commercial activities that resulted in operational challenges. The market is expected to reach $436.04 billion in 2025 at a CAGR of 7%.
The household appliance market consists of sales of household appliances by entities (organizations, sole traders and partnerships) that produce small electric appliances, electric housewares, and major household appliances. The household appliance market is segmented into small electrical appliance; household cooking appliance; household refrigerator and home freezer; household laundry equipment and other major household appliance.
Asia Pacific was the largest region in the global household appliances market, accounting for 49% of the market in 2020.Western Europe was the second largest region accounting for 19% of the global household appliances market.
Africa was the smallest region in the global household appliances market.
Household appliance manufacturers are embedding LED lights in their products to minimize power consumption.LED lights require lesser wattage as compared to CFL or incandescent light bulbs.
Household appliance manufacturers are more focused on introducing products with LED lighting for minimal power consumption and improved visual appearance.For instance, GE’s LED refrigerator lighting systems minimizes power consumption by 80% compared to halogen lamps.
The company has introduced products such as café’s French door refrigerators and profile wall ovens with this lighting. For instance, some of the major companies manufacturing LED lighting include Philip Electronics N.V., Osram Opto, Digital Lumens Inc and Cree Corporation.
Increasing demand for online on demand laundry services is expected to restrain the market for household washing machines in the forecast period.The on demand laundry services market is expected to be aided by stable economic growth forecast in many developed and developing countries.
The International Monetary Fund (IMF) predicts that the global real GDP growth will be 3.7% over 2019 and 2020, and 3.6% from 2021 to 2023. Additionally, emerging markets are expected to continue to grow slightly faster than the developed markets in the forecast period. For instance, China is forecast to register GDP growth of 6.2% in 2019. Stable economic growth, increasing internet penetration, and rising disposable income coupled with hectic lifestyle of individuals will lead to an increase in on demand laundry services, thereby decreasing the market for household washing machines.
The rising trend of outdoor parties and cookouts on weekends and holiday is expected to drive the market for barbeques and grills in the forecast period.Rapidly evolving lifestyle along with the increasing outdoor recreational activities will increase the demand for barbeque machines and grills.
The Europe barbeque grill market is expected to grow to $5.98 million by 2026. Increasing access to unique camping sites, and increasing adventure camping, coupled with the rising disposable income will drive the market for barbeques globally, which in turn will boost the market for household appliances in the forecast period.
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