Electric Household Appliances Market Global Trend, Segmentation and Opportunities Forecast to 2024

Electric Household Appliances Market Global Trend, Segmentation and Opportunities Forecast to 2024

The research report on electric household appliances market, in substance, presents an exclusive understanding of the vast expanse of the business space in question. The report comprises a gist of the industry by means of providing an executive summary, industry insights, industry ecosystem analysis, market segmentation, and global trends. Furthermore, the study also provides deliverables pertaining to the regulatory and competitive landscapes and the strategic perspectives of various industry contenders with respect to the market.

The growth trajectory of electric household appliances market has been commendable with the industry having registered its name in the multibillion-dollar business space in 2016. A large number of macro-economic factors are underlining the massive expansion, the primary being the rapid emergence of an affluent middle-class population with increased disposable incomes. This is due to the fact that the enhanced spending parity of the consumers has led to a change in their living standards, where consumers are proactively seeking value added products with advanced specifications. This shift in trend, in no surprise, has boosted market commercialization. With UN projection in 2014, regarding Urban population to increase by 2.5 billion by 2050, it is undeniable that industry will carve a profitable road map ahead.

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Climatic changes along with exhaustion of natural resources have outlined a change in the overall electric household appliances market outlook lately. Recognizing the role of electric household appliances in the energy sustainability, growing number of consumers are inclining toward energy efficient products. In this regard, numerous government initiatives promoting the use of sustainable products is leaving an influential impact on the overall industry share. For instance, recently, Electric Partnership Program undertaken by the OHIO government has been designed to improve the electric efficiency of minimum income households who are eligible for PIPP Plus (Percentage of Income Payment Plan Plus). Such exemplary move by various governments of developing and developed nations is reshaping market dynamics.

Boasting a diversified product landscape, encompassing air conditioners, dishwashers, refrigerators & freezers, cooking appliances, and washers & dryers, the demand for electric household appliances market is likely to upscale in the coming seven years. Global demand for air conditioners has been increasing swiftly both across developed as well as developing nations.  While a notable rise in the middle-class population has fueled the air conditioners market demand in emerging countries, a shift toward energy saving products in developed countries is driving electric household appliances market for split ACs. It is expected that this trend likely to upscale in the coming years with the online availability air conditioners, subject to the fact that the consumer accessibility factor has enhanced with a large number of market giants on board pertaining to e commerce.

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As per reliable statistics, Asia Pacific has been in the vanguard of the global electric household appliances market over the recent years, given that the region is home to a large number of market players. China and India, two of the most developing economies across the globe are estimated to be the growth avenues for APAC household appliances market. The numerous initiatives undertaken by regional government bodies have also played a key role in the augmentation of the market. For instance, the Indian Government initiation of Make in India movement has boosted many manufacturers to involve in R&D activities for expanding the local production capacity. Furthermore, the region has witnessed a paradigm shift in terms of progressive mindset, which has led to a significant rise in the working woman population in this belt, stimulating market share from automatic washing machines and advanced electric cooking appliances. Economic advancements, technological interference, and low commodity price trends are the major attributing factors for the massive commercialization of APAC industry.

Worldwide, electric household appliances market is fiercely competitive including the participation of the top giants including Electrolux, LG, Siemens AG, Whirlpool Corporation, Samsung, Walton group etc.

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