Dubai, United Arab Emirates, January 21, 2022 (GLOBE NEWSWIRE) – Global Consumer Appliances Market expected to arrive 539.9 billion US dollars By the end of 2029, compared to US$383.8 billion Registered in 2021. Increasing demand for advanced and innovative technologies that help in accomplishing the daily chores of life in hassle-free ways is in favor of growth in the market.
|Estimated Consumer Appliance Market Size in 2021||401.1 billion US dollars|
|The expected size of the consumer devices market in 2029||539.9 billion US dollars|
|Historic Compound Annual Growth Rate (CAGR) for Consumer Appliances Market (2014-2021)||3.9||%|
|Compound annual growth rate, based on consumer appliances market value (2022-2029)||4.3||%|
In its new study, Future Market Insights (FMI) analyzes the consumer devices market and provides actionable insights into its growth prospects for the period 2022 and 2029. According to the study, sales of consumer devices worldwide have reached 383.8 billion units in 2021, and is expected to register 3.7% annual growth in 2022. The study indicates that the impact of smart technologies is being seen in the market, with many players launching connected and smart devices to meet consumer expectations.
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Rapid digitization and solid knowledge regarding the use and efficiency of modern devices has greatly contributed to the growth of the market. Steady economic growth in many countries and the growing need for convenience is affecting consumers to upgrade their current devices to smarter variants. In addition to providing convenience, reducing manual efforts, and saving time, manufacturers place heavy emphasis on product innovations to meet the evolving needs of their customers.
Technology is certainly transforming the consumer appliance industry, and the FMI study analyzes that stakeholders are helping consumers achieve their energy conservation goals through green technologies and innovations focused on sustainability. The massive developments in smart connectivity are also set to gain momentum in the coming years, representing a significant competitive advantage for market players.
White goods take a strong share over brown goods
According to the study, white goods such as refrigerators, washing machines, and air conditioners gained relatively high traction compared to brown goods. Recently, these products have become standard in almost every household, backed by their availability at affordable prices. In addition, the provision of intelligent connectivity in electrical goods, along with rapid urbanization and rural electrification, particularly in developing economies, has remained a key factor in accelerating overall sales of consumer appliances. Far from being limited to larger devices, manufacturers are also integrating robotic technologies into smaller devices to provide a user-friendly interface and enable easy operations.
As smart homes become a reality all over the world, the FMI study indicates that the demand for consumer devices from the home or home sector will continue to grow at a significant pace. The introduction of technologically advanced models that can be connected to smartphones and controlled remotely along with higher per capita income is likely to remain a key to gaining a distinct competitive advantage.
An abundance of opportunities for stakeholders in the consumer appliance market, as identified by the FMI study with an increasing number of employees and rapid development of infrastructure, resulting in an increase in the number of hotels, beauty salons and quick service restaurants (QSRs).
According to the study, the growth prospects of the consumer device market in Europe are high, due to the strong presence of well-known brands that are constantly focused on satisfying consumers’ needs for devices that can perform maximum tasks with minimum resources. New opportunities are expected in the Asia Pacific region as a result of a number of trends such as increasing purchasing power, a growing middle class population, advances in digital transformation, and favorable government policies that encourage the use of energy-efficient appliances.
With the increasing importance of the Internet and e-commerce sites experiencing a boom, stakeholders are implementing an Omni-channel marketing strategy to reach a wide range of customers across the globe. According to the study, sales of consumer devices through online sales are likely to register a compound annual growth rate of 4% during the forecast period.
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FMI’s Business Intelligence offers an insight into the competitive scenario of the Consumer Appliances market by discussing the key strategies adopted by the players. The market shows a high level of segmentation, with a large number of regional and local players restricting the geographical expansion of international companies. Thus, the prominent players focus on strategic cooperation and joint ventures to increase production capabilities and strengthen the customer base.
|Historical data available for||2014-2021|
|market analysis||US$1 billion worth|
|Main areas covered||North America, Latin America, Europe, East Asia, South Asia, Oceania, Middle East and Africa|
|Main countries covered||US, Canada, Germany, UK, France, Italy, Spain, Poland, Russia, China, Japan, South Korea, India, Thailand, Malaysia, Vietnam, Indonesia, Australia, New Zealand, GCC, Turkey, North Africa, South Africa|
|Main parts covered||Product type, end use, sales channel and region|
|An overview of the main companies||• AB Electrolux
• Qingdao Haier Co., Ltd. (Haier)
• Hitachi Co., Ltd..
• LG Electronics (LG)
• Media Group Ltd. (Medea)
• Panasonic Corporation (Panasonic)
• Robert Bosch GmbH
• Samsung Electronics Co., Ltd.
• Sharp Corporation (Sharp)
• Whirlpool Corporation
|Report coverage||Market forecast, brand share analysis, competition intelligence, DROT analysis, market dynamics and challenges, strategic growth initiatives|
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The Industrial Automation and Equipment Division of FMI takes a fresh approach and innovative perspective in analyzing the global machinery and industrial automation market. FMI’s range of market research reports provide comprehensive coverage of capital, portable, process, construction, industrial and special purpose machinery used in the manufacturing sector. The team also conducts premium analysis on the installed base, consumables, replacement, and USP feature application matrix, making us a leading voice in the industry.
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