TMCnet News
Technavio Announces Top Three Emerging Trends Impacting the Dishwasher Market in the US Until 2020Technavio's latest report on the dishwasher market in the US provides an analysis on the most important trends expected to impact the market outlook from 2016-2020. Technavio defines an emerging trend as a factor that has the potential to significantly impact the market and contribute to its growth or decline. The top three emerging trends driving the dishwasher market in the US according to Technavio consumer and retail research analysts are:
Growing market for smart and technologically advanced dishwashers To cash in on the growing demand for smart and technologically advanced products and to enhance their customer base, companies are focusing on incorporating smart features in dishwashers. Whirlpool, for instance, introduced its smart dishwasher with 6th sense technology that has a number of smart features like Control Lock Assistant, Smart Stats, Energy Advisor, and Smart Nudges. Poonam Saini, a lead analyst at Technavio for research on retail goods and services, says, "Moving beyond smartphones and tablets, wireless connectivity is now being extended to a wide range of household appliances, enabling them to collect and exchange data. The Internet of Things is also influencing the operations of vendors associated with the field of technology. Vendors are increasingly focusing on using wireless technologies like Wi-Fi so that users can operate their appliances through smartphones remotely and can even connect with other internet-enabled devices and systems." Internet retailing The e-commerce channel has been registering a rapid growth over the last few years. In the US, the online retail market reached USD 343.6 billion in 2015, growing at a 15.61% year-over-year rate. These numbers present significant growth opportunities for dishwasher manufacturers through the online sales format. Vendors are alsoconcentrating on making their websites more informative and interactive in order to attract customers in the best possible way. Most US consumers usually prefer to do research about a product's features and make a price comparison before purchasing it. In an attempt to provide the latest information about their products, vendors continuously update their websites. Online platforms also provide consumers with the opportunity to voice their opinions about products as well as read customer reviews to form informed decisions before making a purchase. Changing lifestyles The increasingly hectic schedules of individuals in both their personal and professional lives are resulting in a greater demand for time-saving and convenient home appliances. The demand for dishwashers is increasing in the US owing to the changing lifestyles of consumers, who need fast, convenient, versatile, and comfortable appliances. Consumers are increasingly switching from traditional manual dishwashing to automation of the dishwashing process, mostly because of the convenience it provides. "Women are the largest target audience for the vendors operating in this market. The number of working women in the US is increasing on a year-over-year basis. The rise in the number of working women has also led to an increase in disposable incomes in two-income households, which in turn, is leading to higher spending on home appliances," says Poonam. Competitive vendor landscape The dishwasher market in the US is highly competitive with numerous leading electronics brands offering a wide variety of models to choose from. Regional players like Whirlpool and GE face tough competition from other international players like LG Electronics and Samsung (News - Alert) in terms of competitive pricing. Therefore, to survive and succeed in this stiff competitive environment, it is imperative for the vendors to distinguish their products by incorporating new product innovations and stay abreast of emerging technologies that have a bearing on their product lines. To survive and succeed in this market, vendors are increasingly spending on R&D and developing unique selling propositions to distinguish their products from those of other vendors. GE, for instance, increased its R&D investment from USD 4.23 billion in 2014 to USD 4.24 billion in 2015. Browse Related Reports:
Do you need a report on a market in a specific geographical cluster or country but can't find what you're looking for? Don't worry, Technavio also takes client requests. Please contact [email protected] with your requirements and our analysts will be happy to create a customized report just for you. About Technavio Technavio is a leading global technology research and advisory company. The company develops over 2000 pieces of research every year, covering more than 500 technologies across 80 countries. Technavio has about 300 analysts globally who specialize in customized consulting and business research assignments across the latest leading edge technologies. Technavio analysts employ primary as well as secondary research techniques to ascertain the size and vendor landscape in a range of markets. Analysts obtain information using a combination of bottom-up and top-down approaches, besides using in-house market modeling tools and proprietary databases. They corroborate this data with the data obtained from various market participants and stakeholders across the value chain, including vendors, service providers, distributors, re-sellers, and end-users. If you are interested in more information, please contact our media team at [email protected].
View source version on businesswire.com: http://www.businesswire.com/news/home/20160629005028/en/ |
