Technavio's Household Appliance Market Research Report Highlights the Key Findings in the Area of Vendor Landscape, Key Market Segments, Regions, and Latest Trends and Drivers
NEW YORK, Jan. 18, 2022 /PRNewswire/ -- The latest market research report, "Household Appliance Market by Product, Distribution Channel, and Geography - Forecast and Analysis 2021-2025" by Technavio infers that the product innovation and advancement leading to portfolio extension and product premiumization is driving this market's growth.
Resulting in market growth of USD 89.50 billion from 2020 to 2025, read additional information about the market, get a FREE sample report.
The household appliance market structure is expected to remain fragmented during the forecast period. Vendors are deploying different organic and inorganic growth strategies to compete in the market.
AB Electrolux, Haier Smart Home Co. Ltd., Hitachi Ltd., LG Electronics Inc. MIDEA GROUP, Panasonic Corp., Robert Bosch GmbH, Samsung Electronics Co. Ltd., Transform SR Brands LLC, Whirlpool Corp. among others are some of the few key vendors competing to maintain their market position in the household appliance market.
Various players in the household appliance market are engaging in strategic partnerships and joint ventures coupled with launching differentiated products to up their game in the furniture industry. For instance, In February 2020, the company launched V60 THINQ 5G with LG dual screen.
View more about the market's vendor landscape highlights with a comprehensive list of vendors and their offerings.
Key Market Segmentation
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Regional Market Outlook
APAC will contribute to 53% of the market growth during the forecast period. China and Japan are the key markets for household appliances in APAC. The growth of this region can be attributed to the growing middle-class population and their rising income, which empowered their spending power on household needs and appliances.
Apart from regions, if we look at the country-wise market growth, the China, US, Japan, Germany, and France will contribute to the highest market growth.
Download our FREE sample report for more key highlights on the regional market share of most of the above-mentioned countries.
Latest Trends, Driving the Household Appliance Market
Product innovation and advancement, which leads to portfolio extension and product premiumization, is one of the primary factors driving growth in the home appliance industry. The fierce rivalry in the global home appliance industry has prompted vendors to invest heavily in R&D and innovation to stay afloat in such a competitive market.
Customers are gradually increasing their expenditure on household appliances as their purchasing power and disposable income rise. Value sales in the worldwide household appliance market will be driven by increased demand for premium domestic appliances, product premiumization, and product line extension, as well as rising consumer expenditure on household appliances.
Another element driving the home appliance market share rise is the rising use of multi-functional and innovative products. Multi-functional products on the market can serve multiple household applications, resulting in excellent value for money. Customers believe that multi-functional products save them time and money. They also eliminate the requirement for multiple items for different applications.
Vendors are always innovating to stay competitive, maintain high customer attention, extend their customer base, and generate demand for their products to meet the growing demand for multi-functional household appliances. The worldwide home appliance market is seeing an increase in the number of multifunctional solutions, which is driving the acceptance of these devices.
Find additional information about various other market drivers & trends mentioned in our FREE sample report.
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Technavio is a leading global technology research and advisory company. Their research and analysis focus on emerging market trends and provide actionable insights to help businesses identify market opportunities and develop effective strategies to optimize their market positions. With over 500 specialized analysts, Technavio's report library consists of more than 17,000 reports and counting, covering 800 technologies, spanning across 50 countries. Their client base consists of enterprises of all sizes, including more than 100 Fortune 500 companies. This growing client base relies on Technavio's comprehensive coverage, extensive research, and actionable market insights to identify opportunities in existing and potential markets and assess their competitive positions within changing market scenarios.
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