Global Household Appliance Market 2019-2023 | Product Innovation and Advancement Leading to Portfolio Extension and Product Premiumization | Technavio

November 13, 2018

LONDON--(BUSINESS WIRE)--Nov 13, 2018-- analysts forecast the global household appliance market to grow at a CAGR close to 7% during the forecast period, according to their latest market research report.

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Technavio analysts forecast the global household appliance market to grow at a CAGR close to 7% by 2023. (Graphic: Business Wire)

The increased adoption of multi-functional and advanced products is one of the major trends being witnessed in the . The growing demand for innovative and advanced products and increased demand for products with multiple features and multi-functional products encourage vendors to offer multi-functional household appliances. Multi-functional products offered in the market can address more than one household applications, thereby providing good value for money.

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According to Technavio analysts, one of the key factors contributing to the growth of the global household appliance market is the product innovation and advancement leading to portfolio extension and product premiumization:

Global household appliance market: Product innovation and advancement leading to portfolio extension and product premiumization

The growing innovation and advances in technology have changed the demand and preferences of the customers, hence propelled the demand for innovative products. The major product innovations introduced in the global household appliance market are in terms of technology, performance, features, and design. In addition, with the growing purchasing power and rising disposable income, customers are gradually increasing their spending on household appliances. This has propelled the demand for premium household appliances and led to the growth of the global household appliance market.

According to a senior analyst at Technavio, “The increased demand for premium household appliances has fueled the investments by vendors for innovating product raw materials and technologies, which have a positive impact on the performance of appliances and reforming interior aesthetic appeal of households.”

Global household appliance market: Segmentation analysis

The global household appliance market research report provides market segmentation by product (major household appliances and small household appliances), by distribution channel (offline and online), and by region (the Americas, EMEA, and APAC). It provides an in-depth analysis of the prominent factors influencing the market, including drivers, opportunities, trends, and industry-specific challenges.

Of the two major products, the major household appliances segment held the largest market share in 2018, contributing close to 62% of the market. This segment will dominate the global market throughout the forecast period due to the increasing demand for refrigerators, air conditioners, and washing appliances in APAC.

APAC held the largest share of the market in 2018, accounting for close to 43% share. It was followed by EMEA and the Americas respectively. APAC dominates the market owing to the growing middle-class population and their rising income that fueled their spending power on household amenities such as household appliances.

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Some of the key topics covered in the report include:

Market Landscape

Market ecosystem Market characteristics Market segmentation analysis

Market Sizing

Market definition Market size and forecast

Five Forces Analysis

Market Segmentation

Geographical Segmentation

Regional comparison Key leading countries

Market Drivers

Market Challenges

Market Trends

Vendor Landscape

Vendors covered Vendor classification Market positioning of vendors Competitive scenario

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SOURCE: Technavio Research

Copyright Business Wire 2018.

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