Global Household Appliance Market 2019-2023 | Product Innovation and Advancement Leading to Portfolio Extension and Product Premiumization | Technavio
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.
This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20181113005700/en/
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.
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.
Technavio’s sample reports are free of charge and contain multiple sections of the report such as the market size and forecast, drivers, challenges, trends, and more.
Some of the key topics covered in the report include:
Market LandscapeMarket ecosystem Market characteristics Market segmentation analysis
Market SizingMarket definition Market size and forecast
Five Forces Analysis
Geographical SegmentationRegional comparison Key leading countries
Vendor LandscapeVendors covered Vendor classification Market positioning of vendors Competitive scenario
is a leading global technology research and advisory company. Their research and analysis focuses on emerging market trends and provides 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 10,000 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.
If you are interested in more information, please contact our media team at .
View source version on businesswire.com:https://www.businesswire.com/news/home/20181113005700/en/
CONTACT: Technavio Research
Media & Marketing Executive
US: +1 844 364 1100
UK: +44 203 893 3200
KEYWORD: UNITED STATES NORTH AMERICA CALIFORNIA
INDUSTRY KEYWORD: INTERIOR DESIGN CONSTRUCTION & PROPERTY RESIDENTIAL BUILDING & REAL ESTATE
SOURCE: Technavio Research
Copyright Business Wire 2018.
PUB: 11/13/2018 08:16 AM/DISC: 11/13/2018 08:16 AM