Electric Household Appliances Market Growth Analysis by Top Key Players GE, Haier, Hitachi, LG Electronics, Panasonic, Robert Bosch, Samsung Electronics, Sharp Electronics Corporation, Siemens, V-Guard, Whirlpool Corporation

The electric household appliances market is anticipated to exhibit considerable growth in the coming years owing to the rise in disposable incomes in developing countries, which has led to an enhanced consumer spending. Consumers are willing to spend more on appliances, which can be used for an extended period. Moreover, they are progressively seeking value-added products owing to advanced specifications such as ease of cleaning and reduced cooking times. The presence of these products is making everyday life easier, thereby driving the sales in the electric household appliances market.

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Electric household appliances market is playing a vital role in improving the economy of Asia Pacific and offers employment to millions of people. With continued economic advancements, consumers demand modernized equipment and are adopting technologically advanced electronics to enhance the overall quality of life. The low penetration level has led to considerable growth avenues manufacturers in the region. Technological advancements in engineering & design with the low pricing trends have made the products affordable for most of the consumers in Asia Pacific.

The key players operating in the electric household appliances market are AB Electrolux, Toshiba, Panasonic Corporation, Haier Group, V-Guard Samsung Electronics Co., Ltd., Whirlpool Corporation, etc.

Growth Drivers: -

• Rise in disposable incomes and growth of organized retail sector
• Technological advancements
• Advertising and promotions by players
• Energy efficiency measures in North America
• Replacement of obsolete products and government initiatives in Europe
• Need for modernized appliances across APAC
• Rising disposable income levels in Latin America

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Rapid industrialization, technological advancements, and reducing prices of the air conditioners are anticipated to spur the room air conditioner market. Split ACs will witness a significant demand due to the ease-of-installation, higher energy efficiency, and varying building infrastructures.

It is expected that the online sales of air conditioners will show a rapid growth in the coming years as consumers are feeling comfortable purchasing branded appliances online. In addition, improvements in after-sales services have provided an impetus to the electric household appliances market growth. Manufacturers are working with several other companies to ensure timely delivery and installation after the online sales of the product.

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With a rise in environmental and social consciousness, many consumers are looking for steps to diminish the impact on the atmosphere. Driven by the desire to contribute toward the environmental ecosystem, consumers are seeking products, which are energy-efficient and cost-effective, thereby driving the electric household appliances market.

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