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Why Electric Household Appliances Market is growing rapidly? GE, Haier, Hitachi, LG Electronics, Panasonic, Robert Bosch GmbH, Sharp Electronics Corporation USA, V-Guard
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The growth trajectory of electric household appliances market has been commendable with the industry having registered its name in the multibillion dollar business space in 2016. A large number of macro-economic factors are underlining the massive expansion, the primary being the rapid emergence of an affluent middle-class population with increased disposable incomes. This is due to the fact that the enhanced spending parity of the consumers has led to a change in their living standards, where consumers are proactively seeking value added products with advanced specifications. This shift in trend, in no surprise, has boosted electric home appliances market commercialization. With UN projection in 2014, regarding Urban population to increase by 2.5 billion by 2050, it is undeniable that electric household appliances industry will carve a profitable road map ahead.
Climatic changes along with exhaustion of natural resources have outlined a change in the overall electric household appliances market outlook lately. Recognizing the role of electric household appliances in the energy sustainability, growing number of consumers are inclining toward energy efficient products. In this regard, numerous government initiatives promoting the use of sustainable products is leaving an influential impact on the overall industry share. For instance, recently, Electric Partnership Program undertaken by the OHIO government has been designed to improve the electric efficiency of minimum income households who are eligible for PIPP Plus (Percentage of Income Payment Plan Plus). Such exemplary move by various governments of developing and developed nations is reshaping electric home appliances market dynamics.
Electric household appliances market is witnessing a popular trend of multifunctional homewares, that offers added convenience and occupy a little space in houses. Today busy working schedule and smaller living spaces have created an understandable surge in the demand for automatic and space-conscious goods. For instance, Oxo, a Helen of Troy Ltd brand, launched innovative set of mixing bowls that come with silicon lids, which can also be easily converted into food storage containers.
Another example is of Le Creuset, a renowned kitchen essentials brand which has introduced its new oval-shaped Dutch oven which has a reversible lid that can be used as a grill pan. Such product innovations have undoubtedly created huge scope for the growth of electric household appliances market over the coming seven years. Automatic washing machines, smart grid-connected dish washers, water heaters, and air conditioners, are among the others, that are gaining huge market potential with growing trend of home automation.
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Worldwide, electric household appliances market is fiercely competitive including the participation of the top giants including Electrolux, LG, Siemens AG, Whirlpool Corporation, Samsung, Walton group etc. Research activities have been prioritized by these biggies in order to innovate energy efficient high-grade products with advanced features like temperature detection, low energy consumption, etc. For instance, Home Energy Action Program, initiated by various governments is a program that focusses on offering energy efficient appliances to low-income households. With the globe treading on the path of carbon emission abatement, it is certain that the room for evolution for electric household appliances industry is huge.
Table of Contents (ToC) of the report:
Chapter 4 Electric Household Appliances Market, By Product
4.1 Electrical household appliances market share by product, 2016 & 2024
4.2 Refrigerators & Freezers
4.2.1 Refrigerators & freezers market, by region, 2013 - 2024 (USD Billion)
4.3 Washers & Dryers
4.3.1 Washers & dryers market, by region, 2013 - 2024 (USD Billion)
4.4 Dishwashers
4.4.1 Dishwashers market, by region, 2013 - 2024 (USD Billion)
4.5 Room Air-Conditioners
4.5.1 Room air-conditioners market, by region, 2013 - 2024 (USD Billion)
4.6 Cooking Appliances
4.6.1 Cooking appliances market, by region, 2013 - 2024 (USD Billion)
Browse complete Table of Contents (ToC) of this research report @ https://www.decresearch.com/toc/detail/electric-household-appliances-market
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