Consumer Electronics and Appliances Market to see Rapid Growth by 2028

The global consumer electronics and appliances market is estimated to grow at a CAGR of 5.5% during the forecast period.

Smart appliances have been developed as a result of technological breakthroughs, which are projected to drive the market growth during the forecast period. Smart appliances are more energy-efficient and have more advanced functions. Consumers are being encouraged to upgrade their present appliances to smarter ones by rising disposable income, rising living standards, and the need for comfort, all of which are projected to drive the market growth. Home appliances are popular among consumers as they provide convenience, reduce effort, and save time. Over the next few years, product innovation, new product development, product differentiation, and the integration of multiple value-added features are likely to accelerate market demand. Effectiveness, diversity, sustainability, elegant design, and smart functionality of household appliances are all driving trends in the industry. As they are simple to use and assist to improve one's quality of life, the market has enormous growth potential. In addition, the market is witnessing new trends in terms of sustainability and energy efficiency, simplifying a variety of home activities.

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Smartphones and tablets can use or access wireless technologies such as Wi-Fi and Bluetooth. However, manufacturers are using these technologies in home appliances (such as air conditioners) to differentiate their products and entice tech-savvy customers. Better broadband and internet penetration have resulted from improvements in network infrastructure. As a result, people are increasingly choosing wireless and technologically advanced products, primarily owing to the convenience they provide. The low cost of white goods, especially in developing economies, creates market growth potential. In addition, an increase in replacement sales in developed nations is expected to boost the market growth.

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Market Coverage
• The market number available for - 2021-2028
• Base year- 2021
• Forecast period- 2022-2028
• Segment Covered-
o By Product Type
o By Application
o By Distribution Channel

• Regions Covered-
o North America
o Europe
o Asia-Pacific
o Rest of the World

• Competitive Landscape- Electrolux AB, Hitachi, Ltd., and LG Electronics Inc. (LG), among others.

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Key questions addressed by the report

• What is the market growth rate?
• Which segment and region dominate the market in the base year?
• Which segment and region will project the fastest growth in the market?
• How COVID-19 impacted the market?
o Deviation from the pre-COVID-19 forecast
o Most affected region and segment
• Who is the leader in the market?
• How players are addressing challenges to sustain growth?
• Where is the investment opportunity?

Global Consumer Electronics and Appliances Market Report by Segment

By Product Type
• Audio Visual Equipment
• Home Appliances
• Kitchen Appliances
• Personal Care Appliances

By Application
• Residential
• Commercial

By Distribution Channel
• Multi-Branded Stores
• Specialty Stores
• Online Stores
• Others

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Orion Market Reports (OMR) endeavors to provide an exclusive blend of qualitative and quantitative market research reports to clients across the globe. Our organization helps both multinational and domestic enterprises to bolster their business by providing in-depth market insights and the most reliable future market trends. Our reports address all the major aspects of the markets providing insights and market outlook to global clients.

This release was published on openPR.