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Domestic Heating Appliances Market to be at Forefront by 2021
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Global domestic heating appliances market is segmented into electric storage heating radiators, soil heating, non-electric heaters and electric heating resistors. Among various segment soil heating and electric storage heating radiators together hold the largest market share and accounts more than 40.0% share in domestic heating appliances market. Growing economy in developing country is one of the key factors for the growth of domestic heating appliances market.
The demand of high efficient, energy saving and safety domestic heating appliance is growing more in the market. This demand is seen more in urban market especially in high-tier cities as compared to rural area or low tier cities. Desire to live a comfort and luxurious life among individual is one of the key factor due to which, individual leads to invest more over domestic appliance including heating appliances. This helps in the growth of domestic heating market in all across the globe. Large investment over research and development on various domestic heating appliances and introduction of new and innovative technology in the market further helps in the growth of domestic heating appliances. Product upgrading is also one of the important factors for healthy growth of domestic heating appliances market.
Asia pacific is one of the prominent markets for growth of domestic heating appliances. Growing housed hold income level of individual leads more investment over domestic appliances including heating appliance. Asia Pacific is expected to witness fastest growth rates in domestic heating appliances market during forecasted period 2014- 2020. Nations such as China, Japan and India hold the largest market share in domestic heating appliances market in Asia Pacific region. Japan is the second largest market of domestic heating appliance after China. Large population base in Asia Pacific offers huge market potential for growth in domestic heating appliances market. Asia pacific holds the largest market share in domestic heating appliances market. Tanzania, Jordan, Bolivia and Philippines are some of the fastest growing market for domestic heating appliances.
These nations are expected to grow in double digit during forecasted period in global domestic heating appliances market. In North America, the U.S. holds the largest market share for domestic heating appliances. Germany accounts the largest market size for domestic heating appliances in European region. The global domestic heating appliances market is expected to grow in a single digit growth rate during forecasted period 2014- 2020.
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Some of the major companies operating in global domestic heating appliances market are Clatronic GmbH Severin Elektrogeräte GmbH, Sunbeam, Glen Dimplex, Ariston Thermo UK Ltd, Bajaj Electricals Ltd, Baxi Heating UK Ltd, Bosch Thermotechnology Ltd, Danfoss Randall Ltd, Honeywell Control Systems Ltd, Ideal Boilers Ltd, Quinn Radiators Ltd, Rettig Ltd, Vaillant Ltd and Vokèra Ltd
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