Global Household Appliances Market, 2022 - Focus on Cooking Appliances, Refrigeration, Laundry, Home Comfort and Others

DUBLIN, September 22, 2017 /PRNewswire/ --

The "Global Household Appliances Market - By Products, Region - Market Size, Demand Forecasts, Industry Trends and Updates(2016-2022)" report has been added to Research and Markets' offering.

The global household appliances market was 240.86 billion USD in 2014 and is estimated to reach 342.82 billion USD by 2022 at a CAGR of 6.06% for the forecasted period.

Household appliances is a multi-billion dollar industry run by some huge brands, and this industry in divided product wise into 5 segments namely Cooking appliances, Refrigeration, Laundry, Home Comfort and Others. There are a lot of products in the home appliances market and some of them include washing machines, fridges, TVs, air conditioners, heaters, etc. These products are in the market just to help consumers out with their day-to-day life. Increased awareness about the climate, growing number of consumers is demanding energy and resource-efficient products. Households also tend to be smaller in terms of space and number of individuals, and many consumers have decreasing time in completing housework, hence this is where global household appliances come in place.

The global demand for appliances increased significantly. Home comfort segment depicted the highest growth rate among all 5 sectors in 2016. The market is expected to grow majorly in developing countries like China, India and the Middle East.

The markets can be categorized by two sectors the mature markets which mainly consist of Europe, America and Australia here the growth is low and sales are dominant by replacement, and then there are the growth markets which is India, China and the Middle East, in 2016 the demand in these markets accounted for 68% of the appliances.

Indian household appliance industry is expected to grow due to easy availability of finance drop prices due to increased rivalry. South Korea, India, China and Hong Kong are expected to drive growth in Asia. APAC is also expected to emerge as a good destination for companies to set up their factories due to its low labour and manufacturing costs.

The major driver of this industry is the rise in per capita income in developing countries, which has lead to consumer spending. Housing activities have always been there, and appliances like these are making life easier hence increasing the demand for these products. Increasing urbanization, rising working class population and new product development are also one of the factors for the growth in this market.