Electric Household Appliances Market Research Report: Know industry Dynamics, Opportunities and Risks 2024
Category: #Technology  By Ronak Bora  Date: 2021-03-23
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Electric Household Appliances Market Research Report: Know industry Dynamics, Opportunities and Risks 2024

Electric household appliances market forecast will be majorly propelled by smart appliances with advanced features that are specifically designed to provide high-level comfort and reduce manual work. The global electronic appliances manufacturers are directing rigorous efforts towards developing automatic and smart devices by incorporating electronics with intellectual sensors.

It has been estimated that global electric household appliances market valuation will exceed USD 600 billion by 2024. The industry growth has been fueled by the rise in disposable incomes of consumers, which has certainly improved their spending capacity. Nowadays the modern electrical equipment is manufactured for adapting well to zero emissions targets, and are not only cost-effective and efficient but also provide complete safety.

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Government organizations are trying to raise awareness among consumers regarding CO2 emissions and the benefits of adopting energy efficient electronic appliances. Government and regulatory authorities are edging towards appliances that consume less energy. Minimum energy standards and energy labeling is helping consumers to incorporate smart devices, further boosting industry growth.

However, new federal regulations imposed on electronic appliance manufacturers could impede market growth. In 2019, the Consumer Electronics and Appliances Manufacturers Association (CEAMA) said that new energy labeling rules, that will come into effect from January 2020, will make production of 5-star rated refrigerators costlier by around $81 (up to Rs. 6000).

High demand for cooking appliances in various regions is anticipated to drive global electric household appliances market outlook over the coming years. Cooking appliances designed for countertops, are less expensive and can be used for multiple applications.

Technological advancements along with lifestyle changes are increasing the popularity of these appliances. Consumers are preferring convenient, high quality and designer appliances regardless of its price tag. Considering growing demand, manufacturers are rolling out new models of premium electronic kitchen appliances. In 2016, Whirlpool launched KitchenAid, its premium range of kitchen appliances, in North India.

List of the Key Companies that are Operating in the Electric Household Appliances Market. They are as follows:

AB Electrolux, General Electric, Gree Electric Appliances, Inc. of Zhuhai, Haier Corporation, Hitachi, Ltd., LG Corporation, Panasonic Corporation, Robert Bosch GmbH, Samsung Electronics Co. Ltd., Sharp Corporation, Siemens AG, Tiger Corporation, Toshiba Corporation, V-Guard, Walton Group, Whirlpool Corporation

The U.S electric household appliances market is anticipated to grow substantially over the forecast period owing to high per capita income, rising urbanization and robust demand for energy efficient appliances. There is a growing inclination towards smart connected appliances which are more user-friendly and convenient for consumers. Rising awareness regarding home automation will fuel regional market size.

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Table Of Content:

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)

 

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About Author

Ronak Bora    

Ronak Bora

A graduate in Electronics Engineering, Ronak writes for Technology Magazine and carries a rich experience in digital marketing, exploring how the online world works from a technical and marketing perspective. His other areas of interest include reading, music, and spo...

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