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By 2024, Electric Household Appliances Market To Surpass USD 600 Billion

Rising urbanization, demand for energy-efficient appliances, and high capita income are characterizing the U.S. electric household appliances market. There is also an inclination toward connected appliances to deliver more convenience and user-friendly experiences for the consumers in the region. In addition, increasing awareness about home automation will escalate the industry demand.

Built-in electric appliances are expensive than the freestanding units and can fit into limited spaces. However, with rising disposable income, the overall shipment volume is anticipated to grow. An increase in the total households of single and two-person will be an important factor driving the growth of electric household appliances market. High demand for the replacement of obsolete appliances will provide widespread array of prospects for the industry.

Growing investments in R&D activities to deliver energy efficient and technologically advanced appliances is making the consumers more inclined towards such appliances. Moreover, rising urbanization and residential events in several countries will surge the electric household appliances market demand. The demand for low cost appliances with more functionality is the criteria used by the consumers while buying an appliance.

Government administrations are introducing stringent regulations to raise awareness amongst consumers regarding CO2 emissions and healthy eating which will trigger the demand for electric household appliances market. Several regulatory and government authorities are inclined towards adoption of energy-efficient appliances, and have set minimum energy standards for energy labeling of appliances. They are pushing the consumers to incorporate smart devices which are contributing to the overall revenue growth.

Several countries are facing economic and socioeconomic challenges owing to the structural challenges which are hindering the industry growth. Inflation, instability of exchange rate, and low export performance are further fueling the strain with major households facing growing financial burdens.

Cooking appliances segment are designed for countertops and will witness high growth in several regions. These appliances are less expensive and are being used for several purposes. They are gaining popularity owing to lifestyles changes of consumers and technological advancements in appliances which has catalyzed the growth of electric household appliance market. In the electric household appliances market, consumers are valuing high quality, design and convenience rather than prices.

Key players participating in electric household appliances market include Panasonic Corporation, V-Guard, Toshiba Corporation, Siemens AG, Haier Group, Sharp Corporation, AB Electrolux, Samsung Electronics Co., Ltd., Whirlpool Corporation. The electric household appliances market is dominated by well-established players and characterized by intense competition. Due to intense competition, existing players are focusing majorly on R&D activities and product development to differentiate the products. In addition, continuous changing consumer trends in the market are helping create more potential for the industry growth. – Market Watch

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