Global Home Appliance market will register a 5.3 percent CAGR in terms of revenue, reach USD 837000 million by 2023, from USD 615100 million in 2017.
Home Appliance is electrical/mechanical machine which accomplish some household functions, such as cooking or cleaning. Home appliances can be classified into: major appliances, small appliances, and consumer electronics.
This division is also noticeable in the maintenance and repair of these kinds of products. Major appliances usually require high technical knowledge and skills. They get more complex with time, such as going from a soldering iron to a hot-air soldering station. While consumer electronics may need more practical skills and brute force to manipulate the devices and heavy tools required to repair them.
The market of Home Appliance has experienced a steady growth over the past years, and the trend is forecasted to continue in the following decade.
Worldwide, China is the largest consumption market of Home Appliance, driven by the high consuming capacity and desire for convenient life style. The market of Asia is also developing fast.
To Home Appliance industry, the transformation from traditional appliances to smart appliances is considered a revolutionary trend; and that’s the reason why most home appliances enterprises are rushing to develop and seize market share.
Over the next 5 years, Study projects that Home Appliance will register a 5.3 percent CAGR in terms of revenue, reach USD 837000 million by 2023, from USD 615100 million in 2017. — SBWire