With the slowdown in world economic growth, the home appliances industry has also suffered a certain impact, but still maintained a relatively optimistic growth, the past 4 years, Home Appliance market size to maintain the average annual growth rate of 7.19 percent from USD 410 billion in 2014 to USD 505 billion in 2017, market analysts believe that in the next few years, Home Appliance market size will be further expanded, we expect that by 2022, The market size of the Home Appliance will reach USD 670 billion.
Factors such as rising economic pressures and evolving consumer lifestyle are expected to witness substantial growth over the forecast period in the global home appliance market. Technological advancements have led to the development of smart appliances, and are expected to drive the home appliance market growth over the forecast period. Smart appliances offer advanced features and are more energy efficient.
Furthermore, rise in consumer disposable income, high living standard and need for comfort instigates consumers to upgrade their existing appliances to smarter versions, which is further expected to impel the home appliance market demand over the forecast period from 2018 to 2022.— openPR