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Product Innovation Drives Household Appliances Market

The global household appliances market is expected to grow at a CAGR close to 7 percent by 2023. The increased adoption of multi-functional and advanced products is one of the major trends. Multi-functional products offered can address more than one household application, thereby providing good value for money. One of the key factors contributing to the growth of the global household appliances market is the product innovation and advancement leading to portfolio extension and product premiumization.

The growing innovation and advances in technology have changed the demand and preferences of the customers, hence the demand for innovative products. The major product innovations introduced in the market are in terms of technology, performance, features, and design. In addition, with the growing purchasing power and rising disposable income, customers are gradually increasing their spending on household appliances. This has propelled the demand for premium household appliances and led to the growth of the global household appliances market.

The global household appliances market is segmented by product (major and small household appliances), by distribution channel (offline and online), and by region (the Americas, EMEA, and APAC). Of the two major products, the major household appliances segment held the largest market share in 2018, contributing close to 62 percent of the market.

This segment will dominate the market due to the increasing demand for refrigerators, air conditioners, and washing appliances in APAC. APAC held the largest share of the market in 2018, accounting for close to 43 percent share. It was followed by EMEA and the Americas, respectively. APAC dominates the market owing to the growing middle-class population and their rising income that fuels their spending power on household appliances.

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