Appliances Market Surpass $1.75 Trillion By 2026 | CAGR 7.5%

Author: Acumen Research and Consulting

As indicated by Acumen Research and Consulting, the global appliances market size is evaluated to grow at CAGR around 7.5% over the estimate time frame. Escalating demand for new and technologically advanced appliances, changing standards of living, increasing popularity of e-commerce shopping, increased disposable income levels, product advancements, changing lifestyle, rising energy-efficiency programs and ease of availability of various types of appliances are some of the key factors that are fueling the appliances market growth across the globe. Appliance is a machine, device, or a piece of apparatus, particularly electrical device which is used in the various application of the house, such as a washing machine, cooker and others. The Asia Pacific market is likely to grow at remarkable CAGR due to the availability of wide range of appliances, growing awareness towards various smart appliances and large population base in the region. Continuously changing lifestyle and growing inclination towards low priced and eco-friendly appliances are playing the major roles in the growth of regional appliances market. Product modernization and increasing disposable income in the region are also expected to increase the growth of the regional market.

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Smartphone Segment is Also Anticipated to Witness a High Demand over the Forecast Period

On the basis of product, the appliances market is segmented into personal care, home appliances, Smartphone. Smartphone segment is anticipated to dominate the global appliances market over the forecast period owing to the increasing popularity of smartphone and growth in the mobile internet usage. Design, Price and operating system are some of the most vital components in smartphone industry. Significant rise in the smartphone sales across the emerging countries is boosting the growth of the overall segment. Moreover, rising use of social media and infinite communication facilities are some of the factors that driving the segment growth. Introduction of various innovative products and establishment of strategic partnerships are expected to spur the segmental growth during the forecast period. Numerous innovations in the smarphone technology is anticipated to boost the segment growth throughout the forecast period. On the other hand, home appliances segment is also anticipated to show significant growth rate throughout the forecast period owing to the improved popularity of e-commerce portals, increase in consumer disposable income, and rapid urbanization. Small home appliances include vacuum cleaners, blenders, coffee makers, and room heaters among others.

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Asia Pacific to Continue to Dominate the Global Appliances Market during the Forecast Period

Geographically, the global appliances market has been divided into North America, Europe, Asia Pacific, Latin America and Middle East and Africa. Asia Pacific is expected to accumulate highest market share in the global appliances market. Asia Pacific is expected to grow at highest CAGR over the forecast period owing to the availability of wide range of appliances, growing awareness towards various smart appliances and large population base in the region. Continuously changing lifestyle and growing inclination towards low priced and eco-friendly appliances are playing the major roles in the growth of regional appliances market. Growth in the adoption of smart appliances and ongoing technological advancements in the region are also helping the growth of the regional market. Growth in the young population and inclination towards more advanced appliances are supplementing the regional market growth. Large numbers of small and large scale appliances manufacturers from the region are rapidly investing in autonomous and smart appliances in order to offer more innovative and cost effective products to the customers. North America is also anticipated to growth at considerable pace during the forecast period owing to the continuous development of various innovative appliances and continuous technological advancements in the region. Growing demand for personal care appliances is anticipated to boost the regional market growth throughout the forecast period.

Whirlpool Corporation, LG Corp., Haier Group Corp., Samsung Electronics Co. Ltd., are Likely to Continue to Lead the Global Appliances Market

The appliances market is consolidated with limited number of manufacturers. The company profiling of key players in the market includes company overview, major business strategies and revenues. The key players of the market are Whirlpool Corporation, LG Corp., Haier Group Corp., Samsung Electronics Co. Ltd., Midea Group, Electrolux AB, and BSH Hausgeräte GmbH.

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