Irving, TX (PRWEB) September 29, 2012
The global household appliance industry is expected to experience a CAGR of 6.1% over the next five years and the industry revenue is forecast to reach an estimated $384 billion in 2017. Favorable demographics, rising consumer incomes, and changing lifestyle is expected to drive the industry over the forecast period.
Lucintel, a leading global management consulting and market research firm, has analyzed the global household appliance industry and presents its findings in “G lobal Household Appliance Industry 2012-2017: Trend, Profit and Forecast Analysis.”
The household appliance industry consists of cooking appliances, refrigeration, laundry appliances, home comfort appliances, and others. The industry is capital intensive and fragmented as thousands of players are competing with each other to uphold their place in the market. Rising consumer incomes and changing lifestyle mainly drive the demand, and maintaining balance between price and quality is the biggest challenge for the industry.
APAC is expected to grow at the highest rate due to the fast growing middle class, availability of skilled manpower, and market oriented stable economy in China, Japan, India, Malaysia, Singapore, etc. Government subsidies for households in China to buy household appliance are anticipated to boost the sales. The Indian household appliance industry is expected to grow due to easy availability of finance drop in prices due to increased rivalry. South Korea, China, India, and Hong Kong are expected to drive growth in Asia in the household appliance industry. APAC is also expected to emerge as a hot destination for established companies to setup their production unit due to low labor and manufacturing costs.
Refrigeration is forecast to witness the highest growth during the next five years. Cooking appliance industry represents good growth prospects during the forecast period. This industry is directly proportional to housing start and increase in housing start is providing opportunity to grow.
This study provides an overview of the global household appliance industry. The report tracks market sizing for four geographic regions and five market segments of this industry. Thus, it tracks 20 segments.
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