Global Household Appliances Market to Reach US$242 Billion by 2015, According to New Report by Global Industry Analysts, Inc.

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GIA announces the release of a comprehensive global outlook on the Household Appliances Industry. Household appliances are playing a significant role in maintaining lifestyles, and providing comforts in terms of utility and convenience. Increasing urbanization and the rising number of working women has spurred the demand for appliances to a significant extent. Appliances, which were earlier regarded as comfort or luxury items, are now considered as necessities. Higher end appliances are today being seen as status symbols defining a person’s lifestyle.

Household Appliances: A Global Outlook

Follow us on LinkedIn – The global electric home appliances industry, once the domain of only developed countries such as the US and UK, today witnesses active participation from several developing countries, such as India, China, Russia, and Mexico. Though developed Western countries still hold a majority share in the global white goods market, these developing countries are fast breaking into the list of top ten markets for white goods. However, it is not all over for the developed markets, as new innovations and changing fashion keeps the market rolling.

The global household appliances industry, following a slowdown during the year 2009, experienced a gradual turnaround in 2010. The improvement was attributed to increased consumer spending worldwide. Purchasing propensity of consumers increased as the recessionary effects started to recede, and gave way for improvement in world economies, more particularly in the rapidly emerging regions of Southeast Asia and Latin America. Robust growth rates are witnessed in the Asian and Latin American countries. Energy-saving and eco-friendly products gathered greater steam, and are currently dominating the market in terms of the demand increase. While such products were already popular with consumers in the developed North American and European markets, the emerging markets have recently joined the bandwagon, and there is currently a tremendous demand for such products.

The household appliances market is characterized by the presence of a few multinational conglomerates with comprehensive product ranges. The competition is intense among leading companies and new entrants are unable to penetrate the market due to high entry barriers. However, certain Asian companies are successfully competing with leading players especially in developing economies. Competition is based on design and product innovation in mature appliance markets of the US and Western Europe, and in these markets saturation levels are relatively higher.

Vacuum cleaners constitutes the largest segment of major household appliances industry, though in the coming years, the sales of microwave ovens, refrigerators and room air conditioners would burgeon at an impressive rate, owing to the overwhelming demand for the products in the developing nations of Asia-Pacific and Latin America. In the small appliances category, electric irons represents the largest segment, followed by coffee makers and toasters.

Europe, the US, and Asia lead the production of appliances, accounting for about 4/5th of global production. Low labor and manufacturing costs make Asia-Pacific region, an ideal destination for multinational companies to setup their manufacturing base. South Korea and China are the leading Asian markets. Major electric household appliances companies are likely to boost the production to meet the increasing demand for their products from the Asia-Pacific market. The Koreans and Japanese have expertise in refrigeration, while Europeans specialize in cookware and dishwashers, and Americans are particularly strong in the manufacture of washing machines.

The research report titled “Household Appliances: A Global Outlook” announced by Global Industry Analysts Inc., provides a collection of statistical anecdotes, market briefs, and concise summaries of research findings. The report offers a rudimentary overview of the industry, highlights latest trends and demand drivers, in addition to providing statistical insights. Regional markets briefly abstracted and covered include North America, United States, Mexico, Japan, Europe, Germany, Italy, the UK, Rest of Europe, Asia, China, India, Indonesia, Philippines, Singapore, South Korea, Taiwan, Thailand, Vietnam, Latin America, Argentina, Brazil, Chile, Venezuela, Dominican Republic, and others. The report offers a compilation of recent mergers, acquisitions, and strategic corporate developments. Also included is an indexed, easy-to-refer, fact-finder directory listing the addresses, and contact details of companies worldwide.

For more details about this comprehensive industry report, please visit –
http://www.strategyr.com/Household_Appliances_Industry_Market_Report.asp

About Global Industry Analysts, Inc.
Global Industry Analysts, Inc., (GIA) is a leading publisher of off-the-shelf market research. Founded in 1987, the company currently employs over 800 people worldwide. Annually, GIA publishes more than 1300 full-scale research reports and analyzes 40,000+ market and technology trends while monitoring more than 126,000 Companies worldwide. Serving over 9500 clients in 27 countries, GIA is recognized today, as one of the world's largest and reputed market research firms.

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Global Industry Analysts, Inc.
Telephone: 408-528-9966
Fax: 408-528-9977
Email: press(at)StrategyR(dot)com
Web Site: http://www.StrategyR.com/

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