Growing Consumer Affluence in Emerging Markets Drives the Global Electric Household Appliances Market, According to New Report by Global Industry Analysts, Inc.
San Jose, California (PRWEB) November 12, 2014 -- Follow us on LinkedIn – Household appliances have become an essential part of modern life. Defined as time saving electronic devices that make life simple and less stressful, electric household appliances play a significant role in maintaining lifestyles and providing comfort in terms of utility and convenience. Simple household electric appliances have already become a necessity for most households worldwide. The magnitude of growth across each product market is shaped by its functionality, technology, aesthetics, and energy efficiency. Today, the market is replete with a range of household appliances designed to suit various requirements of consumers across the globe. Key factors driving growth in the market include increase in the number of working women, rise in dual income nuclear families, increasing disposable income and higher per capita spends on lifestyle products. In addition to economic factors, social and cultural factors also influence demand in the market. Technological improvements in product efficiency and performance are also expected to benefit market growth.
The market is witnessing a steady influx of high-priced appliances with innovative features that reduce human labor and provide superior home care. Manufacturers are focusing on developing smart and autonomous devices by integrating sensors, and intelligent electronic control and machine programming concepts. Smart appliances are forecast to show strong potential for future growth, especially against a backdrop of escalating electricity costs worldwide and growing government emphasis on reducing energy consumption. Smart grid-connected dish washers, refrigerators, water heaters, among others, are currently being developed to enable consumers better manage their electricity consumption patterns. The growing trend of home automation is also expected to result in increased number of electric household appliances connecting to home computer networks.
Demand for washing machines, electric ranges, microwave ovens, room ACs, and dishwashers in developing nations of Asia-Pacific and Latin America, is forecast to continue witnessing strong growth. Replacement of older and obsolete appliances with energy efficient products is a key factor driving demand in developed markets such as North America, Japan, and Europe. Energy efficient appliances with innovative compact designs are poised to score the highest gains in the coming years.
As stated by the new market research report on Electric Household Appliances, Asia-Pacific represents the largest market worldwide. The region is also forecast to emerge as the fastest growing market with a CAGR of 6.3% over the analysis period. Growth in the region is driven by growing population, rising GDP rates, growing affluence of the middle-class population, Westernization of lifestyles, rise in disposable incomes, rapid urbanization, increasing number of households, and improving standards of living.
Key players covered in the report include AB Electrolux, BSH Bosch-Siemens Hausgerate GmbH, GE Appliances & Lighting, Groupe SEB, Haier Group, Hamilton Beach Brands, Inc., Hitachi Appliances, Inc., Indesit Company SpA, Jarden Corporation, LG Electronics Inc., Panasonic Corporation, Miele & CIE, KG, Mitsubishi Electric Corporation, Royal Philips Electronics NV, Samsung Electronics Co Ltd., Spectrum Brand Holdings, Whirlpool Corp., and Maytag Corporation, among others.
The research report titled “Electric Household Appliances: A Global Strategic Business Report” announced by Global Industry Analysts Inc., provides a comprehensive review of market trends, growth drivers, and strategic industry activities of major companies worldwide. The report provides market estimates and projections for all major geographic markets including the US, Canada, Japan, Europe (France, Germany, Italy, UK, Spain, Russia and Rest of Europe), Asia-Pacific (China, India, South Korea and Rest of Asia-Pacific), Middle East/Africa, and Latin America (Argentina, Brazil, Chile, Mexico and Rest of Latin America). Product segments analyzed in the report include Major Household Appliances (Dishwashers, Disposers, Dryers, Freezers, Microwave Ovens, Range Hoods, Electric Ranges, Refrigerators, Vacuum Cleaners, Washing Machines, Water Heaters (Electric), and Room ACs) and Small Household Appliances (Blenders, Bread Makers, Broilers, Can Openers (Electric), Coffee Makers, Electric Knives, Food Choppers, Food Processors, Irons, Mixers, Toaster Ovens, Toasters, and Waffle Irons).
For more details about this comprehensive market research report, please visit –
http://www.strategyr.com/Electric_Household_Appliances_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 1500+ 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.
Global Industry Analysts, Inc.
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