Household Appliances Manufacturing Market Characteristics
The household appliances manufacturing market consists of sales of household appliances by entities (organizations, sole traders and partnerships) that produce small electric appliances, electric housewares, and major household appliances.
Competitive Landscape of the Household Appliances Manufacturing Market
Major players in the global household Appliances manufacturing market include Samsung Electronics, Panasonic Corporation, Whirlpool Corp, and Bosch Gmbh, LG Electronics Inc.
Household Appliances Manufacturing Market Size
The household appliances manufacturing market size is expected to reach $500 billion by 2022, significantly growing at a CAGR of around 6% during the forecast period. The growth in the household appliances manufacturing market is due to increase in disposable income and increasing trend of household appliances.
However, the market for household appliances manufacturing is expected to face certain restraints from several factors such as rising costs and decreasing profit margins and increasing competition in the market.
Household Appliances Manufacturing Market Segmentation
The global household appliances manufacturing market is further segmented based on type and geography.
By Type - The household appliances manufacturing market is segmented into small electrical appliances, household cooking appliances, household refrigerator and home freezer, household laundry equipment, other major household appliances among these segments, and the small electrical appliances market accounts for the largest share in the global household appliances manufacturing market.
By Geography - The global household appliances manufacturing is segmented into North America, South America, Asia-Pacific, Eastern Europe, Western Europe, Middle East and Africa. Among these regions, Asia Pacific was the largest region in the global household appliances manufacturing market.
Trends in the Household Appliances Manufacturing Market
Household appliances manufacturers are embedding LED lights in electronic products to minimize power consumption. LED lights require lesser wattage as compared to CFL or incandescent light bulbs due to which many kitchen designers suggest the use of LED lighting. Cooking electric appliances manufacturers are more focused on introducing products with LED lighting for minimal power consumption and improved visual appearance. For instance, GE’s LED refrigerator lighting systems minimizes power consumption by 80% compared to halogen lamps. The company has introduced products such as cafe’s French door refrigerators and profile wall ovens with this lighting.
Potential Opportunities in the Household Appliances Manufacturing Market
With increase in demand of household appliances and emerging market growth the scope and potential for the global household appliances manufacturing market is expected to significantly rise in the forecast period.