Global Household Appliance Market 2019–2023 | Increased Adoption of Multi-Functional and Advanced Products to Boost Growth | Technavio
The global household appliance market is expected to post a CAGR of over 6% during the period 2019–2023, according to the latest market research report by Technavio. Request a free sample report
Household appliance industry growth is expected to accelerate over the next five years, driven by product innovation and advancement leading to portfolio extension and product premiumization. The competition among home appliance manufacturers is intense as the market is fueled by advances in technology and evolving customer preferences. Some of the product innovations introduced by leading home appliance companies such as improved features, design, and performance are expected to augment the growth of the global household appliance market over the next few years.
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As per Technavio, the increased adoption of multi-functional and advanced products will have a positive impact on the market and contribute to its growth significantly over the forecast period. This research report also analyzes other important trends and market drivers that will affect market growth over 2019–2023.
Global Household Appliance Market: Increased adoption of multi-functional and advanced products
To address the growing demand for multi-functional household appliances, vendors are innovating to remain competitive, attract customer attention, expand customer base, and generate demand for their products. Increase in the number of such multifunctional offerings in the global household appliance market will drive the adoption of such products. For instance, multi-cookers offer multiple benefits such as cooking, steaming, and frying. Similarly, automatic washing machines with dryers wash, rinse, and dry clothes. These products are designed to meet the demand for convenience and cater to the busy lifestyles of customers, which, in turn, will drive the growth of the overall global market.
“Apart from the increasing adoption of multi-functional and advanced products, the growing adoption of smart household appliances will boost the market growth during the forecast period,” says a senior analyst at Technavio.
Global Household Appliance Market: Segmentation Analysis
This market research report segments the global household appliance market by product (major household appliances, and small household appliances), distribution channel (offline and online) and geography (the Americas, APAC, and EMEA).
The APAC region led the market in 2018, followed by EMEA and the Americas respectively. During the forecast period, the APAC region is expected to maintain its dominance and register the highest incremental growth due to several factors such as rising urbanization, higher spending power, and evolving lifestyles.
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