Consumer Appliances Market to Witness Contraction, as Uncertainty Looms Following Global Coronavirus Outbreak
VALLEY COTTAGE, N.Y. – Future Market Insights (FMI), in its new study, analyzes the consumer appliances market and offers actionable insights on its growth prospects for the period 2019 and 2029. According to the study, worldwide sales of consumer appliances reached 1.27 billion units in 2018, and are estimated to register a Y-o-Y growth of 3.7% in 2019. The study opines that the impact of smart technologies is being witnessed in the market, with many players launching connected and smart devices to meet consumer expectations.
Rapid digitalization and strong knowledge regarding use and efficiency of modern appliances have been largely contributing to the market growth. Steady economic growth in several countries and rising need for comfort are influencing consumers to upgrade their existing appliances to smarter variants. In addition to providing convenience, reducing manual efforts, and saving time, manufacturers are focusing heavily on product innovations to satisfy the evolving needs of their customers.
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White Goods Capture Robust Share over Brown Goods
According to the study, white goods such as refrigerators, washing machines, and air conditioners have garnered relatively high traction as compared to brown goods. In recent times, these products have become standard in almost every household, backed by availability at affordable prices. Additionally, provision of smart connection in white goods, along with fast urbanization and rural electrification, especially in developing economies, remained instrumental in accelerating the overall sales of consumer appliances. Far from being confined to bigger appliances, manufacturers are also working on incorporating robotic technologies in small appliances to provide user-friendly interface and enable ease of operations.
As smart homes become a reality all over the world, the FMI study opines that demand for consumer appliances from households or domestic segment will continue to grow at a significant pace. Introduction of technologically advanced models which can be connected to smartphones and controlled remotely along with rise in per capita income is likely to remain a key to gaining distinct competitive edge.
Opportunities galore for consumer appliances market stakeholders, as identified by FMI study with growing working population and rapid infrastructural development, resulting into increasing number of hotels, salon & grooming parlors, and quick service restaurants (QSRs).
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According to the study, growth prospects of the consumer appliances market are high in Europe, owing to strong presence of reputed brands which continuously focus on fulfilling consumers need for appliances that can perform maximum tasks with minimal resources. Newer opportunities are expected in Asia Pacific stemming from a number of trends such as increased purchasing power, growing middle class population, advances in digital transformation, and favorable government policies that encourage the use of energy-saving appliances.
As the importance of internet increases and e-commerce sites see an upsurge, stakeholders are implementing omni-channel marketing strategy to reach wide range of customers across the globe. According to the study, sales of consumer appliances through online sales are likely to register a CAGR of 4% during the forecast period.
FMI’s business intelligence offers an incisive outlook on competitive scenario of consumer appliances market by discussing key strategies adopted by the players. The market shows a high level of fragmentation, with a large number of regional and local players restricting the geographical expansion of international companies. Prominent players are thus focusing on strategic collaborations and joint ventures for increased production capacities and enhanced customer base.
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About Future Market Insights (FMI)
Future Market Insights (FMI) is a leading provider of market intelligence and consulting services, serving clients in over 150 countries. FMI is headquartered in London, the global financial capital, and has delivery centres in the U.S. and India. FMI’s latest market research reports and industry analysis help businesses navigate challenges and take critical decisions with confidence and clarity amidst breakneck competition. Our customized and syndicated market research reports deliver actionable insights that drive sustainable growth. A team of expert-led analysts at FMI continuously track emerging trends and events in a broad range of industries to ensure that our clients prepare for the evolving needs of their consumers.
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