Market Trends of Major Home Appliances Industry
This section covers the major market trends shaping the Major Home Appliances Market according to our research experts:
Refrigeration Appliances Account for Significant Market Share
Amongst the major appliances, refrigeration appliances segment account for a significant market share in terms of revenue. Companies like Samsung, GE and LG have paved their way into the smart connected refrigerator space, and are offering products with special features such as touchscreen and flexible user-controlled cooling options. These products are being largely targeted at developed markets.
Domestic refrigeration appliances are also witnessing increased demand in most of the developing countries such as India and China. As these countries have a rising middle-class population with increased consumer spending white-goods like refrigerators are witnessing significant growth.
The rise in consumer spending coupled with the introduction of technologically advanced models within the category is anticipated to propel the market growth further in the anticipated period.
Asia-Pacific Region is Expected to Witness the Highest Growth
The smart appliances market in Asia-Pacific is expected to grow at a rapid rate. Developed countries like Japan, Singapore, Hong Kong, and Indonesia are expected to register an increase in the sales of smart appliances, mostly owing to the rising energy and labor costs, the high purchasing power of consumers, and greater awareness about smart cities and smart integrated appliances. China has the highest demand for conventional air conditioners, by volume, across the globe, owing to government policies that favor energy-saving appliances, a growing property market, and hot weather. The merger of Haier and GE appliances has given Haier access to the latter's smart appliance technology expertise, which will make it a strong player in China.
