Global Household Appliance Market 2019-2023
About this market
Increased adoption of multi-functional and advanced products to drive growth in the market. Multi-functional products offered in the market can address more than one household applications, thereby providing good value for money. Technavio’s analysts have predicted that the household appliance market will register a CAGR of more than 6% by 2023.
Product innovation and advancement leading to portfolio extension and product premiumization
With the growing purchasing power and rising disposable income, customers are gradually increasing their spending on household appliances. This has propelled the demand for premium household appliances market.
Fluctuations in raw material prices and operational costs
Fluctuations in prices of raw materials directly impact the price of products or profit margins of manufacturers.
For the detailed list of factors that will drive and challenge the growth of the household appliance market during the 2019-2023, view our report.
The market appears to be fragmented and with the presence of several companies including Samsung Electronics and Whirlpool Corporation the competitive environment is quite intense. Factors such as the increased adoption of multi-functional and advanced products and the product innovation and advancement leading to portfolio extension and product premiumization, will provide considerable growth opportunities to household appliance manufactures. ELECTROLUX, Haier Group, LG Electronics, Robert Bosch, Samsung Electronics, and Whirlpool Corporation are some of the major companies covered in this report.
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