Household appliances in Europe 2016-2020
About Household Appliances Market
The household appliances market has been segmented:
Technavio Announces the Publication of its Research Report – Household Appliances in Europe 2016-2020
Technavio recognizes the following companies as the key players in the household appliances in Europe: Electrolux, LG Electronics, Robert Bosch, Samsung Electronics, and Whirlpool.
Other Prominent Vendors in the market are: Arçelik, Asko, Crosslee, Gorenje, Haier, Hoover, Kenmore Appliances, Midea, Miele, Panasonic, and Smeg.
Commenting on the report, an analyst from Technavio’s team said: “At the end of 2015, there were more than 5 million smart homes in Europe and the market is foreseen to grow at a CAGR of 55% over the next five years to 45 million smart homes, which is about 20% of all European households. The improvement in network infrastructure has translated into better broadband and internet penetration, and consumers are, therefore, increasingly opting for wireless and technologically advanced products, mostly for convenience. To improve their product offerings and leverage the trend of home automation, vendors are expanding their distribution channels and R&D expenditure.”
According to the report, need for energy-efficient household appliances will be a key driver for market growth. The rising concern about the high consumption of electricity and the look-out for energy-efficient alternatives will increase the demand for energy-efficient household appliances, driving the household appliances market. The EU has set a target of 20% energy savings by 2020 and a target of 27% energy savings by 2030. In order to aid this process, the EU has set minimum energy standards along with mandatory eco-design and energy labeling of appliances in most countries. Energy labels range from A+++ to G and are based on the energy-efficiency of these appliances.
Further, the report states that infrequent purchase of consumer durables like household appliances is one of the major challenges for the vendors in the market. Generally, consumers opt for new dishwashers, washing machines, or microwave ovens only when they are moving to a new house. However, a decrease in the number of building permits per 1,000 inhabitants across major European countries and high construction costs, have adversely affected the supply of affordable housing in a number of European countries.
Electrolux, LG Electronics, Robert Bosch, Samsung Electronics, Whirlpool, Arçelik, Asko, Crosslee, Gorenje, Haier, Hoover, Kenmore Appliances, Midea, Miele, Panasonic, Smeg.
Learn how to effectively navigate the market research process to help guide your organization on the journey to success.Download eBook