Colombia Laundry Appliances Market - By Products, Distribution Channels and Vendors - Market Trends and Forecasts (2017 - 2022)
Colombia is the largest market for home appliances, including laundry appliances in Latin America. It represents one of the developed markets for laundry appliances, especially in the urban and peri-urban areas. This estimate has changed with changing economic conditions in the region. Higher purchasing power as a result of increasing employment opportunities, an expanding middle class, and increasing purchasing power, a shift of the population from the rural to urban areas are expanding the market for laundry appliances in Colombia.
The Colombia market for laundry appliances is characterized by a slowed economy leading to lower than expected growth in the laundry appliances market. Both small and large appliances experience a growth in volume, and this trend of growth will continue till the end of the forecast period. A reviving real estate business pushing new and exchange purchases for refurbishment will drive the laundry appliances market in the country. The regional brands Mabe has expanded to 70 countries, and increasing its presence in the local markets. There is intense competition between the Asian, US and other regional brands.
The Colombia laundry appliances market is valued at US$ XX billion in 2014 and is projected to witness CAGR of XX.XX% for the forecast period (2017 - 2022). Trends include innovating for increase efficiency and energy efficiency, as well as water consumption, due to environmental guidelines highlighted by several governments. Smart appliances trend is pervasive through usage of sensors, and other components used in smart technology. Furthermore, innovation in terms of sizes of products more suited to the smaller sized houses being built globally, while maintaining other value added features is underway.
Distribution, depending on the region, is prevalent through large retail chains which offer heavy discounts due to manufacturer tie-ups, as well as economies of scale, or through ecommerce, which in several regions offer competitively discounted prices, as well as attractive credit schemes. Private label goods, through innovative card schemes are also popular in several regions, while another channel is shopping through TV â€œhome shoppingâ€ channels.
Reputed brands mentioned in the report include Haier, Midea, LG, Samsung, Panasonic, Electrolux, Kelvinator, Whirlpool and Maytag along with other regional manufacturers like the recently expanding Mabe brand.
Alternative channels with credit options and aggressive marketing and promotion techniques leveraging discounts, increasing purchasing power, scaling urbanization and standard of living, increasing interest in value added services performed by an appliance making lives easier, focus on research of smart appliances, etc. are driving this market.
A stagnated economy, floods and landslides undermining the electricity infrastructure, scarcity of electricity in the country, high level of competition across all product classes and in new and saturated markets alike, insufficient innovations in the mass market product range, and challenges with guerrilla outfit FARC, are some of the challenges being faced in this market.
What the report offers
Market definition for the laundry appliances market along with identification of key drivers and restraints for the market
Market analysis for the laundry appliances market with region specific assessments
identification of factors instrumental in changing the market scenarios, rising prospective opportunities and identification of key companies which can influence the market on a global and regional scale
Extensively researched competitive landscape section with profiles of major companies along with their strategic initiatives and market shares
Identification and analysis of the macro and micro factors that affect the laundry appliances market on both global and regional scale
A comprehensive list of key market players along with the analysis of their current strategic interests and key financial information