Home Appliances Market in Slovakia - Segmented by Products (Vacuum Cleaner, Small Kitchen Appliances, Refrigerator, Freezer, Washing Machine, Cooker and Oven, Television Sets), Distribution Channel - Growth, Trends, and Forecast (2018 - 2023)
The Home Appliances market in Slovakia was valued at USD 220.4 million in 2017, and it is expected to reach a value of USD 245.5 billion by 2022 at a CAGR of 1.78%, over the forecast period.. The increasing market penetration of smart homes in the region, coupled with a growing trend toward sustainability is expected to drive the market, during the forecast period. However, a strong of lack of workforce in the region could hinder the market growth.
The Home Appliances market in Slovakia is defined by the country’s strong GDP (89.76 billion in 2016) (Source- World Bank), growing consumer purchasing power, and increasing number of households with an encouraging regulatory environment. The Slovak Republic has been an integral part of the European Union since 2004, and is a successful example of positive aspects of the European integration. The country is under the legislation of the European Union as well.
Increasing Market Penetration of Smart Homes to Boost the Market Growth
The smart home market in the country has witnessed a drive from 2008. Increasing number of firms offering smart home solutions, coupled with an increasing number of projects and patents, particularly in the home appliances sector, are the major reasons contributing to the growth of the market. For instance, in February 2017, Deutsche Telekom, Germany’s leading integrated telecommunication services company, made its smart homes solutions available in Slovakia and Norway.
The market is sustained by internet penetration of 80.4% in 2016, along with the regulatory environment that stimulates R&D in the smart home market in Slovakia, which was estimated at 13.1 million EUR in 2014, according to Eurostat. This enables companies to maintain their global competitiveness. Slovak cities are now aiming at technologies, such as energy management, Wi-Fi coverage, parking systems, and environmental waste management, among others. With a greater focus to begin the implementation of these concepts, the market for efficient energy home appliances products is expected to increase.
Small Kitchen Appliances Expected to Observe a Significant Growth in Volume Sales
It is estimated that around 40% of the total aluminum, 28% of copper, 26% of plastic, and 10% of total stainless steel used to produce home appliances in Europe are dedicated to the production of small home appliances, such as waffle irons, blenders, mixers, food processors, juicers, deep fryers, and egg cookers. (Source- CECED). It was estimated that in 2016, about 184.5 million kitchen appliances were in stock in the European Union region. Even Slovakia conforms to these statistics, along with other EU members. Small kitchen appliances are the third largest selling home appliances in Slovakia, after TV sets and cookers and ovens.
The major factor driving the small kitchen appliances segment is the rapid advancement of e-commerce in the retail segment. The current users of e-commerce is around 70.9% and is expected to reach 80% in 2021. The drastic increase in the number of multichannel retailers is expected to fuel the growth over the forecast period. As of 2016, Slovakia had more than 9,400 e-shops in the country and generated sales of USD 903 million. The market's largest segment was electronics & media, which accounted for a revenue of around USD 295 million.
Key Developments in the Market
- Jan 2018 - Samsung Electronics decided to consolidate its production facilities in Voderady and Galanta, in order to enhance its synergy and efficiency.
- Nov 2017 - Deputy Head of Mission for Trade Economics at Embassy of the Slovak Republic announced that Slovakia seeks to increase trade cooperation with Egypt for exports which include- automobiles, spare parts, household appliances, iron and steel, electronics, and mineral oil.
Major Players -Samsung Electronics Slovakia Sro, Electrolux Slovakia Sro, Robert Bosch Spol Sro, Siemens Sro, Miele Spol Sro, Groupe Seb Slovensko Spol Sro, And Whirlpool Slovakia Spol Sro, among others.
Reasons to Purchase the Report
- Current and future home appliances market outlook in the Slovak Republic
- Analyzing various perspectives of the market with the help of Porter’s five forces analysis
- The segment that is expected to dominate the market
- Identify the latest developments, market shares, and strategies employed by the major market players.
- 3 months analyst support, along with the Market Estimate sheet (in Excel).
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