Russia Home Appliances Market - By Products, Distribution Channels and Vendors - Market Trends and Forecasts (2015 - 2020)
Despite economic turmoil triggered by an international peace aggravation initiated by Russia, by the annexation of Crimea, the home appliances market in Russia posted a significant growth, driven both by small and major domestic appliances. This market is worth US$ XX.XX bn in 2015, and is expected to grow at CAGR X.X% over the next five years, to reach US$ XX.XX bn in 2020.
It is the small domestic and kitchen appliances which have tided the growth in home appliances in Russia. Small home appliances have contributed to the growth in this market. The appliances will replace existing appliances with smarter, innovative, smaller appliances. Companies are investing heavily in R&D for disruptive innovation, innovating on the size of products, and further into value-added services of the products. Another innovation that is being added to almost all home appliance products is that of connectivity, in line with the internet of things concept.
Prices for major home appliances is one the rise, and the income disparity already existent in the country is being exacerbated by the economic problems which have gripped Russia. This has led to growth in either the premium category of appliances, or in the low cost categories. E-commerce is the foremost trend for purchase of home appliance, because of a number of benefits and competitive discounts, in combination with innovative credit schemes, making acquisition easier for low to middle income population in this region, as well as those with tighter budget strings. Only those retail outlets which are closely integrated with their e-commerce partners or counterparts are experiencing growth.
Some of the players in Home Appliances Market mentioned in the report are Haier electronics group co. ltd, Whirlpool, Electrolux AB, LG Electronics, Godrej Group, Panasonic Corporation, Samsung Electronics, and more.
Increase in domestic production units to counter the heavy sanctions placed by the western companies has driven greater production. Innovative credit schemes both on e-commerce as well as retail outlets are driving consumer interest in appliances.
Economic effects of sanctions placed on Russia has led to an almost recession like environment in Russia, with a number of international manufacturers withdrawing.
What the report offers
Market Definition for the Home Appliances along with identification of key drivers and restraints for the market. Market analysis for the Home 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 Home 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.
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