The Rise of Energy Efficient Technologies in the Electrical Appliances Market
The electrical appliances market comprises a wide range of consumer durables like refrigerators, washing machines, air conditioners, microwave ovens and other small domestic appliances that have become an integral part of daily lives. Electrical Appliances Market Trends offer convenience by mechanizing daily chores and come equipped with advanced features for enhanced performance. With growing health, environmental and cost concerns, there is burgeoning demand for products with higher energy efficiency.
The global electrical appliances market is estimated to be valued at US$970 billion in 2024 and is expected to exhibit a CAGR of 9.2% over the forecast period 2024-2028.
Key Takeaways
Key players operating in the electrical appliances market are Whirlpool, LG Electronics, Haier, Samsung and Panasonic.
There is rising demand for electrical appliances from developing economies of Asia Pacific and Middle East & Africa owing to rapid urbanization, higher disposable incomes and larger households. Growing working population and dual income families also drive the demand as electrical appliances help save time on domestic chores.
Technological advancements have made appliances smarter and more energy efficient. Many product categories now feature WiFi and voice command connectivity for remote monitoring and control. Additionally, products are being designed with green technology and eco-friendly materials to minimize environmental impact.
Market Trends
Connected appliances powered by IoT are gaining prominence with growing internet and smartphone penetration globally. This is allowing remote monitoring and control of devices through dedicated applications.
Sustainability is a key focus area with manufacturers developing highly efficient products that qualify for stringent international energy efficiency standards. This is driving replacement demand from existing households and businesses.
Market Opportunities
Rural electrification programs in developing nations provide a robust platform for mass adoption of basic electrical appliances in remote areas for the first time.
Product and service innovation targeting specific needs of millennial consumers is opening new growth frontiers. For instance, small and mid-sized refrigerators for single or nuclear families.
Impact of COVID-19 on Electrical Appliances Market Growth
The COVID-19 pandemic had a significant impact on the electrical appliances market. During the initial stages of the pandemic in 2020, many economies imposed strict lockdowns and movement restrictions. This led to a steep decline in demand as households cut down on discretionary spending. Supply chains were also disrupted due to factory closures and international trade restrictions.
However, as people were confined to their homes for prolonged periods, the demand for certain electrical appliances saw an increase. Sales of appliances like air purifiers, vacuum cleaners and dishwashers rose steadily. Online sales also gained prominence as people preferred contactless shopping. Gradually, production capacities were ramped up with safety protocols while supply chains were reorganized to fulfill the emerging demand trends.
Geographical Concentration of Electrical Appliances Market
North America accounts for the largest share of the global electrical appliances market in terms of value. The US and Canada both have well-established markets for a wide variety of home appliances. The high disposable incomes and growing home improvement activities in the region support the demand. Western European countries such as Germany, UK and France are also major consumer markets. While China dominates global manufacturing, its domestic demand is also growing steadily with rapid urbanization and rising living standards.
Fastest Growing Region for Electrical Appliances Market
The Asia Pacific region excluding Japan has emerged as the fastest growing market for electrical appliances globally. Countries like India, Indonesia and Vietnam are expected to spearhead future growth in the coming years. This can be attributed to rising household formations and increasing electrification of rural households. As consumer lifestyles evolve in the region, appliances are gaining importance as indicators of social development. Both international and local brands are capitalizing on the immense opportunities by expanding their manufacturing and distribution networks in South and Southeast Asian countries.
Get More Insights On- Electrical Appliances Market
About Author:
Ravina Pandya, Content Writer, has a strong foothold in the market research industry. She specializes in writing well-researched articles from different industries, including food and beverages, information and technology, healthcare, chemical and materials, etc. (https://www.linkedin.com/in/ravina-pandya-1a3984191)
The Rise of Energy Efficient Technologies in the Electrical Appliances Market
The electrical appliances market comprises a wide range of consumer durables like refrigerators, washing machines, air conditioners, microwave ovens and other small domestic appliances that have become an integral part of daily lives. Electrical Appliances Market Trends offer convenience by mechanizing daily chores and come equipped with advanced features for enhanced performance. With growing health, environmental and cost concerns, there is burgeoning demand for products with higher energy efficiency.
The global electrical appliances market is estimated to be valued at US$970 billion in 2024 and is expected to exhibit a CAGR of 9.2% over the forecast period 2024-2028.
Key Takeaways
Key players operating in the electrical appliances market are Whirlpool, LG Electronics, Haier, Samsung and Panasonic.
There is rising demand for electrical appliances from developing economies of Asia Pacific and Middle East & Africa owing to rapid urbanization, higher disposable incomes and larger households. Growing working population and dual income families also drive the demand as electrical appliances help save time on domestic chores.
Technological advancements have made appliances smarter and more energy efficient. Many product categories now feature WiFi and voice command connectivity for remote monitoring and control. Additionally, products are being designed with green technology and eco-friendly materials to minimize environmental impact.
Market Trends
Connected appliances powered by IoT are gaining prominence with growing internet and smartphone penetration globally. This is allowing remote monitoring and control of devices through dedicated applications.
Sustainability is a key focus area with manufacturers developing highly efficient products that qualify for stringent international energy efficiency standards. This is driving replacement demand from existing households and businesses.
Market Opportunities
Rural electrification programs in developing nations provide a robust platform for mass adoption of basic electrical appliances in remote areas for the first time.
Product and service innovation targeting specific needs of millennial consumers is opening new growth frontiers. For instance, small and mid-sized refrigerators for single or nuclear families.
Impact of COVID-19 on Electrical Appliances Market Growth
The COVID-19 pandemic had a significant impact on the electrical appliances market. During the initial stages of the pandemic in 2020, many economies imposed strict lockdowns and movement restrictions. This led to a steep decline in demand as households cut down on discretionary spending. Supply chains were also disrupted due to factory closures and international trade restrictions.
However, as people were confined to their homes for prolonged periods, the demand for certain electrical appliances saw an increase. Sales of appliances like air purifiers, vacuum cleaners and dishwashers rose steadily. Online sales also gained prominence as people preferred contactless shopping. Gradually, production capacities were ramped up with safety protocols while supply chains were reorganized to fulfill the emerging demand trends.
Geographical Concentration of Electrical Appliances Market
North America accounts for the largest share of the global electrical appliances market in terms of value. The US and Canada both have well-established markets for a wide variety of home appliances. The high disposable incomes and growing home improvement activities in the region support the demand. Western European countries such as Germany, UK and France are also major consumer markets. While China dominates global manufacturing, its domestic demand is also growing steadily with rapid urbanization and rising living standards.
Fastest Growing Region for Electrical Appliances Market
The Asia Pacific region excluding Japan has emerged as the fastest growing market for electrical appliances globally. Countries like India, Indonesia and Vietnam are expected to spearhead future growth in the coming years. This can be attributed to rising household formations and increasing electrification of rural households. As consumer lifestyles evolve in the region, appliances are gaining importance as indicators of social development. Both international and local brands are capitalizing on the immense opportunities by expanding their manufacturing and distribution networks in South and Southeast Asian countries.
Get More Insights On- Electrical Appliances Market
About Author:
Ravina Pandya, Content Writer, has a strong foothold in the market research industry. She specializes in writing well-researched articles from different industries, including food and beverages, information and technology, healthcare, chemical and materials, etc. (https://www.linkedin.com/in/ravina-pandya-1a3984191)
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