Global Household Appliances Market to Reach $763.45 Bn by 2025: AMR

Innovations that brought novel features, improved design, and enhanced performance in household appliances along with rise in need for comfort among consumers facilitate the growth of the globa household appliances market. Asia-Pacific region held more than two-fifths of the total market revenue in 2017 and is expected to maintain its lead position during the forecast period. It would register the highest CAGR of 6.3% from 2018 to 2025.

/EIN News/ -- Portland, OR, Oct. 08, 2019 (GLOBE NEWSWIRE) -- According to the report published by Allied Market Research, the global home appliances market garnered $501.53 billion in 2017 and is estimated to generate $763.45 billion by 2025, growing at a CAGR of 5.4% from 2018 to 2025. The report offers a detailed analysis of major winning strategies, drivers & opportunities, market size & projections, major market segments, and competitive scenario.

Innovations that brought novel features, improved design, and enhanced performance in household appliances along with rise in need for comfort among consumers facilitate the growth of the market. However, surge in cost of household appliances with growth of the import costs along with increase in operational and manufacturing costs restrain the growth of the market. On the other hand, inclination of consumers toward energy-efficient & eco-friendly appliances along with supportive government initiatives in different countries create lucrative opportunities in the market.

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The specialty store segment held the highest market share in 2017, accounting nearly half of the total market share in 2017, and is expected to continue its lead during the forecast period, owing to brick and mortar stores facilitating consumers to evaluate products before they make a purchasing decision, assistance by trained workforce, and reduced trust on online shopping sites. On the other hand, the e-commerce sector is projected to register the fastest growth rate with a CAGR of 6.4% during the forecast period.

Based on products, the refrigerator segment is estimated to register the highest CAGR of 6.4% by 2025, owing to rise in necessity for storing food and perishable items, surge in working-women population, and increase in household income.

The market in Asia-Pacific region held more than two-fifths of the total market revenue in 2017 and is expected to maintain its lead position during the forecast period. It is projected to grow at the highest CAGR of 6.3% from 2018 to 2025. This region is a lucrative segment. The other regions analyzed in the research are North America, Europe, and LAMEA (Latin America, Middle East, and Africa).

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The leading market players discussed in the research include AB Electrolux, Hitachi, Ltd., Qingdao Haier Co., Ltd. (Haier), Midea Group Co., Ltd. (Midea), LG Electronics Inc. (LG), Robert Bosch GmbH, Panasonic Corporation (Panasonic), Sharp Corporation (Sharp), Samsung Electronics Co., Ltd., and Whirlpool Corporation.

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