Electrical Appliances Market is Projected to Reach US$ 1,285 Bn by 2025 | Transparency Market Research

October 11 15:12 2021
Electrical Appliances Market is Projected to Reach US$ 1,285 Bn by 2025 | Transparency Market Research
The global electrical appliances market is anticipated to register a CAGR of ~7% from 2017 to 2025

The global electrical appliances market was valued at around US$ 685 Bn in 2016 and is anticipated to register a CAGR of ~7% from 2017 to 2025, according to a new report by Transparency Market Research (TMR) titled Electrical Appliances Market- Global Industry Analysis, Size, Share, Growth, Trends, and Forecast, 2017–2025.”

Electrical appliances are defined as devices which use electricity to perform specific functions. A wide range of such appliances is available from refrigerators, wine-coolers, washing machines, tumble dryers, vacuum cleaners, steam mops, shavers, trimmers and water heaters to air conditioners, air coolers, heaters, fans, rice cookers, bread makers, toasters, irons, and juicers. A wide range of companies across the world manufacture and sell such appliances, providing customers with a large range of options. The global electrical appliances market is expected to register a medium rate of growth during the forecast period. However, this growth rate will be spread unevenly across the different regions of the world. The developing region of Asia Pacific is especially expected to witness a higher growth rate, followed by North America, whereas Europe is expected to witness slower growth rate during the same period.

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Higher standards of living and availability of lucrative product offers and purchase credit schemes to drive the market for electrical appliances

One of the primary drivers of the market is higher standards of living, especially in the Asia Pacific region. As the average monthly income of households has increased, they have been able to make purchases beyond their basic human necessities. This has led households to purchase electrical appliances, which have historically been looked upon as luxury items. Another major factor driving the global electrical appliances market are the lucrative offers and the easy availability of credit schemes to purchase them. In fact, the purchase decision of nearly 70% of potential customers is positively influenced by such offers. The major restraint on the global electrical appliances market is the consistent and considerable R&D investment required to develop new, more efficient, environment-friendly, smart, and connected appliances. It is a highly competitive market coupled with increasingly stringent government regulations regarding emissions of environmentally harmful chemicals. In such a scenario, the constant improvement of products is important, though this is mostly possible only by the larger companies such as Whirlpool Corporation, Haier Group, and LG Electronics Inc.

Product differentiation and new product development are expected to be among the available opportunities in the global electrical appliance market during the forecast period

Major opportunities in the global electrical appliances market exist in product differentiation and new product development. Almost all the companies focus on providing a wide range of products to meet the needs and price affordability of consumers from different economic strata. This in turn creates the need for product differentiation. Companies try to provide this through the different features offered in the appliances. For example, a 1-door refrigerator is more affordable for consumers belonging to the lower end of the economic strata whereas the high-cost side-by-side refrigerators are offered to consumers from the higher end of the economic strata. Similarly, the top-loading washing machines are targeted toward consumers from the lower end of the economic strata, whereas the front-loading washing machines are targeted at the consumers from the higher end of the economic strata.

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In terms of new product development, the forecast period is expected to witness the rise of smart and connected electrical appliances. These appliances go a long way in easing the work of households by giving them the ability to remotely control and operate the products through mobile phone applications. Appliance manufacturing companies are aiming to gain a foothold in this segment through either acquisitions or in-house development of relevant technology.

Refrigeration appliances was the dominant segment in the global electrical appliances market during 2016

The global electrical appliances market has been segmented by product and region. In terms of product, the market can be classified under refrigeration appliances, home laundry appliances, dishwashers, air treatment products, microwaves, small cooking appliances, vacuum cleaners, food preparation appliances, personal care appliances, irons, and others.

In terms of region, the market has been classified under North America (U.S., Canada), Europe (Germany, U.K., France, Italy, Spain, Rest of Europe), Asia Pacific (China, Japan, India, Thailand, Indonesia, Vietnam, Malaysia, Philippines, South Korea, Rest of Asia Pacific), Latin America (Brazil, Mexico, Rest of Latin America), and Middle East & Africa (GCC, South Africa, Rest of Middle East & Africa). In 2016, Asia Pacific generated the largest demand for electrical appliances and this trend is expected to continue during the forecast period. The market is expected to witness higher growth rate in the developing countries. This is expected to be driven by the first-time purchase of electrical appliances by majority of the households in the region. In fact, within the region, Indonesia has witnessed the highest demand for refrigeration appliances, which has captured more than 40% of the share. Meanwhile, replacement demand is expected to be the major driver of demand in the developed regions of North America and Europe. The average lifespan of an electrical appliance is around 10 years, after which it needs to be replaced.

Top players account for a low share of the global electrical appliance market

The global electrical appliance market is a relatively unorganized market with the top players accounting for ~30% of the total market. Top companies include Haier Group, BSH Bosch & Siemens, Midea Group, Whirlpool Corporation, AB Electrolux, Gree Electric Appliances Inc., LG Electronics, Samsung Electronics, Panasonic Corporation, Koninklijke Philips N.V., Godrej Group, IFB Industries Limited, Midea Group, Hitachi Limited, and Glen Dimplex Group. Among these top companies, Haier Group and BSH Bosch & Siemens have focused on the development of smart and autonomous appliances, whereas companies such as Whirlpool Corporation and Midea Group have focused on acquiring smart capabilities through acquisitions.

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