Technological advancement, rise in disposable income and growing adoption for smart appliances has been increasing the demand for small domestic appliances
PORTLAND, PORTLAND, UNITED STATES, November 16, 2021 /EINPresswire.com/ — According to a new report published by Allied Market Research, titled, “Small Domestic Appliances Market size is expected to reach $581,657.6 million by 2030, registering a CAGR of 13.0% from 2021 to 2030.”
Most of the manufacturers are heavily investing in R&D activities to upgrade their home appliances owing to growing demand for highly advanced and smart appliances. Internet of things and smartphone compatibility with smart devices and appliances are majorly in high demand by the consumers. Vacuum cleaner, water heater, oven, bread machine, coffee maker and rice maker, are now available with internet compatibility, which can be controlled by smartphones. Smart features and functionality are gaining major traction among the customers and it can add great value to their standard of living.
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Improvement in economic conditions is a key factor that contributes toward the growth of the market. Increase in per capita disposable income enhances spending capacity of consumers, leading to rise in expenditure on premium small domestic appliances, which is expected to surge the growth of the small domestic appliances market. Rise in spending capacity is further anticipated to improve the standard of living, enabling consumers to buy highly advanced and smart featured home appliances, which, in turn, boosts the demand for small domestic appliances.
Outbreak of COVID-19 has positively impacted the overall growth of the small domestic appliances market.
According to the small domestic appliances market analysis, the small domestic appliances market is segmented on the basis of product type, distribution channel, end user and region. On the basis of product type, the market is categorized into cooking/baking and heating appliances, kitchen appliances, personal and animal care, textile handling appliances, cleaning appliances, air-treatment appliances and others.
On the basis of distribution channel, the market is segmented into supermarket/hypermarket, brand outlets, retail stores, e-commerce and others. By end user, market is categorized into, residential and commercial. Region wise, it is analyzed across North America (the U.S., Canada, and Mexico), Europe (France, Germany, UK, Italy, Spain, Russia and Rest of Europe), Asia-Pacific (China, Japan, India, Australia, South Korea, ASEAN and Rest of Asia-Pacific), and LAMEA (Brazil, Argentina, South Africa, Middle East and Rest of LAMEA).
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On the basis of product type, the kitchen appliances segment was the highest contributor to the market, with $80,365.5 million in 2020, and is estimated to reach $242,025.0 million by 2030, at a CAGR of 12.0% during the forecast period. Changes in lifestyle of customers has witnessed increase in trend of modular kitchen, in turn resulting in the development of advanced and innovative kitchen appliances. Rapid increase in food service establishment has led to increased demand for commercial kitchen appliances. Induction and electric cooking appliances are witnessing reasonable growth due to the introduction of smart oven.
According to the small domestic appliances market trends, on the basis of distribution channel, the e-commerce segment was the highest contributor to the market, with $50,454.3 million in 2020, and is estimated to reach $190,779.5 million by 2030, at a CAGR of 14.6% during the forecast period. The convenience offered by e-commerce is a key reason behind the success of online portals in the small domestic appliances industry.
According to the small domestic appliances market opportunities, region wise, Asia-Pacific small domestic appliances market is expected to witness significant growth at a CAGR of 13.7% during the forecast period. Surge in urban population paired with improved living standard is generating huge demand for new and innovative small domestic appliances in Asia-Pacific region.
The players operating in the small domestic appliances industry have adopted product launch and business expansion as their key developmental strategies to expand their market share, increase profitability, and remain competitive in the market. The key players profiled in this report include Koninklijke Philips N.V., The Whirlpool Corporation, LG Electronics Inc., BOSCH, Electrolux AB, Panasonic Corporation, Spectrum Brands Holdings, Inc., The Middleby Corporation, Morphy Richards, and Samsung Electronics Co. Ltd…
Key Findings Of The Study
The small domestic appliances market was valued at $176,804.3 million in 2020, and is estimated to reach $581,657.6 million by 2030, registering a CAGR of 13.0% from 2021 to 2030.
By product type, the cleaning appliances segment is estimated to witness the significant growth, registering a CAGR of 14.3% during the forecast period.
In 2020, depending on distribution channel, the retail stores segment was valued at $27,194.7 million, accounting for 16.3% of the global Small domestic appliances market share.
By end user, the commercial segment is estimated to witness the significant growth, registering a CAGR of 13.9% during the forecast period.
In 2020, the Brazil was the most prominent market in LAMEA, and is projected to reach $17,658.90 million by 2030, growing at a CAGR of 14.9% during the forecast period.
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