DUBLIN--(BUSINESS WIRE)--The "Small Domestic Appliances Market by Product Type, Distribution Channel, and End User: Global Opportunity Analysis and Industry Forecast, 2021-2030" report has been added to ResearchAndMarkets.com's offering.
The small domestic appliances market size 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.
Growing urbanized population creates huge demand for small domestic appliances as people living in metro cities are considerably seeking for high standard of living. Thus, people are increasingly demanding for advanced and smart domestic appliances during the forecast period. Increased personal disposable income and affordable credit facilities are promoting people to improve and design their living rooms, and kitchens. Surge in innovation in the home appliances promotes people to replace their old model appliances with new smart appliances.
High price and remarkable popularity of residential and commercial small domestic appliances brands have led to the advent of counterfeit brands. Counterfeit brands are generally prevalent in the developing economies where customers are highly price-sensitive. This factor restricts the sale of the existing original small domestic appliances brands in these regions.
Outbreak of COVID-19 has positively impacted the overall growth of the small domestic appliances market. During lockdown period, people were choosing to replace their old appliances with smart and advanced appliances, furthermore, due to increased number of COVID-19 cases, hospitals, clinics, railways stations, airports authorities had given top priority for cleaning and hygiene of these places, thus, outbreak of COVID-19 has positively affected the overall growth of the domestic appliances market
According to the small domestic appliances market analysis, the small domestic appliances market 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, the market is categorized into, residential and commercial. Region wise, it is analyzed across North America (the U.S., Canada, and Mexico), Europe (France, Germany, the 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).
Europe has gained significant share in the global small domestic appliances market in 2020 and is expected to sustain its share during the forecast period. A considerable growth rate is anticipated for new, advanced and smart residential and commercial appliances for the residential and commercial segment. In addition, there has been a huge increase in demand from the major countries in Europe such as France, Spain, the UK and Russia. Increasing preference for hustle free lifestyle and growing industrial application of air purifiers, vacuum cleaner and dishwashers, are supporting the growth of small domestic appliances in the region. Product innovation and quick adoption for the technological advanced appliances are further adding to the growth of the small domestic appliances market in Europe.
Key Benefits
- The study provides an in-depth analysis of the global small domestic appliances market with current trends and future estimations to elucidate the imminent investment pockets in the market.
- The report provides information regarding drivers, restraints, and opportunities with impact analysis.
- A quantitative analysis from 2020 to 2030 is provided to showcase the financial competency of the market.
- Porter's five forces model of the industry illustrates competitiveness of the market by analyzing various parameters such as threat of new entrants, threat of substitutes, bargaining power of the buyers, and bargaining power of the suppliers operating in the market.
- Value chain analysis in the report provides a clear understanding of the roles of stakeholders involved in the value chain.
- Competitive intelligence highlights business practices followed by leading market players across various regions.
Market Dynamics
Drivers
- Technological advancement
- Rise in health concerns among the customers
- Convenience factor help drive the demand
- Rise in disposable income
Restraints
- Energy consumption
- Availability of counterfeit brands
Opportunities
- Use of smart kitchen appliance
- Availability of quality product at affordable prices
- Rise of social media marketing
Companies Mentioned
- Koninklijke Philips N.V.
- The Whirlpool Corporation
- LG Electronics Inc.
- BOSCH
- Electrolux AB
- Panasonic Corporation
- Spectrum Brands Holdings Inc.
- The Middleby Corporation
- Morphy Richards
- Samsung Electronics Co. Ltd
For more information about this report visit https://www.researchandmarkets.com/r/4yf0rx
