Market Research Report Search Engine (MRRSE) recently announced the addition of a new research study to its comprehensive collection of research reports. The research report, titled “Electrical Appliances Market – Global Industry Analysis, Size, Share, Growth, Trends, and Forecast 2017-2025” offers a detailed analysis of the market providing insights into the market dynamics that are expected to influence the overall market positively in the next few years. Furthermore, the product segmentation, drivers, barriers, key geographical segments, and the competitive scenario of the global Electrical Appliances Market have been elaborated upon in the research report.
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Electrical appliances are defined as devices which use electricity to perform specific functions. A wide range of such appliances include refrigerators, wine-coolers, washing machines, tumble dryers, vacuum cleaners, steam mops, shavers, trimmers, water heaters, air conditioners, air coolers, heaters, fans, rice cookers, bread makers, toasters, irons, and juicers. A large number of companies across the world manufacture and sell such appliances, providing customers with a range of options.
Changing lifestyles driven by higher household income is a major driving factor of the global electrical appliance market
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 the 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 the presence of such offers.
The global electrical appliance market faces uncertainty regarding supply of raw materials
A major threat facing the global electrical appliances market is the fluctuations in the supply of raw materials. While companies are capable of absorbing considerable amounts of fluctuations in the product price, the instability of raw material supply can affect production as well as demand, and hence, the associated revenue, profits, and R&D investments of the companies. Another threat includes the rise of smart appliances, robots, and connected living. Electrical appliances specifically designed for such purposes present a threat of extinction to the conventional models of various electrical appliances.
Another major restraint of 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 larger companies such as Whirlpool Corporation, Haier Group, and LG Electronics Inc.
Opportunities present in the market include product differentiation, new product development, and expansion of retail chains
The 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.
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. In terms of different supply chain segments, retail chains have an opportunity to expand and sell higher number of electrical appliances. Similarly, an opportunity is emerging for new raw material providers.
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The global electrical appliances market has been segmented as follows:
Electrical Appliance Market: By Product
- Refrigeration Appliances (Fridge, Freezer, Fridge-Freezer, Wine-cooler)
- Home Laundry Appliances (Washing Machine, Tumble Dryer, Washer Dryer, Garment Care)
- Dishwashers(Free-standing, Built-in)
- Air Treatment Products (Air Purifier, Air Conditioner, Air Cooler, Humidifier/Dehumidifier, Heater, Fan)
- Microwaves (Oven, Microwave)
- Small Cooking Appliances (Air Fryer, Rice Cooker, Multi Cooker, Deep Fryer, Bread Maker, Toaster, Coffee Machine, Food Steamer)
- Vacuum Cleaners (Vacuum Cleaners, Steam Mops)
- Food Preparation Appliances (Blender, Food Processor, Mixer, Hand Mixer/Blender, Ice-cream Maker, Juicer)
- Personal Care Appliances (Shaver, Trimmer, Hair Dryer, Hair Straightener, Steamer)
- Irons (Steam Iron, Iron)
- Others (Water Heater, Water Treatment Appliance, Electric Hand Dryer)
Electrical Appliance Market: Regional Analysis
- North America
- Rest of Europe
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