The global white goods market value was worth USD XX billion in 2019 and is estimated to reach USD XX billion by 2027, growing at a CAGR of XX% during the forecast period (2020-2027).
White goods are large electrical goods used in the home, including cookers, refrigerators, air fryers, blenders, freezers, tumble driers, dishwashers, washing machines, geysers and air conditioners. These kitchen appliances are used to reduce human efforts in day-to-day life.
The applications of these white goods include washing & drying clothes in households and hospitals, cooking & preserving various types of food and beverages, and providing heating & cooling systems with fans, air conditioners, steam systems, and coolers.
Market Dynamics
Drivers
- Rising of the consumer's goods such as refrigerators, air-conditioning due to climate change globally
- Growing demand for electronic home appliances
- Increasing development of technologically advanced products
Restraints
- Concerns over energy consumption and environmental impact limits the growth of white goods
- Issues related to product safety
White goods such as heating, ventilation and air conditioning systems demand are increasing rapidly due to surge in disposable income and growing urban population demand globally. For instance, as per our world data in 2019, the global urban population reached 4.2 billion, which is more than 50% of global population and is projected to reach around 6 billion by 2045. It created massive demand for refrigerators, air-conditioning systems and air cooling systems globally. Further rising sales of consumer electronics and home appliances in the developing and most populous countries have propelled this market growth. As per the India Brand Equity Foundation (IBEF) report in 2019, the Indian appliance and consumer electronics (ACE) market is valued at around US$ 10.93 billion and is projected to reach US$ 21.18 billion by 2025.
The demand for consumer electronics and home appliances in India has been growing on the back of rising incomes. The trend is set to continue even as other factors like rising rural incomes, increasing urbanisation, a growing middle class and changing lifestyles aid demand growth in the sector. Significant increase in discretionary income and easy financing schemes have led to shortened product replacement cycles and evolving lifestyles where consumer durables, like ACs and LCD TVs, are perceived as utility items rather than luxury possessions.
Geographical Analysis
India is another lucrative venue for the white goods market with an estimated CAGR of XX% during 2020-2027. The rapidly growing urban population and their growing disposable income are propelling the sales of white goods in the country. The domestic market has been highly competitive with the likes of LG Electronics, Whirlpool Corporation, Haier Group competing with domestic manufacturers such as Blue Star Limited, Voltas Limited and Godrej. However, the market is likely to witness a rapid turnaround over the forecast period with domestic brands enjoying regulatory and pricing benefits over their foreign competitor brands. The Government of India has launched initiatives such as Make in India and AatmaNirbhar Bharat to boost the domestic manufacturing industry and is providing financial assistance to local manufacturers
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