Electric and Electronic Home Appliances Market Size, Competitive Landscape and Market Forecast - 2029

SKU: DM2565 | Last Updated On: Aug 30 2022 | Available Formats

> Global Electric and Electronic Home Appliances Market is Expected to reach a high CAGR By 2029: DataM Intelligence

Global Electric and Electronic Home Appliances Market is segmented By Product Type (Refrigerators & Freezers, Washers & Dryers, Dishwashers, Air-conditioners, Cooking Appliances, Others), By Distribution Channels (Supermarket & Hypermarket, Specialty Stores, E-Commerce, Others), and By Region (North America, Latin America, Europe, Asia Pacific, Middle East, and Africa) – Share, Size, Outlook, and Opportunity Analysis, 2022-2029

 

Market Overview

[150 Pages Report] The Global Electric & Electronic Home Appliances Market is expected to grow at a high CAGR during the forecasting period (2022-2029).

Electric & Electronic Home Appliances Market - Strategic Insights

Metrics

Details

Market CAGR

 High

Segments Covered

By Product Type, By Distribution Channels and By Region

Report Insights Covered

Competitive Landscape Analysis, Company Profile Analysis, Market Size, Share, Growth, Demand, Recent Developments, Mergers and acquisitions, New Product Launches, Growth Strategies, Revenue Analysis, and Other key insights.

Fastest Growing Region

Asia Pacific

Largest Market Share 

North America

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Electric & electronic home appliances are household appliances useful in performing several household functions such as cooking, cleaning, and food preservation. These home appliances comprised small appliances, consumer electronics, and other appliances. Small appliances are the semi-portable or portable machines used on platforms such as counter-tops and tabletops—consumer electronics comprised of devices useful for entertainment, communications, and home-office activities. The market is dominated by the availability of several electric & electronic home appliances such as air conditioners, dishwashers, clothes dryers, drying cabinets, freezers, refrigerators, kitchen stoves, water heaters, washing machines, microwaves ovens, induction cookers, and others.

Market Dynamics:

The market is driven by the increasing demand for electric & electronic home appliances with the growing living standards among the consumers and the rapid urbanizations and high growth in the housing sectors. There is growing adoption of energy-efficient home appliances with the growing government initiatives for energy-efficient appliances.

There is an increase in the launch of the electric & electronic home appliances. For instance, in June 2020, Toshiba India had launched a new range of home appliances, including multi-door refrigerators, 2-door refrigerators with top freezer, washer-dryers, front-loading and top-loading washing machines, and water purifiers.

In September 2019, Bosch home appliances had launched the all-new Bosch Fresh by Design collection featuring its FarmFresh System that aims to keep food fresh for up to three times longer while reducing food waste. It maximizes freshness, limits food waste, and makes it easier to store food.

The increase in the media campaigns by the various companies for the product promotion shall stimulate the market growth. For instance, in July 2017, Bosch Household Appliances had launched a national media campaign for their new range of washing machines. Bosch’s Speed Range washing machines have the technology for a faster wash in less than 60 minutes, available from 6 to 9 kg laundry products, a company statement claimed. The latest SpeedPlus and SpeedProfessional range of washing machines eliminate up to 65% of the washing time one invested without compromising wash quality.

The market is witnessing technological advancement for the development of electric & electronic home appliances. For instance, in February 2020, Haier had launched 83 new age products across categories and its plans to spearhead the IoT era in the home appliances industry. Augmenting its product range in major categories such as refrigerators, air conditioners, washing machines, LED TVs, and others would strengthen its commitment to the Indian market. With the expansion of the product portfolio to smart home solutions, the brand expects to continue its high growth momentum across categories in the future and serve the growing customer base across India. Some of the key products Supermarket & Hypermarket by the Internet of Things (IoT) and Artificial Intelligence (AI) included Android, and Google Certified Smart LED TVs, Wi-Fi enabled Washing Machine, the new Clean Cool Range of ACs with the largest indoor unit in the industry and Smart Refrigerators with an in-built LED screen installed in the door, among others.

Segment Analysis

The global electric & electronic home appliances market is segmented on the product type as the refrigerators & freezers, washers & dryers, dishwashers, air-conditioners, cooking appliances, etc. The air-conditioners segment is expected to have a significant market share of XX% in 2019 due to the increasing usage of air-conditioners with the rising temperatures. Air-conditioners are useful for providing a cool and comfortable environment by removing heat and moisture. Air-conditioners are widely used to cool and dehumidify rooms filled with heat-producing electronic devices, such as computer servers and power amplifiers. The air conditioning filters are more effective in keeping bugs out in comparison to an open window. Air-conditioners are useful for reducing the risk of dehydration and heatstroke. According to the Centers for Disease Control and Prevention, air conditioning is the protective factor against heat-related illness and death.

The cooking appliances segment is expected to have positive market growth over the forecasted period. The cooking appliances comprise small products, such as coffeemakers, ovens, microwaves, food processors, air fryers, blenders, and others that are mostly designed for countertops. Microwave ovens are electric oven that heats and cook food by exposing it to electromagnetic radiation in the microwave frequency range. These appliances induce polar molecules in the food to rotate and produce thermal energy in a dielectric heating process. Microwave ovens are useful for heating foods quickly and efficiently. Air fryers cook the food by circulating hot air around the food using the convection mechanism. These appliances are comprised of a mechanical fan that circulates the hot air around the food at high speed and cooks the food. Air fryers produce the crispy layer through the browning reactions of caramelization and the Maillard reaction.

Geographical Presentation

By region, the global electric & electronic home appliances market is segmented into North America, South America, Europe, Asia-Pacific, Middle-East, and Africa. Among all of the regions, North America accounts for the highest market share owing to the higher penetration of electric & electronic home appliances. There is the easy availability of technologically advanced electric & electronic home appliances. There is growing usage of several electric & electronic home appliances, including washing machines, refrigerators, and air conditioners. Consumers are using the modernized devices and adopting advanced technologies for improving household work. There is the presence of a large number of market players developing electric & electronic home appliances. 

Asia Pacific region is expected to grow at the highest CAGR over the forecasted period due to the increasing usage of electric & electronic home appliances. There is an increase in the number of companies developing electric & electronic home appliances. The growing government initiatives such as the Make in India campaigns have increased the local production capacity and set up new production facilities in the country. The government has also initiated several home energy action programs for providing energy-efficient devices to low-income households. This has increased the development of energy-efficient electric & electronic home appliances. The growing working women have led to having an increase in looking for appliances and automatic washing machines. Several manufacturers are shifting their manufacturing facilities to developing countries such as India due to a large population, skilled and cheap labor.

Competitive Analysis

The global electric & electronic home appliances market is highly competitive with several international and local markets. Product diversification, revenue generation, and opportunities intensify the market competition. AB Electrolux, Qingdao Haier Co., Ltd., Hitachi, Ltd., LG Electronics Inc., Midea Group Co., Ltd., Panasonic Corporation, Robert Bosch Gmbh, Samsung Electronics Co., Ltd., Whirlpool Corporation are the leading market players with significant market share. The major players are using product development, novel product launches, market expansion, and product diversification strategies for holding their position in the market.

The companies are entering into collaborations, mergers, strategic partnerships, and acquisitions to increase the demand for electric & electronic home appliances and their expansion across the globe. For instance, in June 2020, Sunverge, the provider of an industry-leading distributed energy resource (DER) control, orchestration, and aggregation platform entered into the strategic collaboration with Eaton, a global leading power management technologies. Sunverge's advanced intelligent energy management platform with Eaton's energy management circuit breakers would enable deeper penetration, visibility, and control into the home's energy profile compared to the current smart home appliances. The integration of Eaton's intelligent circuit-level load management offering with Sunverge would accelerate the smart home market's growing dependence on smart home appliances' consumer adoption cycle.

In January 2020, Panasonic had entered into the collaboration with the Drop, the leading smart kitchen platform, to simplify the lives of home cooks' lives appliances. This collaboration would provide the customized navigation that enables the users to have advanced features like resizing recipes or offering substitutions for missing ingredients.

In April 2018, Electrolux had entered into the collaboration with Google to integrate the connected kitchen products in Europe with the Google Assistant. This collaboration would enable consumers to control products using voice commands. Voice integration with connected appliances would improve the cooking experience by saving time and simplifying everyday tasks. By linking a connected oven to the Google Assistant, consumers would receive help with daily functions such as turning their oven on and off, selecting the right cooking program and desired temperature.

In April 2016, Bosch had launched the refrigerators range Serie 4. The international white goods brand would be launch the nine models of its double-door fridges with capacities range of 290-350 liters.

In June 2016, Haier had acquired the General Electric Appliance division for USD 5.6 billion.

Several companies are raising investment and funding for the development of electric & electronic home appliances. In September 2019, GE Appliances (GEA), a Haier company, had invested millions in creating a manufacturing center of excellence for water heaters' production at its Camden, South Carolina plant. This funding would be used for the renovation and retooling efforts would transform the plant, which currently produces refrigerators, into a state-of-the-art, high-volume water heater production facility with capacity for future growth.

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