Opportunities in the Global Household Appliance Market

2014-04-04
Published : Apr-2014

The global household appliance industry is capital intensive and fragmented as plenty of players are competing with each other to uphold their place in the market. The household appliance industry consists of cooking appliances, laundry appliances, home comfort appliances, refrigerators among many others.

According to analysts, the global household appliance market is forecasted to grow at a CAGR of 4.08% between 2013 and 2018. The key factor that is driving this growth is the rising consumer income level. Along with this, the market is also witnessing rapid technology advancements in the products offered in the household appliance market. Increasing vendor competition however, can pose a major challenge to the growth of the market.

In China, the government subsidies for purchasing household appliance are likely to boost sales. On the other hand the Indian household appliance industry is expected to grow due to easy availability of finance and drop in prices due to increase in rivalry. In the Asian household appliance industry, India, China, South Korea and Hong Kong are expected to drive the market growth. Due to low manufacturing costs and cheap labor, APAC is emerging as a hot destination for established companies to setup their production unit.

In developed economies, the recession led to decrease in consumer spending. The household appliance industry revenue fell due to the recession as demand from developed countries remained subdued. Currently, the operations have begun to focus on the emerging economies, while rising disposable incomes have boosted demand for household appliances. The improving global economy will encourage increased consumer spending on industry products in the near future. Companies will be looking forward to outsource production to enjoy lower rate per unit costs, helping them to gain stronger revenue.

The key factors that are driving market demand are the rise in consumer incomes and changing lifestyle. Maintaining a balance between quality and price is the biggest challenge for the global household appliance industry. Apart from that, availability of skilled manpower, and market oriented stable economy of India, Malaysia, Japan, China and Singapore are also some factors which are fueling the higher demand of household appliances in the APAC region.

Explore latest market research report on global household appliance market @
http://www.sandlerresearch.org/global-household-appliance-market-2014-2018.html

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