The global electric household appliances market has been projected to reach 1.25 billion units by 2018, propelled by developing economies in the Asia Pacific region, the emergence of smart appliances, and increasing demand for energy-efficient products.
Consumer preference plays a key role in determining sales, as factors, such as price, quality, features, and brands are unique to each geographic region and demographic segment.
Healthy demand for major household appliances such as refrigerators, air conditioners, dishwashers, washing machines, food choppers, food processors, and electric ranges are also providing momentum to the market.
The global electrical household appliances sector suffered the impact of the global economic recession during 2008 and 2009 with steep fall in sales and profit margins registered across US, Canada, Europe, and Japan during the period.
Although the industry bounced back from the recessionary trough in 2010, the fiscal uncertainty in the US, and sovereign debt crisis and subsequent austerity in Europe are weakening consumer confidence levels in these regions to a significant extent.
There is an increasing trend to network home appliances together, and combine their controls and key functions. For instance, energy distribution can be managed more evenly so that when the washing machine is on, the oven can go into a delayed start mode, or vice versa. Or, a washing machine and dryer may share information about load characteristics (gentle/normal, light/full), and synchronise their finish times so the wet laundry does not have to wait before being put in the dryer.
Asia-Pacific region, led by India and China, represents the largest market worldwide. The region is also slated to outrace other geographic markets with a projected CAGR of 4.8% through to 2018.
For more information on the electronic household appliances market, see the latest research: Electronic Household Appliances Market
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