The household appliances market size will reach over a trillion dollars ($1.096 trillion) by the year 2030, according to a study by Precedence Research. But what are the key drivers for this market growth in the years to come?
A number of Technological advancements have been identified in the study as key reasons why the global household appliances market is expected to grow so much in the next seven years. Precedence Research cites the proliferation of digital technologies, as well as heightened investment from industry leaders in developing innovative appliances and services, as drivers for market growth.
New technologies emerging in the household appliance industry, such as robotics, artificial intelligence, machine learning and the internet of things, were listed as more causes for the market growing to over a trillion dollars by 2030.
Developments within e-commerce, predicted to be the fastest-growing segment for household appliances, were also cited as drivers for market growth. E-commerce channels are seen to be enjoying an increase in sales of household appliances, due to the growing influence of e-commerce platforms, as well as wider availability of smartphones and the internet.
Refrigerators were noted as being the most in-demand household appliance, as well as the main driver of growth in terms of market segments. The report suggests that in the coming years, demand for refrigerators will partly be driven by the availability of different types of product, based on size, door and additional functions.
Precedence Research states that the Asia Pacific region is the most dominant in terms of household appliance revenue, with the area being the base for industry leaders such as LG, Panasonic and Samsung.