Household Appliance Market to grow by USD 89.50bn|Key Drivers and Trends|Technavio
According to Technavio, the household appliance market size is expected to value at USD 89.50 bn during 2021-2025. The market sizing analysis in the report reveals that the market growth will decelerate at a CAGR of 4.44%. The report offers exclusive detailed COVID-19 impact study, which majorly highlights vendor performance and new business opportunities during and post pandemic period.
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Household Appliance Market Trends & Drivers
The household appliance market research report has a detailed analysis on the key drivers, trends, and challenges, which will help vendors in making important business decisions and modifications to cater to the changing consumer demand. While it is essential to capitalize on key drivers such as product innovation and advancement leading to portfolio extension and product premiumization, it is also crucial to understand the challenges that will impede sales during the forecast period. Identifying and addressing market growth challenges will create additional opportunities for the existing and new market players.
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The household appliance market has also explored key trends such as increased adoption of integrated smart home technology, which will have a significant positive impact on the market growth over the forecast period. A thorough study of the market trends will enable vendors to understand demographics effectively, which can be used to further product and service innovation.
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Household Appliance Market: Segmentation Analysis
This market research report segments the household appliance market by Product (Major household appliances and Small household appliances), Distribution Channel (Offline and Online), and Geography (APAC, Europe, North America, South America, and MEA).
The APAC region led the household appliance market in 2021, followed by Europe, North America, South America, and MEA respectively. During the forecast period, the APAC region is expected to register the highest incremental growth due to factors such as .
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A few of the key topics covered in the report include:
- Vendors covered
- Vendor classification
- Market positioning of vendors
- Competitive scenario