PORTLAND, OREGON, UNITED STATES, April 10, 2023 /EINPresswire.com/ — According to a new report published by Allied Market Research, titled, “Small Domestic Appliances Market by Product Type, Distribution Channel and End User: Global Opportunity Analysis and Industry Forecast, 2021-2030,”
The small domestic appliances market size is expected to reach $581,657.6 million by 2030, registering a CAGR of 13.0% from 2021 to 2030.
Most of the manufacturers are heavily investing in R&D activities to upgrade their home appliances owing to growing demand for highly advanced and smart appliances. Internet of things and smartphone compatibility with smart devices and appliances are majorly in high demand by the consumers. Vacuum cleaner, water heater, oven, bread machine, coffee maker and rice maker, are now available with internet compatibility, which can be controlled by smartphones. Smart features and functionality are gaining major traction among the customers and it can add great value to their standard of living.
According to the CXOs of leading companies, the global small domestic appliances market is emerging at a considerable pace owing several factors such as increase in compatibility of the appliances, enhanced internet penetration, changes in lifestyle patterns, and growth in concerns about energy prices fuel the increase in sales of the small domestic appliances market.
Changes in lifestyle of customers has witnessed increase in trend of modular kitchen, in turn resulting in the development of advanced and innovative kitchen appliances. Rapid increase in food service establishment has led to increased demand for commercial kitchen appliances.
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Rapid expansion of the retail industry plays a major role in the distribution of small domestic appliances. It is becoming more important to make small domestic appliances available to the consumers. Specialty stores and supermarket & hypermarkets are gaining major traction in the global small domestic appliances market. This is majorly attributed to availability of enormous options for the consumers to choose from. Multi brand specialty stores have many brands for the single line product segment, where people can compare their features and colors, which help them to take buying decisions.
Moreover, Asia-Pacific and LAMEA are projected to register a significant growth as compared to the saturated markets of Europe and North America, due to rapid urbanization, increase in penetration of technology even in small cities, growth in disposable income, and improvement in standard of living.
Key Findings Of The Study
The small domestic appliances market was valued at $176,804.3 million in 2020, and is estimated to reach $581,657.6 million by 2030, registering a CAGR of 13.0% from 2021 to 2030.
By product type, the cleaning appliances segment is estimated to witness the significant growth, registering a CAGR of 14.3% during the forecast period.
In 2020, depending on distribution channel, the retail stores segment was valued at $27,194.7 million, accounting for 16.3% of the global Small domestic appliances market share.
By end user, the commercial segment is estimated to witness the significant growth, registering a CAGR of 13.9% during the forecast period.
In 2020, the Brazil was the most prominent market in LAMEA, and is projected to reach $17,658.90 million by 2030, growing at a CAGR of 14.9% during the forecast period.
According to the small domestic appliances market trends, on the basis of distribution channel, the e-commerce segment was the highest contributor to the market, with $50,454.3 million in 2020, and is estimated to reach $190,779.5 million by 2030, at a CAGR of 14.6% during the forecast period. The convenience offered by e-commerce is a key reason behind the success of online portals in the small domestic appliances industry. E-commerce technology reduces consumer search costs, making it easier to virtually compare different products and prices. In addition, e-commerce enables new distribution technologies that can reduce supply chain and distribution costs. The study analyses the e-commerce business and it is expected to grow at a significant rate in the years to come.
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On the basis of end user, the residential segments accounted for around 63.0% market share in 2020, and is expected to grow at a CAGR of 12.5% during the small domestic appliances market forecast period. Demand for residential kitchen and cleaning appliances is growing, especially in the developing countries, owing to the increase in disposable income paired with influence of western culture among the end users. Increase in electricity charges results in increased demand for energy efficient kitchen and cleaning appliances for residential end user. Recovering real estate industry in the American and European countries further boost the demand for advanced kitchen, cleaning and personal care appliances.
According to the small domestic appliances market opportunities, region wise, Asia-Pacific small domestic appliances market is expected to witness significant growth at a CAGR of 13.7% during the forecast period. Surge in urban population paired with improved living standard is generating huge demand for new and innovative small domestic appliances in Asia-Pacific region. Small domestic appliances include cooking/baking and heating appliances, kitchen appliances, personal and animal care, textile handling appliances and cleaning appliances. Changes in lifestyle and increase in purchasing power of customers have changed the market dynamics in the past few years. In addition, surge in electricity pricing boosts the demand for energy efficient and advanced technology kitchen, cooking and cleaning appliances in this region.
The players operating in the small domestic appliances industry have adopted product launch and business expansion as their key developmental strategies to expand their market share, increase profitability, and remain competitive in the market. The key players profiled in this report include Koninklijke Philips N.V., The Whirlpool Corporation, LG Electronics Inc., BOSCH, Electrolux AB, Panasonic Corporation, Spectrum Brands Holdings, Inc., The Middleby Corporation, Morphy Richards, and Samsung Electronics Co. Ltd.
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