Dublin, April 08, 2024 (GLOBE NEWSWIRE) -- The "World Market for Major Appliances" report has been added to ResearchAndMarkets.com's offering.
The major appliances market saw a challenging 2023 in volume terms as consumers continued to scale back. However, industry innovations kept many interested, keeping healthy value sales. Innovations in AI, advances in interoperability between appliances and energy efficiency are set to positively impact the major appliances market.
Examining Five Trends Shaping Major Appliances
The next stage for smart home is cross-operability and active use of smart tech
The adoption of smart appliances have been moderately fast but pushed by manufacturers rather than consumers. To attract consumers' interest in smart tech and promote active searching for it, marketing of AI-powered appliances offers a window of opportunity, if the easing of everyday chores is explained. One of the biggest barriers continues to be interoperability between devices, where industry standards HCA and Matter are expected to make a difference provided manufacturers proactively release compatible models.
Home as a Service coming to appliances as manufacturers look for new sources of revenue
Already common in electronics, manufacturers are looking for new revenue streams coming from software rather than selling its own products. The concept Home as a Service is being tested more in appliances, from offering post-sale services such as downloadable programmes or repair services to offering appliance rental. As consumers become gradually more open to rental and subscriptions model, this is an impending trend in appliances.
Claims on sustainable materials and durability appreciated even in times of considered purchases
Marketing of durability or innovative materials is nothing new in consumer appliances, but with budgets being squeezed for many, we expect to see more considered spending, while being more receptive towards claims about durability and repairability. Customers also generally trust green labelling and increasingly consider it when making discretionary purchases, making it a smart premiumisation strategy in major appliances.
Personalisation as a way to upsell and allow greater accessibility
Personalisation has come a long way in major appliances, and now expands beyond simply allowing design choices such as colour of an appliance. The spread of AI-enabled functions opens doors to fully personalised programmes, learning patterns of usage and adjusting this for the needs of the individual. Emerging trends also include assistive technologies, thus making consumer appliances more accessible for the elderly and consumers with disabilities. Appliance manufacturers have a great opportunity in this area, as the average lifespan lengthens.
Home management systems pushed by appliance manufacturers as a response to the energy crisis and automation
To level up energy efficiency and automation, manufacturers have reacted by focusing on home energy management systems (EMS) as seen at IFA23 in Berlin. EMS will allow customers to manage the energy of the entire home, interconnecting appliances and bringing energy benefits by monitoring all as one ecosystem. Consumers are also more receptive towards energy saving-related products and claims after spikes in energy prices.
The World Market for Major Appliances global briefing offers a comprehensive guide to the retail sales data, allowing you to identify the sectors driving growth. The report also identifies the leading companies/brands and offers strategic analysis of key factors influencing the competitive landscape - be it new product developments, technological innovations, economic/lifestyle influences, distribution or pricing issues. Additionally, trade statistics and producer's shares will answer questions on where appliances are produced and where they are being exported to, how quickly these units are moving, which companies are producing how much, and whether all categories are behaving in the same way. Collectively, this gives a complete view in both marketing and production planning strategies. Forecasts illustrate how the market is set to change.
Key Topics Covered:
Introduction
- Scope
- Examining five trends shaping major appliances
State of the Industry
- Market squeezed by slow consumer demand amid economic uncertainties
- Microwaves one of the least affected by consumers' weak demand in many markets
- Greatest potential for growth remains in emerging markets
- Dishwashers offer the highest growth potential, being niche in many regions
- Asia Pacific markets dominate projected absolute period growth with China in the lead
- E-commerce remains high, but consumers still value in-person advice and product showcasing
Leading companies and brands
- The market is further consolidating apart from the Middle East and Africa
- Haier strengthens its position while second-placed Whirlpool struggles and divests its business
- Haier ahead due to localising its product offer and investing in production abroad
- Smaller local companies growing the fastest, albeit from a small base
- Top five trends shaping the industry
Examining trends shaping major appliances
- The next stage for smart homes is to attract consumers to actively use smart features
- The next stage for smart homes requires manufacturers to take action on cross-operability
- AI as one of Samsung's Core Technologies presented at IFA23 and CES24
- Home as a Service has potential as customers are more open to new forms of services
- Home as a Service transitioning by LG ThinQ UP 2.0
- Capitalising on durability and sustainable materials in times of more considered purchases
- SaphirMatt premium built-in hob by AEG premiered at IFA23
- Repairability is being pushed by policy initiatives and as a claim by manufacturers alike
- Personalisation goes beyond design with artificial intelligence and assistive tech
- Siemens trades on personalisation via AI and using its HomeConnect app
- Samsung rebranded Whisk to Samsung Food and created an AI-powered cooking hub
- LG presents Universal UP Kit and more innovations are expected for accessibility tech
- Home energy management systems reflect both sustainability and smart home push
- LG's Smart Cottage at IFA23 showcased energy management capabilities
Market snapshots
- Global snapshot of Dishwashers
- Global snapshot of Home Laundry Appliances
- Global snapshot of Large Cooking Appliances
- Global snapshot of Refrigeration Appliances
- Global snapshot of Microwaves
- Regional snapshot: Asia Pacific
- Regional snapshot: North America
- Regional snapshot: Latin America
- Regional snapshot: Western Europe
- Regional snapshot: Middle East and Africa
- Regional snapshot: Eastern Europe
- Regional snapshot: Australasia
A selection of companies mentioned in this report includes:
- Haier
- Whirlpool
- Samsung
- LG
- AEG
- Siemens
- Samsung Food
For more information about this report visit https://www.researchandmarkets.com/r/bij89c
About ResearchAndMarkets.com
ResearchAndMarkets.com is the world's leading source for international market research reports and market data. We provide you with the latest data on international and regional markets, key industries, the top companies, new products and the latest trends.
