April
3, 2019: The global appliances market size is anticipated to
reach USD 1.81 trillion by 2025 registering a CAGR of 7.2%, according to a new
report by Grand View Research, Inc. Mounting demand for modern and technically
advanced appliances, owing to durability and comfort, is expected to augment
the market growth over the forecast period. In addition, increased disposable
income levels, improving standards of living, and rapid urbanization across the
globe are expected to contribute to the market expansion. Manufacturers in the
market have a global distribution network, which includes resellers, company-operated
stores, e-commerce, dealers, and value-added resellers.
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They expand their
distribution network by offering brand equity, installed base, and product
advancements. Sales engineers work closely with customers to design and develop
application-specific products to match the particular requirements.
Energy-efficiency is a crucial factor influencing the global market.
Governments across the globe have enforced various stringent guidelines to
ensure energy-efficiency for household appliances, thus propelling consumers to
purchase only those goods fulfilling the minimum energy-efficiency regulations.
These guidelines are
implemented at various stages, including manufacturing, sales and operation, as
well as recycling, to help the companies in the market value chain. There are
various barriers as well as benefits of the energy-efficiency programs
developed by the policy-makers. Moreover, despite cost-effectiveness and
several programs being run by the governments across the globe to spread
awareness regarding energy-efficiency, the optimal outcome has not been
achieved due to several barriers during the implementation stage of these
programs.
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Further
key findings from the study suggest:
• In terms of revenue,
smartphones product segment is anticipated to reach USD 888.1 billion by 2025
expanding at a CAGR of 8.3% from 2017 to 2025
• Television product
segment led the market, in terms of revenue, in 2016 owing to increased
disposable income
• The U.S. appliances
market is anticipated to exceed USD 261.4 billion by 2025 owing to the presence
of prominent manufacturers and suppliers in the country
• Some of the key
companies in the global market are Whirlpool Corporation, Electrolux AB, Haier
Group, BSH Hausgerate, LG Corp, Midea Group, and Samsung Electronics
• Most of these companies
have undertaken several business strategies including M&A and product
development to strengthen their foothold in the global industry
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