Wet and Cold Appliance Market: Reporting And Evaluation Of Recent Industry Developments 2019 - 2027
Transparency Market Research (TMR) predicts that the global Home Appliance (Wet and Cold) market would expand at a CAGR of 6.2% over the period 2019 and 2027. Furthermore, the total value of the market is projected to touch 216.9 Bn by the end of 2027.
The global wet and cold appliances market is going through solid growth with the better disposable income levels in a number of countries, rising middle-class economy, busier lifestyles, and the availability of a range of wet and cold appliances at competitive prices. With the rising digitalization, consumers have become more tech-savvy and have robust knowledge associated with the use and benefits of all modern wet and cold appliances. In wet and cold appliances wireless technologies such as Bluetooth, Wi-Fi, and ZigBee used in or accessed by tablets and smartphones. But the insertion of such technologies in wet and cold appliances such as refrigerator and washing machine is a means of product differentiation by manufacturers that is attracting technology oriented consumers. Consumers are progressively adopting wireless and technologically advanced products, mostly for the convenience it offers.
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The top companies in the wet and cold appliances market are the South Korean multinational companies such as LG Electronics and Samsung, Whirlpool, and the German Bosch and Siemens Group. Refrigerators, Washing machines, and dishwasher are projected as the main appliance categories within the wet and cold appliances market. Economic development in Asian countries such as India and China is expected to boost the wet and cold appliance market demand. Rising population, strong economic growth, and swift infrastructure development is also likely to positively impact market growth in the coming years. Industry participants emphasize on product innovation and development, new introduction of product to remain in the competition.
In terms of geography, Asia Pacific accounted for the major share in the wet and cold appliance market in 2018. Adoption and usage of wet and cold appliances such as domestic refrigerators and washing machines is high in the region; also, demand is projected to be high for smart wet and cold appliances such as smart refrigerators and smart washing machines in this region during the forecast period. Wet and cold appliances in Europe have reached the targeted growth phase due to a strong product pipeline and well-established portfolio management approach. Rising disposable income and introduction of efficient wet and cold appliances are likely to drive the wet and cold appliance market at a good pace. Key trends supporting the growth of the market includes increase in the usage of Internet of Things (IoT), and growth of wireless communication technology.
In terms of type, the domestic refrigerator segment expected to have the highest CAGR over the forecast period. The growth of this segment is attributed to major adoption and increased usage of refrigerators in households in Europe and Asia Pacific. Also, rise in consumer spending power and ease of financing schemes tends to increase the growth of the domestic refrigerator market.
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