Acumen Research and Consulting, a global provider of market research studies, in a recently published report titled “Appliances Market (By Product: Home [Television, Washing Machine, Refrigerator, Air Conditioner, Others], Personal Care [Hair Care, Oral Care, Others], Smartphones, Others) - Global Industry Analysis, Market Size, Opportunities and Forecast, 2018 - 2026”.

LOS ANGELES, March 05, 2019 (GLOBE NEWSWIRE) -- Acumen Research and Consulting forecasts the global appliances market is forecasted to grow at a stable CAGR around 7.5% during the forecast period 2018 to 2026 and will reach around US$ 1.75 trillion by 2026.

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According to the report named “Appliances Market” - Global Industry Analysis, Growth, Share, Size, Trends and Forecast, 2018-2026”, escalating demand for new and technologically advanced appliances, changing standards of living, increasing popularity of e-commerce shopping, increased disposable income levels, product advancements, changing lifestyle, rising energy-efficiency programs and ease of availability of various types of appliances are some of the key factors that are fueling the appliances market growth across the globe.

Appliance is a machine, device, or a piece of apparatus, particularly electrical device which is used in the various application of the house, such as a washing machine, cooker and others. Raw resources used in the manufacturing of appliance are plastics, precious metals, silicone, and chemicals. Modern appliances such as vacuum cleaners, washing machines and steam irons make various monotonous house works easier. Asia Pacific is anticipated to witness the highest growth rate over the forecast period owing to the availability of wide range of appliances, growing awareness towards various smart appliances and large population base in the region. Continuously changing lifestyle and growing inclination towards low priced and eco-friendly appliances are playing the major roles in the growth of regional appliances market.

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Rising Awareness towards Various Smart Appliances and Availability of Broad Range of Appliances to Drive the Global Appliances Market Growth

The awareness towards smart and eco-friendly appliances is rapidly increasing with the changing lifestyle. Due to the increasing demand for new and technologically advanced personal care and household appliances, the growth of the global appliances market is growing rapidly and expected to grow at substantial rate during the forecast period. Moreover, rising popularity of e-commerce shopping websites due to the various discount options as well as free delivery services is forecasted to impact positively on the growth of the global appliances market over the forecast time period. In addition, growing consumer expenditure and increasing awareness towards energy various smart efficient appliances across the emerging countries are expected to fuel the market growth. Easy accessibility of a number of domestic and kitchen appliances at minor prices, such as air conditioners, refrigerator and televisions due to strong competition among the market players has also considerably positively influenced the market across emerging economies. Growing necessity for efficient as well as safe appliances has forced companies to produce eco-friendly products with improved efficiency, durability and reduced power consumption. Various macroeconomic factors, such as digitalization, varying consumer buying strategies and increasing demand in emerging nations, are supplementing the overall market growth. Furthermore, manufacturers are mainly focusing on development of self-directed, smart appliances with the integration of intelligent electronic control, sensors and machine programming methods. Additionally, governments across the globe have implemented various stringent rules and regulations in order to guarantee energy efficiency for household appliances. This factor is boosting the consumer’s purchasing power, thereby propelling the growth of the global appliances market.

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Asia Pacific to Grow at Highest Rate in Appliances Market

Geographically, the global appliances market has been divided into North America, Europe, Asia Pacific, Latin America and Middle East and Africa. Asia Pacific is anticipated to witness the highest growth rate over the forecast period owing to the availability of wide range of appliances, growing awareness towards various smart appliances and large population base in the region. Continuously changing lifestyle and growing inclination towards low priced and eco-friendly appliances are playing the major roles in the growth of regional appliances market. Growth in the young population and inclination towards more advanced appliances are supplementing the regional market growth. Furthermore, the growing demand for the kitchen appliances is playing a major role in the growth of the regional market. North America is also expected to show substantial growth over the forecast period due to the development of various innovative appliances and technological advancements. Also the small-scale companies of home appliances are rapidly being taken over by the various industry giants in the region.

Market Players

The appliances market is consolidated with large number of manufacturers. The company profiling of key players in the market includes major business strategies, company overview and revenues. The key players of the market are Whirlpool Corporation, LG Corp., Haier Group Corp., Samsung Electronics Co. Ltd., Midea Group, Electrolux AB, and BSH Hausgeräte GmbH.

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