Introduction

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. The report provides analysis of global appliances market for the period 2016-2026, wherein 2018 to 2026 is the forecast period and 2017 is considered as the base year. According to Acumen Research and Consulting, the global appliances market is expected to grow at significant CAGR around 7.5% throughout the forecast period and reach around US$ 1.75 trillion by 2026.

Market Dynamics

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. 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. Continuously changing lifestyle and growing inclination towards low priced and eco-friendly appliances are playing the major roles in the growth of global appliances market. 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. Significant rise in the smartphone sales across the emerging countries is boosting the growth of the overall segment. Moreover, rising use of social media and infinite communication facilities are some of the factors that driving the segment 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. Furthermore, manufacturers are mainly focusing on development of self-directed, smart appliances with the integration of intelligent electronic control, sensors and machine programming methods. 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. Additionally, large numbers of manufacturers are changing their focus towards the high margin and revenue based automatic connected appliances. Due to this factor manufacturers are rapidly developing various innovative and convenience based appliances. Rapidly increasing popularity for numerous major Operating Systems (OS), such as Android and iOS is also boosting the overall market growth.