According to a new report published by Allied Market Research, titled, “White Goods Market by Product, End User, and Distribution Channel: Global Opportunity Analysis and Industry Forecast 2021-2027″. The research provides a current evaluation of the global market landscape, highlighting recent trends, key drivers, and the overall market environment. The study examines the main factors influencing industry expansion, analyzing both its growth drivers and restraints. Additionally, it sheds light on factors expected to offer promising opportunities for development of industry in the future. The white goods market size was valued at $ 635.4 billion in 2019, and is estimated to reach $ 1,031.0 billion by 2027, registering a CAGR of 7.8% from 2021 to 2027.
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Rise in disposable income, growth in advertisement and internet penetration, and surge in the number of restaurants and hotels fuel the growth of the global white goods market. On the other hand, usage of white goods affects the environment and promotes health issues, which impedes the growth of the market. However, launch of new eco-friendly products and further technological advancements are expected to present number of opportunities in the near future.
Global warming and emission of the greenhouse gasses are considered to be the major challenge for the growth of the AC market during the forecast period 2021-2027. Chlorofluorocarbons (CFCs) is the greenhouse gas, which is responsible for depletion of the ozone layer and this gas is significantly emitted though the refrigerators and air conditioners.
Technological up gradation in white goods is majorly attracting consumers to buy and replace their old home appliances. Many white goods manufactures are upgrading white goods to stand apart from their competitors. Now air conditioners are available with inverter and air purification technologies, which is further anticipated to positively influence the global air conditioners market throughout the forecast period.
The global white goods market exhibits high growth potential in the developing economies such as India and China, owing to increase in personal disposable income and high spending for improving high standard of living. People are actively replacing old appliances with smart and highly technological household commercial white goods including air conditioners, refrigerators, microwave ovens, water heaters and vacuum cleaners. Now a days, white goods manufacturers are making more advanced and smart featured home and commercial appliances, which can be connected to the internet. In addition most of the white goods can be controlled and regulated with smartphones, which is expected to attract consumers and create huge demand during the forecast period 2021-2027.
Growing commercial & government complexes in various end-user industries of the white goods such as hotels & restaurants, food outlets, hospitals & clinics, and cleaning agencies are creating huge demand for air conditioners, washing machines, microwave oven and vacuum cleaners. Dishwasher segment has been growing at the fastest CAGR growth rate as dishwasher manufactures are making these dishwashers available in customized form. People are actively taking interest in the improvement of home and kitchens with smart home appliances, which is further adding to the growth of the white goods market during the forecast period.
Based on end user, the residential segment held largest market share with nearly three-fifths of the global white goods market in 2019, and is anticipated to maintain its dominance till 2027. Growing disposable income and increase in spending on home improvement drive the growth of the segment. At the same time, the commercial segment would showcase the fastest CAGR of 8.5% during the forecast period. Rise inhotel & restaurants, hospital & clinics, commercial complexes and government offices drive the growth of the segment.
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Based on product, the refrigerator segment accounted for nearly two-fifths of the global white goods market share in 2019, and is projected to lead the trail by 2027. Growing investments in innovation of refrigerators units and rising income levels coupled with reduced product prices with high specifications availability drive the growth of the segment. On the other hand, the dishwasher segment is expected to portray the fastest CAGR of 10.3% throughout the forecast period. The rising number of working population and nuclear families is fueling product demand. Also, the growing adoption of the product in both residential and commercial sectors to save the time, water, and energy for utensils cleaning further drives the growth of the segment.
Based on region, Asia-Pacific, followed by North America held the major share in 2019, generating nearly half of the global market. The growing standard of living, rise in disposable income and high spending on the home improvement such as interior designing fuel the growth of the market. The LAMEA region would also showcase the fastest CAGR of 9.4% from 2021 to 2027. Rapid growth of the retail sector and business expansions of the major white goods manufactures in the region drive the growth of the market.
The players operating in the white goods industry have adopted product launch and business expansion as their key developmental strategies to expand their market share, increase profitability, and remain competitive in the market. The key players profiled in this report include Alliance Laundry System LLC, AB Electrolux, Blue Star Limited, Haier Group Corporation, IFB Industries Ltd, LG Electronics Inc., Havells India Limited, Koninklijke Philips N.V., The Middle by Corporation and Whirlpool Corporation.
𝐊𝐞𝐲 𝐁𝐞𝐧𝐞𝐟𝐢𝐭𝐬 𝐅𝐨𝐫 𝐒𝐭𝐚𝐤𝐞𝐡𝐨𝐥𝐝𝐞𝐫𝐬:
➢ The report provides a quantitative analysis of the current market trends, estimations, and dynamics of the market size from 2019 to 2027 to identify the prevailing opportunities.
➢ Porter’s five forces analysis highlights the potency of buyers and suppliers to enable stakeholders to make profit-oriented business decisions and strengthen their supplier–buyer network.
➢ In-depth analysis and the market size and segmentation assist to determine the prevailing white goods market opportunities.
➢ The major countries in each region are mapped according to their revenue contribution to the market.
➢ The market player positioning segment facilitates benchmarking and provides a clear understanding of the present position of the market players in the white goods industry.
𝐑𝐞𝐚𝐬𝐨𝐧 𝐭𝐨 𝐁𝐮𝐲 𝐖𝐡𝐢𝐭𝐞 𝐆𝐨𝐨𝐝𝐬 𝐌𝐚𝐫𝐤𝐞𝐭 𝐑𝐞𝐩𝐨𝐫𝐭:
➢ Save and reduce time carrying out entry-level research by identifying the growth, size, leading players, and segments in the global White Goods market.
➢ Highlights key business priorities in order to guide the companies to reform their business strategies and establish themselves in the wide geography.
➢ The key findings and recommendations highlight crucial progressive industry trends in the White Goods Market, thereby allowing players to develop effective long-term strategies in order to garner their market revenue.
➢ Develop/modify business expansion plans by using substantial growth offering developed and emerging markets.
➢ Scrutinize in-depth global market trends and outlook coupled with the factors driving the market, as well as those restraining the growth to a certain extent.
➢ Enhance the decision-making process by understanding the strategies that underpin commercial interest with respect to products, segmentation, and industry verticals.
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