The home appliances market is an ever growing industry and has witnessed a significant growth in past few years. Home appliances play a crucial role in people’s life as it helps to ease off the daily chores along with providing better service. The home appliance industry is heavily influenced by technological advancements and innovations, which has resulted in emergence advanced smart and connected home appliances.
Smart home appliances are the next generation connected appliances which can be controlled by a central system. These appliances can also communicate with each other when put in the same network. This allows the user to control household appliances such as ovens, washing machines, refrigerators, vacuum cleaners, stoves, air conditioners, etc. from anywhere in the house using a smartphone. The global smart home appliances market is primarily driven by increased adoption of mobile devices and availability of high-speed internet.
The global home appliances market is segmented into kitchen appliances, washing appliances, water heater appliances, entertainment appliances, refrigeration appliances, room comfort and cleaning appliances. Kitchen appliances include microwaves, electrical ranges, cooktops and others. Refrigerators and freezing systems are a part of refrigeration appliances, while washing appliances include washing machines, dryers, steam iron devices and others. Water heater appliances comprise of storage tank water heaters, solar water heaters and gamma electric iron rods. Products such as air conditioners ceiling fans, dehumidifier and room heaters are the examples of room comfort appliances while cleaning appliances include products such as vacuum cleaners and dishwashers. The kitchen appliance segment is growing faster than the other segments.
Factors such as rapid urbanization, increasing working class population, expanding middle class and technological innovations are driving the global home appliances industry. In addition, increase in marketing and advertising budgets along with innovative credit schemes are further making a significant contribution towards the growth of the industry.
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