South Koreas Small Home Appliance Market is expected to grow in the upcoming years owing to the use of technology and innovations in the home appliance market. The growth of small home appliances is expected to continue due to the increase in single households and the spread of new consumption trends in the market. This is leading to the increasingly seeking personalized and premium products in the home appliances market.

The trend of satisfaction through consumption is spreading in the market. Consumers in the market are preferring luxury home appliances brands such as Dyson, Philips, Valmuda, and Laura Star are also increasing. As consumers are becoming more environmentally conscious small environmental appliances such as air cleaners are also having significant demand.

The South Korean government is supporting the growth of the market. The government has planned to boost the home appliance market of the country by making use of IoT technology to boost revenues from export.

Key Market Trends

Rise in number of Single households in South Korea is lemading to Surge in demand of Small Home Appliances

The number of single-person households has surged by more than two million as of July 2019 in South Korea. Cities such as Gyeonggi-do, Seoul, and Busan have the highest number of single households in South Korea. The rise in small, are leading to the surge in demand for small appliances. Toasters, Coffee machines, juicers, robot cleaners, irons, were popular for small household appliance products suitable for 1 to 2 households. Small refrigerators and small washing machines for single-person households have also established new markets in the South Korea appliances market.

Increase in Preference for Vacuum Cleaners in the South Korea Small Home Appliance Market

There has been significant growth in the sale of vacuum cleaners in the South Korean Home Appliance Market. The sale of vacuum cleaners increased by 9% in the year 2018. Cordless Vacuum cleaners are becoming a major category of vacuum cleaners in South Korea. These vacuum cleaners are more convenient to consumers, have shorter battery life, and more expensive than other variants. There is also a rise in the growth of air cleaners in the market as fine dust problems are becoming serious. It is also observed that the number of consumers buying premium products is increasing in the Small home appliance market.

Competitive Landscape

The Korean small home appliance market is highly competitive and consists of many players. Multinational companies have a strong presence in South Korea’s Small Appliance Market. Specialty stores and hypermarkets remained the preferred channel for the household appliances. Players are following aggressive mergers and acquisition strategies to remain competitive in the market.

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