SINGAPORE –Global market research company Euromonitor International released today new data on the global consumer appliances industry.
According to the new research, the consumer appliances industry is expected to grow by 3 percent in retail volume terms to reach 2.6 billion units sold in 2016. While Eastern Europe and Latin America continue to struggle, Asia Pacific remains the largest major appliances market, accounting for more than 44 percent of global volume sales, thanks to strong demand from emerging countries, including India, Indonesia and Vietnam.
“Indonesia will post the highest growth at a 9 percent compound annual growth over 2016-2021. Demand is coming from continued urbanisation through the development of electricity infrastructure and increasing property ownership, as well as lifestyle changes that require more refrigeration appliances at home. In fact, in 2016 fridge freezers represent nearly half of major appliances sales in Indonesia and this trend will continue through to 2021,” says Euromonitor International Head of Consumer Appliances, Jamie Ko.
Health continues to drive small appliances sales, with a rise in popularity of products such as light fryers, air purifiers and juice extractors. “Driven by health trends, slow juicers are displaying the highest growth in 2016. We forecast that the popularity of slow juicers will continue, with global volume sales expected to more than double over 2016-2021,” adds Ko.
Innovation will play an important role for the future of the appliances market. Growing from a low base, 30 million units of connected appliances have been sold globally in 2016, half of them in China. However, global growth is expected to pick up strongly from 2016 to 2020, with retail volume sales projected to reach 178 million units worldwide.
To learn more about Euromonitor International’s Consumer Appliances research, visit: https://blog.euromonitor.com/category/consumer-appliances
To register for the free webinar “Smart Appliances: Industry Forecast to 2020” visit: http://go.euromonitor.com/webinar-consumer-electronics-2016-smart-appliances.html