Home, Kitchen and Large Appliances
Overview of the global smart appliances market
Technavio’s market research analysts predict that the global smart appliances market will grow at an impressive CAGR of around 24% between 2016 and 2020. The adoption rate of smart appliances is increasing primarily due to the high dependency of consumers on smartphones, which serve as hubs or remote controls for these appliances. Consumers can download the app on their mobile devices and connect their appliances like refrigerators, microwave ovens, washing machines, dishwashers, and air conditioners through Wi-Fi. Such technologies facilitate them to conveniently operate, monitor, and receive notifications on their smartphones from any remote location. Also, the emerging concept of smart homes has increased the proliferation of smart appliances, which can be connected to the end user's smartphone and monitored remotely. Analysts estimate that by 2020, over 70 million homes in Europe and North America will be smart, with most household and kitchen activities managed, monitored, and executed digitally using the internet.
In terms of geography, the smart connected appliances market in North America is expected to grow at a higher and faster rate as compared to other regions. The US is the major revenue contributor in the region owing to technological advancements and growing awareness among customers for connected devices. Also, high internet and
Overview of the global induction hobs market
Technavio’s market research analyst predicts the global induction hobs market to grow at a CAGR of almost 7% between 2016 and 2020. Factors such as high efficiency of induction cooktops, a rise in the number of working women, growing inclination towards smart kitchens, and a rise in the discretionary income of consumers are boosting the sales of induction cooktops. Induction cooktops heat up faster and distribute heat evenly, are easier to clean, and cool down quickly when the power is switched off so that there is no heat wastage. Owing to such benefits, induction cooktops are gaining massive popularity across the world. These appliances are also available as single induction plates as well as multiple induction plates. High-end built-in induction hobs with multiple induction plates are gaining huge acceptance in developed countries while single-plate free-standing/portable inductions hobs are more popular in developing countries.
In terms of geographical analysis, Europe accounts for the largest share of the global market for induction hobs. Much of the region’s growth comes from the strong growth of the household appliances market. Induction hobs are highly popular in Germany, France, the UK, Italy, and Spain. In Europe, free-standing induction hobs comprise about 46% of the overall market and are highly popular in the region. With the increasing gas prices and growing inclination towards energy-saving appliances, the demand for induction hobs will likely increase in Europe over the next four years.
Competitive landscape and key vendors
Global outlook of the refrigerator market
Technavio’s market research analysts predict the global refrigerator market to grow steadily during the forecast period and post a CAGR of more than 4% by 2020. This industry research report identifies the use of eco-friendly and energy-efficient technologies in refrigerators to be one of the major factors that will have a positive impact on the growth of this market in the coming years. Since refrigerators are one of the home appliances that consume a lot of energy, energy-efficiency has become one of the most important factors considered by end-users while purchasing. Also, the increasing awareness toward environmental pollution has resulted in the customer shift toward environment-friendly refrigerators that use eco-friendly refrigerants and materials such as non–ozone depleting refrigerants and glass shelves. Moreover, the introduction of energy-efficiency regulations that mandate the labeling of refrigerators based on their performance, will induce manufacturers and retailers to promote energy-efficiency as a product differentiating feature. Consumers have also started preferring ENERGY STAR rated refrigerators since they are equipped with high-efficiency compressors, improved insulation, and defrosting features that help enhance energy-efficiency. This will compel players in the market to increase their R&D investments and innovate more energy-efficient refrigerators.
In terms of geographical regions, APAC was the major revenue contributor to the market during 2015. The region is the production hub for refrigerators where factors such as the presence of developing markets like China and India, the increase in number of retailers, urbanization, and the changes in food consumption habits that result in the development of the food and beverage industry, will fuel the growth of the market.
Market overview for household appliances in Europe
Technavio’s market research analysts have estimated that the market for household appliances in Europe will grow at a CAGR of over 3% by 2020. Recent technological, design, and feature innovations will help in the extensive adoption of household appliances across Europe during the predicted period. At present, home appliance makers are focusing on using continuous technological advances in the field of electronics to add more perceived values to their products and to enhance their functionality. For instance, built-in dishwashers are now being manufactured with additional features such as more efficient operation, less noise generation, and lower operating time, compared to the previous generation machines. Additionally, the focus of vendors’ on launching products with better technology to serve different purposes like energy efficiency and task efficiency will lead to the strong growth of this market during the estimated period.
According to the analysts, another trend affecting the growth of this market is the rising demand for smart features in household appliances. With improvements in the living standards of European consumers and increasing interest in connectivity-enabled smart appliances, the adoption of smart household appliances is anticipated to grow during the forecast period. In this market, factors like advances in technology and the emergence of smart homes are aiding in the proliferation of smart appliances like smart microwave ovens,
Outlook of the global electric dryers market
Technavio’s market analysts predict that the global electric dryers market will grow progressively and post a CAGR of approximately 4% by 2020. One of the major factors driving the market will be the growing need for energy efficient electric dryers among consumers. Consumers in the market will opt for energy efficient dryers to reduce the consumption of electricity and save money on utility bills. As electric dryers consume a significant amount of electricity, the vendors are increasingly focusing on technical developments to produce ENERGY STAR certified electric dryers, which will help consumers make the right choice while making a purchase. Also, the majority of players are focusing on introducing more efficient electric dryers to cater to the augmented demand for energy-efficient appliances. Moreover, factors such as the increasing emphasis on improving heat pump dryers as they use less energy will also help in the evolution of the market over the next four years.
One of the significant trends observed in the market is the introduction of innovative features in electric dryers, such as the use of smartphones to control appliances and wrinkle reduction technology. The use of smartphones will allow consumers to diagnose problems and communicate with the manufacturer conveniently through text alerts. The vendors will be investing in technology and innovation to come up with a mechanism within electric dryers that implements tumbling after a cycle to prevent clothes from wrinkling.
Competitive landscape and key vendors
The market appears to be highly competitive, and few major players control the level of competition. The businesses will
Overview of the global gas dryer market
According to Technavio’s market research analysts, the global gas dryer market will witness steady growth and will post a moderate CAGR of more than 4% over the forecast period. Gas clothes dryers are being increasingly used in households to complement washing machines. The most favorable feature of gas dryers is its fast drying cycle, which is resilient to weather conditions. Gas dryers are convenient to use as most of them are equipped with moisture sensors to analyze the moisture content in the clothes, thereby, preventing clothes from being exposed to unnecessary heat. Moreover, the dryer shuts down once the clothes are dry, which not only reduces energy consumption but also retains the quality of the fabric. With various types of dryers available in the market, consumers have the option to choose the product that is best suited for them, which will lead to this market’s growth in the coming years.
One of the recent trends contributing to the growth of this market is the increasing investments in R&D and advertising by gas dryer manufacturers. The vendors are conducting R&D activities to devise methods, which help them reduce the cost of the expansion, storage, and maintenance of inventory. Also, changes in consumer preferences are compelling vendors to introduce innovative gas dryers with high energy efficiency to stay competitive in the global market. Moreover, the majority of vendors are also focusing on improving their advertising campaigns, incorporating methods such as digital marketing, to increase awareness about their offerings and promotional campaigns among
Home appliances include air conditioners, heaters, televisions, and washing machines and dryers. Kitchen appliances include coffee machines, refrigerators, stoves, and microwave ovens.
Technavio’s consumer data and market analysis advances your knowledge of the industry and its competitive environment and provides insights on kitchen appliances, commercial kitchen appliances, electric home appliances, integrated kitchen appliances, kitchen small appliances, and luxury kitchen appliances.