Home, Kitchen and Large Appliances
Overview of the global kegerators market
Technavio’s market research analyst predicts the global kegerators market to grow at a CAGR of around 5% between 2016 and 2020. As kegerators are developed to dispense and brew draft beer and other beverages, they consume more energy. This has prompted several manufacturers to come up with energy-efficient kegerators to cater to the consumers’ demand across countries. Some of the popular energy-efficient kegerators include Cydea’s Kegco K199B-2P Kegerator Two Keg Beer Cooler - Premium Double-faucet D System Kit, and Heineken’s KRUPS and HEINEKEN B100 BeerTender with Heineken draught keg technology. Also, several manufacturing companies worldwide are competing against each other to manufacture best-in-class beverage coolers with high energy efficiency. They are developing energy-efficient kegerators that consume less power than conventional beverage dispensers. Keeping in mind the various consumer requirements, kegerator manufacturers have launched products with features like built-in capability, frost-free operation, complete tap kit, reversible door, convertible to a refrigerator, multiple-tap system, digital thermostat, LED lighting, and 100% CFC free. Such multi-feature product offerings will ensure the increasing sales of kegerators and subsequently increase the growth prospects for the market in the coming years.
The kegerators market in APAC is expected to experience annual growth during the forecast period owing to the presence of some of the fastest-growing beer markets such as China and India. Countries like China, Japan, Australia, and South Korea occupy more than four-fifth of the kegerators market in APAC. With the introduction of more
Overview of the global inverter technology air conditioner market
Technavio’s market research analyst predicts the global inverter technology air conditioner market to grow at a CAGR of close to 13% between 2016 and 2020. With increasing awareness of the energy-efficiency properties of inverter technology air conditioners, these appliances have the potential to replace popularly used conventional air conditioners. Inverter technology air conditioner compressors can run at various speeds depending on the load required by the air conditioner. Moreover, these advanced technology-equipped air conditioners offer optimal and precise temperature control and better energy conversion efficiency through its electronic variable speed drive motors. Factors such as low noise, energy efficiency, and superior performance of inverter technology air conditioners will positively aid in increasing the sales of these appliances in the coming years.
The high cost of inverter technology air conditioners has propelled several manufacturers to come up with value-added features such as four-way swing option, virus filters, and stylish design elements to increase their sales. They are distinguishing their products by integrating smart connect features, and smart diagnosis enabled through NFC and Wi-Fi connectivity. For instance, Samsung has introduced its new range of smart air conditioners, which provide high energy savings and cooling experience. The product is equipped with the world's first new 8-pole motor in its digital inverter compressor. Vendors are also announcing characteristics like anti-dust and anti-bacterial filters, multi-seasonal options, auto clean mode, multi-flow condenser, sleep mode, and energy-saver modes in their products.
Competitive landscape and key vendors
Outlook of the global portable mini fridge market
According to Technavio’s market research analyst, the global portable mini fridge market will grow at a CAGR of over 4% by 2020. A major factor impelling this market’s growth prospects is the rising need for cold storage in commercial vehicles. Since road truckers and cab drivers are always on the road, they prefer eating food inside their vehicles as it helps them to save money. As a result, they prefer using a mini fridge inside their vehicles as it helps them to keep their food and beverages fresh. As long as the batteries of the vehicles work properly, the portable mini fridges work well. Also, with an increase in the number of road truckers and cab drivers on the road, the demand for portable mini fridges for commercial vehicles is expected to increase.
In terms of geography, APAC will be the largest market for portable mini fridges during the estimated period and will exhibit the fastest market growth rate during the next few years. Much of this region’s growth can be attributed to the strong growth of the RV and marine markets in China. Additionally, factors such as the recent increase in the participation rate for sport fishing will also lead to the high demand for portable mini fridges in this region.
Competitive landscape and key vendors
This market is fragmented and characterized by the presence of multiple vendors competing on the basis of price, product portfolio, and consumer reach. However, factors such as market conditions, government support, and industry development also play a crucial role in affecting this market’s growth prospects. Market players can also boost profitability by practicing efficient production techniques that minimize product costs and distinguish their product
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.
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.