The U.S. household appliances market is forecasted to reach USD 59.76 billion by 2025, according to a new report by Grand View Research, Inc. The market is anticipated to grow owing to the increased technological advancements in the appliances including water heaters, dishwashers, refrigerators, cooktops, cooking ranges, microwaves, ovens, vacuum cleaners, mixers, grinders, food processors, washing machines, air conditioners, and heaters.
The companies in the U.S. household appliances market are investing heavily in designing innovative and user-friendly products to cater the consumer better and gain a larger market share in an extremely competitive market scenario. The companies focus on integrating the Internet of Things (IoT) platform with the products that enable the users to control and monitor the household appliances through mobile applications. For instance, in December 2017, LG Electronics Inc. announced its plan to create ThinQ which will use artificial intelligence (AI) in all its household devices. LG ThinQ products will be competent to use deep learning and communicate with the users. Further, LG Electronics Inc. announced the launch of its smart air purifier for homes. LG PuriCare comprises fine dust sensors, voice recognition, and DeepThinQ technology for cleaner air.
The company has also integrated Near Field Communication (NFC) tagging technology with their appliances, which is a set of standards to establish radio communication for smart phones with other devices. Using this technology, the user can download and control the washing machine programs such as cold wash, baby care, and wool through their smart phones. The company developed TrueSteam technology for washing machines which enables steam softener, steam fresh, and allergy care features. This technology reduces water consumption and helps to eliminate allergens and sterilizes bacteria.
Further key findings from the report suggest:
- By product type, the cooktop, cooking range, microwave, and oven segment is expected to account for the largest revenue share by 2025, registering an estimated CAGR of around 3% over the forecast period.
- By 2025, the brick & mortar distribution channel is projected to account for around 86% of the total market revenue share.
- By distribution channel the e-commerce segment is expected to grow substantially at a higher CAGR of around 9% over the forecast period.
- The dishwasher segment in the U.S. was valued at around USD 4.30 billion in 2016.
- The mixer, grinder, & food processor segment by product type is anticipated to witness the highest CAGR over the forecast period.
- Other major players in the U.S. household appliances market include Electrolux, Frigidaire, Philips Electronics, and SMEG.
Grand View Research has segmented the market for U.S. household appliances into product type and distribution channel.
U.S. Household Appliances Product Type Outlook (Revenue, USD Billion; 2014 - 2025)
- Water heater (boiler/geyser)
- Dishwasher
- Refrigerator
- Cooktop, cooking range, microwave, & oven
- Vacuum cleaner
- Mixer, grinder, & food processor
- Washing machine
- Air conditioner & heater
U.S. Household Appliances Distribution Channel Outlook (Revenue, USD Billion; 2014 - 2025)
- Brick & Mortar
- E-commerce
About Grand View Research
Grand View Research, Inc. is a U.S. based market research and consulting company, registered in the State of California and headquartered in San Francisco. The company provides syndicated research reports, customized research reports, and consulting services. To help clients make informed business decisions, we offer market intelligence studies ensuring relevant and fact-based research across a range of industries, from technology to chemicals, materials and healthcare.
No comments:
Post a Comment