Reach more home owners! Advertise with Smart Homes Now!
Reach millions of home owners now! Advertise with us!
Despite the pandemic and lethargic economic progress, people bought home appliances. That’s according to an Allied Market Research published report, titled, “White Goods Market by Product (Air Conditioner, Refrigerator, Washing Machine, Dishwasher, Microwave Oven and Others), End-User (Residential and Commercial), and Distribution Channel (Supermarket & Hypermarket, Specialty Store, Retail Store, E-commerce and Others): Global Opportunity Analysis and Industry Forecast 2021–2027.” The report said the global white goods market was estimated at $635.4 billion in 2019 and may hit $1031.0 billion by 2027, registering a CAGR (compounded annual growth rate) of 7.8% from 2021 to 2027.
While millions lost their jobs, a good portion of the global population still had disposable income. The report said that the rise in disposable income, advertisement and internet penetration, and a surge in restaurants and hotels fueled the global white goods market growth. Interestingly people are more aware now of the environmental impact of using too many appliances. It can put too much strain on a fast depleting energy resource, increase carbon footprint, and pollution. But with new earth-friendly products, energy-saving appliances launched, consumers will likely go for these.
Here are a few more insights from the report:
- The outbreak of covid-19 led to lockdowns and quarantines, and most retail outlets shut down. The shutdown obstructed white goods trades.
- The prolonged lockdown disrupted the supply chain and created a shortage of raw materials.
- It also impacted import and export. But various regions are relaxing their existing regulations, which will help the industry to recover faster.
- Refrigerators account for two-fifths ( 2/5) of the total purchases in 2019 and will continue to be the top appliance until 2027.
While the Philippines is not big on dishwashers, the rest of the world will buy more of them and post the fastest CAGR of 10.3% throughout the forecast period. Dishwashers can potentially save time, water, and energy for utensils cleaning.
The report also said that homeowners or the residential segment accounted for nearly three-fifths (3/5) of global white goods purchases in 2019 and will continue to do so until 2027.
Growing disposable income and an increased home improvement drive will fuel the growth of the segment. The rest will come from the commercial market.
The Allied Research Market report covered the Asia Pacific, North America, and Latin America.
If you want more information, please click here.