Dallas, TX -- (ReleaseWire) -- 01/29/2014 -- World demand to rise 3.8% annually through 2017
Global demand for major household appliances is projected to grow 3.8 percent annually through 2017 to 430 million units, improving over gains that were recorded during the 2007-2012 period. A recovery in the key US market will bolster growth, as the country’s housing market is expected to improve substantially. In addition, continued growth in the standard of living in the large Chinese market will bolster sales gains. Among developed areas, rebounding consumer confidence levels will spark demand.
Developing countries to offer best growth prospects
Developing countries will offer the most robust growth going forward. This is because developing nations generally have lower ownership levels of white goods, providing ample opportunities for first time purchases. Among the world’s developing countries, India will record the most significant growth through 2017. India has experienced some of the fastest gains in economic growth, which has vastly improved the standard of living in the country. As a result, demand for capital goods (including major household appliances) has benefited tremendously, and will continue to do so through the foreseeable future.
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Replacement sales to drive gains in developed world
Opportunities for demand in the developed world will stem primarily from replacement sales, as recent economic downturns in many developed countries caused consumers to postpone appliance purchases. In addition, technological advances are expected to play a more important role in demand. So-called “smart” appliances have increased their market share in developed countries in recent years. These appliances offer advanced technological features and are typically more energy efficient, enabling firms to offer them at a higher price point. In addition, because replacement purchases are much more important in developed countries, “smart” features are expected to entice many consumers to upgrade their current appliances.
China is biggest supplier
China is by far the biggest global supplier of major household appliances. In fact, manufacturing capacity nearly doubled over the last decade. The Chinese white goods manufacturing industry has benefited from the ongoing trend of multinational firms shifting production to developing nations in an attempt to lower costs. In a similar fashion, countries such as Brazil, India, and Mexico are also sizable producers of white goods.
Company Profiles for 30 global players such as BSH Bosch und Siemens Hausgeräte, LG Electronics, and Electrolux
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