New York, March 09, 2023 (GLOBE NEWSWIRE) -- Reportlinker.com announces the release of the report "White Goods Global Market Report 2023" - https://www.reportlinker.com/p06317018/?utm_source=GNW
, Onida, Panasonic Corporation, Hitachi Ltd., Electrolux, Midea, and Symphony Limited.
The global white goods market grew from $609.66 billion in 2022 to $670.44 billion in 2023 at a compound annual growth rate (CAGR) of 10.0%. The Russia-Ukraine war disrupted the chances of global economic recovery from the COVID-19 pandemic, at least in the short term. The war between these two countries has led to economic sanctions on multiple countries, a surge in commodity prices, and supply chain disruptions, causing inflation across goods and services, and affecting many markets across the globe. The white goods market is expected to grow to $977.13 billion in 2027 at a CAGR of 9.9%.
The white goods market consists of sales of air conditioners, dishwashers, clothes dryers, drying cabinets, freezers, refrigerators, kitchen stoves, water heaters, washing machines, microwave ovens, and induction cookers.Values in this market are ‘factory gate’ values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors, and retailers) or directly to end customers.
The value of goods in this market includes related services sold by the creators of the goods.
The white goods refer to large household appliances or electrical goods used for domestic purposes. Traditionally, white goods were made of enamel-coated materials that were white, but over time, white goods are available in multiple colors.
North America was the largest region in the white goods market in 2022.Asia-Pacific is expected to be the fastest-growing region in the forecast period.
The regions covered in the white goods market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa.
The main types of white goods include Cleaning Equipment, Preservation & Cooking Equipment, Heating & Cooling Equipment, and Others.The cleaning equipment refers to the electronic machines used for cleaning clothes and floors.
Washing machines and vacuum cleaners are some of the cleaning equipment used for washing & drying clothes, and cleaning floors.They are used by domestic, private sector, corporate, public sector, government, and hospital customers.
They are sold through online and offline sales channels through different distribution methods including supermarkets & hypermarkets, sspecialitystores, retail stores, e-commerce, and others.
The increase in the adoption of smart home appliances by customers to the reduced workload is expected to propel the growth of the white goods market.A smart home appliance is an electronic device connected to a central system that can be programmed or controlled remotely or function autonomously based on input from sensors, which detect temperature, light levels, or activity.
Smart appliances are usually built to work with other smart devices, preferably part of a larger smart home system.There will be a significant demand for white goods in response to the rise in the adoption of smart home appliances.
For instance, according to the smart home study published in Digitized House in May 2022, approximately 70% of consumers own at least one intelligent appliance product as the US has flying sales of intelligent appliances.In addition, the majority of customers still plan to add more such appliances in the future.
Thus, the increase in the adoption of smart home appliances by customers is expected to drive the white goods market.
The introduction of new innovative systems is the key trend gaining popularity in the white goods market.The introduction of new innovative systems includes smart home appliances that are technologically advanced, which utilize the latest technologies such as artificial intelligence to manage their operations and make daily living easier.
Innovative white goods are set for future growth by providing customers with relevant benefits such as reduced workload, time savings, and security.For instance, in September 2020, Samsung, a global home appliances company launched a new range of artificial intelligence (AI) powered front load washing machines in India.
These washing machines come with the company’s latest Q-Rator technology offering smart features to manage laundry. The smart features include a laundry planner to manage the washing machine time, auto-recommendation for the optimal wash cycle, and a homecare wizard to manage the washing machine’s condition.
In February 2022, Crompton Greaves Consumer Electricals Ltd., an Indian electrical equipment company acquired a controlling stake in Butterfly Gandhimathi Appliances Ltd for an amount of around INR 13,796.8 million ($180 million) . The acquisition is expected to make Crompton a leading kitchen appliance brand and expand its reach to customers. Butterfly Gandhimathi Appliances Ltd is an Indian kitchen and electrical appliances company.
The countries covered in the white goods market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, and USA.
The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).
The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.
The white goods market research report is one of a series of new reports that provides white goods market statistics, including white goods industry global market size, regional shares, competitors with a white goods market share, detailed white goods market segments, market trends and opportunities, and any further data you may need to thrive in the white goods industry. This white goods market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.
Read the full report: https://www.reportlinker.com/p06317018/?utm_source=GNW
About Reportlinker
ReportLinker is an award-winning market research solution. Reportlinker finds and organizes the latest industry data so you get all the market research you need - instantly, in one place.
__________________________
