PORTLAND, OREGON, UNITED STATES, January 4, 2021 /EINPresswire.com/ — According to a new report published by Allied Market Research, titled, “White Goods Market by Product, End User and Distribution Channel: Opportunity Analysis and Industry Forecast, 2021–2027,” The white goods market size was valued at $ 635.4 billion in 2019, and is estimated to reach $ 1,031.0 billion by 2027, registering a CAGR of 7.8% from 2021 to 2027.
White goods are large home and commercial end appliances such as refrigerators, freezers, washing machines, dishwashers, and air conditioners. They are large electrical goods for the household and commercial purposes, which are traditionally available only in white. Even though you can purchase them today in a wide range of different colors, they continue being called white goods. Integration of the internet and smartphones with smart home appliances is majorly influencing the growth of the white goods market during the forecast period 2021-2027.
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Many companies are launching various products such as water heater, refrigerator and air conditioners, which can be operated through smart phones. White goods are expected to soon become a part internet of things and it has been gaining major traction by the consumers. For instance, the smart refrigerator senses what types of products are being stored inside and it also keeps a track of the stock through barcode scanning. This smart device is also featured to tell when items stored inside need to be thrown out because they have passed their shelf life.
Technological up gradation in white goods is majorly attracting consumers to buy and replace their old home appliances. Many white goods manufactures are upgrading white goods to stand apart from their competitors. Now air conditioners are available with inverter and air purification technologies, which is further anticipated to positively influence the global air conditioners market throughout the forecast period.
On the basis of end user, the commercial segment is estimated to reach $ 455.4 billion by 2027, at a CAGR of 8.5%. Commercial segment comprises hospitality and food services industries, hospital and clinics, government and commercial complexes and manufacturing industries. Commercial complexes and government offices are well maintained and equipped with air conditioners. Furthermore, growing food services industries and food chain outlets are further creating demand for dishwasher, microwave ovens and vacuum cleaners. Collectively, the commercial segment is expected to grow at the fastest CAGR during the forecast period.
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The basis of product, the dishwasher segment was valued at $ 20.9 billion in 2019, and is projected to reach $ 41.3 billion by 2027, registering a CAGR of 10.3% from 2021 to 2027. This is attributed to the fact that people are improving their standard of living by designing their home and kitchen with advanced appliances and electronic gadgets. Furthermore, rising influence of printed or online documentation, websites, advertising campaigns, and other marketing communication materials for dishwashers is influencing the sales of dishwashers. Growing food services industries and expansion of the food chain outlets has been majorly influencing the growth of the dishwasher market. This collectively drive the white goods market growth.
According to the white goods market trends, on the basis of distribution channel, the E-commerce segment was valued at $ 132.4 billion in 2019, and is expected to reach $ 236.3 billion by 2027, registering a CAGR of 9.0% from 2021 to 2027. Easy accessibility offered by online platforms boosts their adoption in the product market, thus becoming a popular medium for the purchase of white goods. Easy availability of information and demo about the appliances features, time-saving feature, and the facility of home delivery contribute toward the growth of global product market through the e-commerce segment. Furthermore, on e-commerce platforms, people can have enormous brand options for the white goods, which helps consumers to compare products and buy them.
Region wise, Asia-Pacific held the major market share of white goods and North America held the second highest share in 2019. Many Asian countries are also showing similar developments as rising income levels and expansion of modern retail and exclusive factory outlets across this region is driving the reach of white goods and are anticipated to position strong development in developing countries in the Asia-Pacific region including India and China. Growing retail industry in India has been majorly fueling the growth of the product market. For instance, according to the India Brand Equity Foundation, the Indian retail industry is one of the fastest growing in the world. Retail industry in India is expected to grow to $1,200 billion by 2021 from $672 billion in 2017. Furthermore, urbanization is one of the most significant mega developments driving growth and infrastructure expansion, thus providing the platform to the AC market. The growing base of middle-class households presents an enormous white goods market opportunity for manufacturers.
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Key Market Players Profiled In The Report:
• Alliance Laundry System LLC
• AB Electrolux
• Blue Star Limited
• Haier Group Corporation
• IFB Industries Ltd
• LG Electronics Inc.
• Havells India Limited
• Koninklijke Philips N.V.
• The Middleby Corporation
• Whirlpool Corporation
Key findings of the study
○ The white goods market was valued at $ 635.4 billion in 2019, and is estimated to reach $ 1,031.0 billion by 2027, growing at a CAGR of 7.8% during the forecast period.
○ By product, the dishwasher segment is estimated to witness the fastest growth, registering a CAGR of 10.3% during the forecast period.
○ In 2019, depending on end user, the residential segment was valued at $ 370.7 billion, accounting for 58.3% of the global white goods market share.
○ In 2019, the China was the most prominent market in Asia-Pacific, and is projected to reach $260.8 billion by 2027, growing at a CAGR of 7.9% during the forecast period.
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Source: EIN Presswire