Global Market Insights, Inc., projects that the electric household appliances market may surpass USD 600 billion by 2024. This growth can be attributed to increasing investments in R&D efforts for the deliverance of technologically advanced and energy efficient appliances. Growing number of residential events, urbanization across various countries along with high demand for more functional, low cost appliances may offer additional impetus to market growth.

Electric household appliance makers are developing innovative products that incorporate advanced technologies. In 2019, global consumer electronics company, Sharp announced the launch of its new range of smart home appliances in India, including super-heated stream ovens, twin cookers, vacuum blenders, bread makers and juicers.

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The electric household appliances market is expected to grow at a steady pace by 2024 backed by increasing consumer spending. Electric household appliances are making everyday life of consumers easier. Rising need to replace obsolete appliances with newer models is projected to bring in considerable growth opportunities for electric household appliances manufacturers.

Elaborating on some of the ongoing trends in the electric household appliances market:

1. Stringent government norms linked to CO2 emissions

Government organizations are trying to raise awareness among consumers regarding CO2 emissions and the benefits of adopting energy efficient electronic appliances. Government and regulatory authorities are edging towards appliances that consume less energy. Minimum energy standards and energy labeling is helping consumers to incorporate smart devices, further boosting industry growth.

However, new federal regulations imposed on electronic appliance manufacturers could impede market growth. In 2019, the Consumer Electronics and Appliances Manufacturers Association (CEAMA) said that new energy labeling rules, that will come into effect from January 2020, will make production of 5-star rated refrigerators costlier by around $81 (up to Rs. 6000).

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1. Robust demand for cooking appliances

High demand for cooking appliances in various regions is anticipated to drive global electric household appliances market outlook over the coming years. Cooking appliances designed for countertops, are less expensive and can be used for multiple applications.

Technological advancements along with lifestyle changes are increasing the popularity of these appliances. Consumers are preferring convenient, high quality and designer appliances regardless of its price tag. Considering growing demand, manufacturers are rolling out new models of premium electronic kitchen appliances. In 2016, Whirlpool launched KitchenAid, its premium range of kitchen appliances, in North India.

1. Increasing application of energy efficient appliances in U.S

The U.S electric household appliances market is anticipated to grow substantially over the forecast period owing to high per capita income, rising urbanization and robust demand for energy efficient appliances. There is a growing inclination towards smart connected appliances which are more user-friendly and convenient for consumers. Rising awareness regarding home automation will fuel regional market size.

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