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Global Household Cooking & Appliance Manufacturing

Global household appliance manufacturing market: $275.2 billion industry by 2018


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2014-02-19 14:38:01 - Global Household Cooking & Appliance Manufacturing - a new market research report on companiesandmarkets.com

Products in the global household appliance manufacturing market include major appliances like refrigerators and dishwashers as well as small electric appliances like food mixers and irons. As such, demand for the industry is consumer driven and determined by disposable income, consumer spending, growth in emerging economies and the global population´s rate of household formation. Weak consumer spending in many developed countries since late 2008 has hurt industry demand. During this time, very competitive industry conditions caused decreases in manufacturers´ selling prices.

However, limiting industry declines, the industry has benefited from increased demand for energy-efficient appliances during a time of mounting energy prices. As weak consumer confidence in developed countries adversely affected industry growth, greater demand for home appliances in emerging countries

 

 

like China, India and Brazil helped offset this decline in demand.

Due to improving consumer spending and growth in emerging markets, moderate industry growth has returned since 2010. However, this growth has been slow due to continued weakness in the global economy and downward pressure on selling prices. Luckily, industry revenue is expected to increase 3.2% in 2013 due to higher consumer spending. As a result of all these trends, revenue is expected to fall at an annualized rate of 0.1% in the five years through 2013 to reach $225.2 billion.

Over the next five years, the industry is expected to grow due to a strengthening global economy, including greater consumer spending, growth in emerging economies and a larger population requiring household appliances. Additionally, the industry will benefit from increased demand for energy-efficient and environmentally friendly household appliances.

Furthermore, brand owners are expected to continue outsourcing manufacturing operations in the next five years. By outsourcing production, large contract manufacturers can be more efficient and achieve a lower per-unit cost of production. By outsourcing manufacturing operations, brand owners can focus more on research and development, sales and marketing. Nevertheless, some operators will keep manufacturing operations in-house to protect intellectual property. As a result, industry revenue is forecast to reach $275.2 billion in 2018, growing an annualized 4.1% over the next five years.

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