Increasing Disposable Income Coupled with Rising Demand for ENERGY STAR Certified Appliances to Push Growth of the Global Portable Dishwasher Market
Valley Cottage, NY -- (SBWIRE) -- 06/27/2019 -- Portable dishwasher market is estimated to surpass global sales worth a billion dollar by the end of 2019, according to a study of Future Market Insights (FMI). Drastically evolving purchasing patterns continue to hold a strong influence over the supply-side scenario in portable dishwasher market.
Surging consumer preference for portable dishwasher is backed by its multi-modal operability and smart selection cycle. In addition to relatively lesser noise, and lower water and power consumption, economic affordability will remain a key demand determinant of portable dishwasher. Convenient operation and low maintenance demands are other growth influencers for the portable dishwasher market.
Economic Price Point & Compact Design Become Paramount
A majority of portable dishwasher manufacturers continue to focus on developing compact, economic, and time & space efficient models. While customers in developed regions prefer premium, high-performance portable dishwasher models over budget models of portable dishwasher, the contrasting case in developing economies is pushing adoption of medium- and low-priced portable dishwasher models. Automation of dishwashing is gradually gaining ground across emerging Asian and Middle Eastern countries, owing to which portable dishwasher sales are likely to observe steady growth in coming years.
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With more than 2X of portable dishwasher units sold in commercial sector, the residential sector is registering healthy adoption of portable dishwasher. However, portable dishwasher has been experiencing improving penetration in commercial applications recently, which is in turn bolstering revenue growth of portable dishwasher market.
Accounting for around half of the total revenue of portable dishwasher market, medium price remains the most favored range among portable dishwasher customers. Based on the dishwashing capacity, customer preference for portable dishwasher models with 5-10 place setting is likely to be higher over those with 10-15 place setting, which can be attributed to compact size and lower price point associated with the former. The report estimates portable dishwashers with 5-10 place setting capacity to hold nearly 70% market share in 2019.
While exclusive and multi-brand stores contribute a massive share in the sales of home appliances such as portable dishwasher, the portable dishwasher market revenue is anticipated to discover higher growth opportunities in the online retail segment. FMI projects healthy annual growth in online sales of portable dishwasher market in 2019 and ahead.
Europe Largest Customer Base for Portable Dishwasher Manufacturers
Europe, reportedly the largest portable dishwasher consumer region, accounts for a whopping collective share in the global market revenue, with North America. While this value share equates over 3/4th of the total revenue generated through portable dishwasher sales globally, the report forecasts higher annual growth prospects for North America's portable dishwasher market. Moreover, Asian countries are registering moderately growing adoption of portable dishwasher, making Asia Pacific (excluding Japan) the third largest consumer of portable dishwasher market.
With a large number of multinational and regional players, the global landscape of portable dishwasher is fairly fragmented. However, global appliance giants including Samsung Electronics Co. Ltd., The Whirlpool Corporation; Smeg S.p.A., IFB Industries Limited, Asko Appliances AB, and Haier Group Corporation hold a major revenue share, indicates research. As suggested by the competition analysis included in the report, manufacturers of portable dishwasher and other appliances prefer to maintain their strategic focus on high energy efficiency during new product launches. Regional players are also seeking ENERGY STAR certifications to promote their portable dishwasher models.
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The report tracks portable dishwasher market performance over an eight-year forecast period, 2019-2027. Expecting a healthy CAGR of 5.5% through 2027, FMI projects an overall positive growth outlook for global portable dishwasher market in the years to come.