Increasing disposable income of consumers particularly in developing countries has been leading to a shift of consumers from low income group to the middle class income group.
London, UK -- (SBWIRE) -- 03/10/2015 -- This has also led to a shift in consumer buying behaviour with regard to various consumer products. The consumer electronic devices which are used as a part of daily life are known as consumer appliances. Few examples under the consumer appliance category include irons, hating appliances, microwaves, home laundry appliances, dishwashers, among the others. Of the above mentioned consumer appliances products, dishwashers are expected to witness significant growth of around 5-6% and emerge as a potentially-viable segment during 2015-2020. The shift in consumerism is majorly seen in countries such as India, China, Thailand, Singapore, Brazil, Australia and others. However, parts of North America and Europe have been early adopters to the product category.
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Apart from increasing disposable income, modern retail expansion and increasing penetration of household consumer appliances are expected to contribute towards a double-digit growth of the consumer electronics segment in near future. Furthermore, dishwasher being a premium product is expected to possess popularity amongst the middle class consumers worldwide. Increasing number of women workforce is primarily supporting the demand for residential dishwashers across the globe. Moreover, increased awareness among the consumers leading to shift in preferences for dishwashers as compared to traditional washing practices, and changing consumer lifestyle in urban areas owing to hectic work life schedule are expected to fuel the demand for dishwashers in next five to six years.
In addition, increasing penetration of dishwashers as an enhanced product has resulted in increased sales of these products specifically in countries such as India, Japan, and China, among the other developing nations across the globe. However, low consumer acceptance and high prices of residential dishwashers may hamper the market growth. Also, efficient performance and benefits of dishwashers which include saved energy, water, time, better cleaning, and improvised hygiene as compared to traditional method of cleaning may enrich the demand for dishwashers in near future.
The dishwashers market is segmented on the basis of product type, and application. Based on the type of products, dishwashers are categorized as built in dishwashers, counter top dishwasher, drawer dishwasher, and freestanding dishwashers. Furthermore, depending on the application, the classification includes residential and food services industry sector which comprises of horeca (hotels/restaurants/cafe). Among the product types, demand for built in dishwashers is expected to record highest growth of around 7-8%. This growth is attributed to changing consumer lifestyle owing to modern kitchen designs, and convenience and versatility to the consumer.
Geographically, North America is expected to dominate the market in next five to six years followed by Western Europe. However, Asia Pacific and Japan are expected to record highest growth as compared to other regions. This is due to increasing product awareness, strengthened distribution channel, robust consumer electronics industry, and intense competition among the players in this market. Eastern Europe is expected to witness moderate growth owing to economic slowdown in respective countries. Furthermore, Middle-East may drive demand for these products in later years during 2018-2020.
The home appliances industry is experiencing partnerships across the value chain in order to expand database and strengthen sustainability in the long run. Companies such as Siemens AG (Home appliances) have developed ecofriendly and climate control dishwashers leading to energy efficiency as a whole. Also, Whirlpool introduced "Whirlpool 6th Sense Live Technology" dishwasher which connects local Wi-Fi network with the product in order to provide smart grid system. The smart grid system feature ensures instruction to the dishwasher in terms of low consumption and thus, saves time and consumption. Apart from Siemens AG, the other prominent players of this market include General Electric Company, Whirlpool, LG Electronics, BSH Household Appliances Manufacturing Pvt. Ltd., Sears Brands LLC., Danby Group, IFB Industries Ltd., AB Electrolux, and Heartland Appliances.
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