Harrisburg, NC -- (SBWIRE) -- 10/20/2020 -- The report titled "Small Electrical Appliances Market" has recently added by MarketInsightsReports to get a stronger and effective business outlook. It provides an in-depth analysis of different attributes of industries such as trends, policies, and clients operating in several regions. The qualitative and quantitative analysis techniques have been used by analysts to provide accurate and applicable data to the readers, business owners and industry experts.
The global small electrical appliance market was worth $40.3 billion in 2019. It is expected to grow at a compound annual growth rate (CAGR) of 5.9% and reach $50.7 billion by 2023.
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Top Companies in the Global Small Electrical Appliances Market: AB Electrolux, Dyson Ltd., Panasonic Corporation, Koninklijke Philips N.V., Haier Group Corporation, Midea, Miele & Cie. KG, Samsung Electronics Co., Ltd., LG Electronics, BISSELL and Other
Markets Covered: 1) By Product: Household Type Fans, Household Type Vacuum Cleaners, Other Household Type Small Electric Appliances 2) By Application: Home; Commercial
Increased electrification especially in rural areas has contributed to the growth of the small electrical appliances market in the historic period. Electrification coupled with the rise in disposable income has boosted the demand for household type fans. For example, in India, the percentage of rural population with access to electricity increased from 68.3% in 2010 to 89.3% in 2017. The Percapita net disposable income increased from $1,372.9 in 2013 to $2,018.53 in 2017 at a CAGR of 10.1%. Rise in disposable income increased the purchasing power of the people which in turn has increased the market for small electrical appliances.
Rise in awareness about the adverse effects of high energy consumption, and the carbon footprint associated with the usage of several small electrical appliances is expected to restrain the market in the forecast period. Several factors such as increasing internet penetration led to an increase in awareness about the consumption of energy, rising cost of energy and adverse effects associated with the usage of several household appliances such as vacuum cleaners. In 2019, European Union banned the sale of vacuum cleaners containing motors more powerful than 900W. These factors will limit the growth of the small electrical appliances.
Small electrical appliance manufacturers are increasingly producing energy-efficient products to reduce carbon footprint and enable energy savings for the consumers. The rise of energy-efficient appliances can be attributed to stringent government regulations on electric home appliances and advances in technology. Energy efficient fans are designed to utilize minimum energy. Currently, over 80 countries have standards and labels for energy efficient appliances. For example, in the USA, ENERGY STAR certified ceiling fans provide cutting edge design, use latest technology and are 60% more efficient than conventional ceiling fans.
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What are the market factors that are explained in the report?
-Key Strategic Developments: The study also includes the key strategic developments of the market, comprising R&D, new product launch, M&A, agreements, collaborations, partnerships, joint ventures, and regional growth of the leading competitors operating in the market on a global and regional scale.
-Key Market Features: The report evaluated key market features, including revenue, price, capacity, capacity utilization rate, gross, production, production rate, consumption, import/export, supply/demand, cost, market share, CAGR, and gross margin. In addition, the study offers a comprehensive study of the key market dynamics and their latest trends, along with pertinent market segments and sub-segments.
-Analytical Tools: The Global Small Electrical Appliances Market report includes the accurately studied and assessed data of the key industry players and their scope in the market by means of a number of analytical tools. The analytical tools such as Porter's five forces analysis, SWOT analysis, feasibility study, and investment return analysis have been used to analyze the growth of the key players operating in the market.
Customization of the Report: This report can be customized as per your needs for additional data up to 3 companies or countries or 40 analyst hours.
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