Asia Pacific Electrical Appliances Market to Develop at CAGR of 7% During Forecast Period, Observes TMR Study
- Businesses are spending on R&D to offer exclusive line of electrical appliances. Companies are extending their product range to accommodate the rising demand for electrical appliances
- Evolving lifestyles due to rapid urbanization and rise in spending power of consumers in developing nations such as China and India is likely to drive Asia Pacific electrical appliances market
ALBANY, N.Y., April 28, 2022 /PRNewswire/ -- The value of Asia Pacific electrical appliances market stood at US$ 288 Bn in 2020. The global market is anticipated to rise at a CAGR of 7% during the forecast period, from 2021 to 2031. The Asia Pacific electrical appliances market is anticipated to cross the value of US$ 589.9 Bn by 2031. In order to decrease e-waste, firms in the Asia Pacific electrical appliances market are looking at all phases of the manufacturing process, from purchasing to storage to product development and distribution. Increase in recycling activities is likely to be boosted by advancements in collection methods and rising consumer awareness.
The Asia Pacific electrical appliance market is likely to be led by China. India is predicted to develop at an exponential rate throughout the forecast period, trailed by Japan.
In China, which is recognized for mass-producing electronics and smart products, the electronics business has been a cornerstone of its success. Due to an increasing number of households and their fascination toward electrical appliances, the market in Japan and India is expected to rise significantly during the forecast period.
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Key Findings of Market Report
- Based on end user, the residential segment is likely to dominate the market during the forecast period. Electrical appliances are in high demand as the global population continues to expand. Families have been interested in acquiring products other than basic human necessities as their average monthly income has risen. As a result, households have begun to acquire electrical appliances, which is likely to drive the Asia Pacific electrical appliances market throughout the forecast period.
- In terms of product category, audio and video equipment commands a large part of the Asia Pacific electrical appliances market. Introduction of smart technology in appliances creates an Internet-enabled environment that is likely to benefit domestic lifestyles for a long time. This factor is expected to raise the demand for electrical appliances in the Asia Pacific market in the years to come.
- In terms of operation, the automatic category is expected to grow at a rapid pace during the forecast period. These appliances help households save time and effort by allowing them to manage and operate their appliances remotely using smartphone apps.
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Asia Pacific Electrical Appliances Market: Growth Drivers
- Based on end user, the residential category is likely to be one of the most dominating segments when it comes to market share and growth. As the global population grows, so does the need for electrical products. Households are now able to procure items other than basic human essentials, as their average monthly income has risen. As a result, families have begun to buy electrical items, which is likely to support expansion of the Asia Pacific electrical appliances market in the near future.
- Due to the existence of a large number of brands at varying prices, the online distribution channel category is expected to develop at a high rate in the near future. Rising popularity of buying electrical appliances online in Japan is likely to fuel expansion of online retail sales throughout Asia Pacific. Moreover, the industry is expected to be driven by the convenience as well as availability of items through online channels.
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Asia Pacific Electrical Appliances Market: Key Competitors
- Koninklijke Philips N V
- Samsung Electronics Co. Ltd
- Toshiba Corporation
- Hitachi Ltd
- Apple Inc.
- Panasonic Corporation
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Asia Pacific Electrical Appliances Market: Segmentation
Product Type
- Audio & Video Equipment
- Large Electronics Appliances
- Small Electronics Appliances
- Personal Care Products
Operation
- Semi-Automatic
- Automatic
End User
- Residential
- Commercial
Distribution Channel
- Online
- Offline
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