With technological advancements in the field of electronics, a number of household appliances have gone high-tech. Whether in terms of design, features, or functionality, the market of household appliances has witnessed the launch of energy and task efficient products in the last decade. There has, in fact, been a proliferation of smart appliances like smart washing machines, built-in induction hobs, smart microwave ovens, and smart air conditioners. The rise in disposable income and increased obsolesce of products are two main factors behind the expanding market of appliances. Analysts at Technavio predict that in the next five years, the market size of electric household appliances will reach approximately one billion units.
Some of the major innovations in the household appliances market are:
- More energy-efficient appliances
Manufacturers, as well as consumers of household appliances, are looking for energy-efficient household appliances. Vendors are now using smart grids, digital inverter compressors, programmable thermostats, and granular monitoring sensors in their products to turn them from energy-hungry to energy-efficient appliances. For instance: Control Freak from Breville is the world’s first controlled induction cooking system. Unlike the other induction hobs, it accurately measures, sets, and maintains cooking temperature at an 86°F-482°F range. Similarly, Samsung’s frost-free refrigerator with a digital inverter compressor is believed to be up to 40% more energy efficienct than conventional refrigerators.
- Integration of kitchen appliances
Integration of all the kitchen appliances in the form of modular kitchens is yet another innovation that is quite trendy these days. Especially in urban areas, families prefer built-in kitchen appliances, like a combination of gas and induction in one single cooktop. Kitchen appliances can be either fully integrated or partially integrated. Apart from being energy efficient, integration of kitchen appliances also gives an aesthetically pleasing look to the kitchen.
- Adding the ‘smart’ element
With countries focusing on reducing the levels of carbon emissions, several policies and programs have been rolled out to encourage innovations in home appliances. The EU has set minimum energy standards along with mandatory eco-design and energy labeling of appliances in most countries. Vendors have been investing in building appliances that can be controlled through smartphones. With the help of Internet of Things (IoT), appliances like air conditioners and room heaters can be monitored easily. IoT makes it easier to reduce wastage of energy by identifying patterns of energy consumption and adjusting the temperature setting accordingly.
On the whole, the global market for household appliances is a highly fragmented one. Even though vendors are constantly working to make M&As, the high cost of innovative household appliances is a major challenge that is hindering sales. The markets in developed economies like the US and Europe do have some major players, but in the case of emerging economies, the expansion has been rather slow due to high prices of high-tech household appliances.
For more information on the household appliances market in Europe:
Order the 2016-2020 Report on Household Appliances in Europe
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