Key vendors to focus on product innovations to meet the rising demand for smart appliances
Technavio, a company that develops over 2000 pieces of research every year and covers more than 500 technologies across 80 countries, has announced the top five leading vendors for household appliances in Europe in their latest research report. This report also lists 11 other prominent vendors who are expected to contribute to this market’s growth between 2016-2020.
To identify the top vendors, Technavio’s market research analysts have taken into account the revenue generated from the retail sales of household appliances in the residential segment.
This Technavio report, under the home, kitchen, and large appliances vertical, is based on the synthesis, analysis, and interpretation of information about household appliances in Europe collected from specialized sources. The analysts have derived insights using a mix of primary and secondary research with an aim to provide a holistic picture of the market.
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Competitive vendor landscape
The market for household appliances in Europe is highly competitive and fragmented in nature due to the presence of several international and local players across the region. Vendors are launching new, innovative products in the market to cater to the changing consumer demand and expand their consumer base. Factors such as the entry of many new players, price wars, and mergers and acquisitions are expected to intensify the competition among vendors of household appliances in Europe. Technological advancements and the rising popularity of smart appliances will act as drivers for the growth of this market during the forecast period.
“The demand for household appliances with smart features is on the rise owing to improvements in living standards among European consumers. Advances in technology and the advent of smart homes are fueling the adoption of connectivity-enabled smart appliances such as smart microwave ovens, smart washing machines, and smart air conditioners. The increasing preference for energy-efficient appliances in the region is also augmenting the demand for smart appliances globally,” says Poonam Saini, a lead analyst at Technavio for home, kitchen, and large appliances.
Top five vendors in the household appliances market space in Europe
Electrolux
Electrolux engages in the designing and manufacture of household appliances such as refrigerators, washing machines, dishwashers, vacuum cleaners, cookers, air conditioners, and small domestic appliances under Frigidaire, Electrolux, AEG, Zanussi, and Electrolux Grand Cuisine brands. It operates in the US through its subsidiary, Electrolux Appliances. The company sells more than 60 million products through eight brands in over 150 countries on an annual basis. In FY2015, the company reported a revenue of almost $15 billion.
LG Electronics
LG Electronics is involved in the manufacture and sales of mobile communication devices, consumer electronics, and household appliances. The company’s product offerings include flat panel TVs, mobile devices, air conditioners, washing machines, and refrigerators. In FY2015, the company reported a revenue of around $50 billion. The company generates revenue primarily through its home appliances and air solutions segment and others (home entertainment, mobile communications, vehicle components, LG Innotek, and display materials businesses).
Robert Bosch
Robert Bosch is a provider of technology and related services across the globe. In September 2014, Robert Bosch acquired Siemens‘ stake in BSH. BSH was formed as the joint venture of Siemens and Robert Bosch. In FY2015, the company reported a revenue of more than $78 billion. The company operates through four business segments which include mobility solutions, consumer goods, industry technology, and energy building technology.
Samsung Electronics
Samsung Electronics manufactures and sells consumer electronics, communication, household appliances, and semiconductor products. In FY2015, the company reported a revenue of more than $177 billion revenue. The company generates its revenue through two key business segments – consumer electronics and others (device solutions, IT, and mobile communications businesses). The consumer electronics segment comprises of visual displays (LCDs, LEDs, and PDP TVs), digital appliances (offers household appliances such as air conditioners, robotic vacuum cleaners, refrigerators, washing machines, and other appliances), printing solutions (offers a wide array of printers such as A4 laser printers and multifunction printers), and health and medical equipment (provides ultrasound, digital X-ray, and diagnostic devices).
Whirlpool
Whirlpool engages in the manufacture and marketing of household appliances and related products across the globe. The company’s product offerings include dishwashers, laundry appliances, cooking appliances, hermetic compressors, refrigerators and freezers, mixers, and other portable household appliances. The company sells products under the brand names KitchenAid, Bauknecht, Maytag, Whirlpool, Brastemp, Jenn-Air, Amana, and Consul. The company’s manufacturing operations are carried out across 43 locations in 14 countries worldwide. The company generates revenue through the sale of products under two key business segments – cooking appliances and others.
Other prominent vendors in this market include Arçelik, Asko, Crosslee, Gorenje, Haier, Hoover, Kenmore Appliances, Midea, Miele, Panasonic, and Smeg.
A more detailed analysis is available in the Technavio report, Household Appliances in Europe 2016-2020. Technavio also customizes reports by other regions and specific segments upon request.
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