Home Appliance (Wet and Cold) Market 2024 would expand at a CAGR of 6.2%

April 15, 2021

The outlook for the wet and cold appliance market looks positive. Comparatively better economies across all the regions, with improvement in lifestyle, families, and more disposable income are some of the main economic drivers of growth in the wet and cold appliance market. Consumers nowadays are preferring energy efficient wet and cold appliances. There are several reasons attributed to the positive outlook in the wet and cold appliance market, energy efficiency is one of the main reason.

While increasing the appliance performance, energy efficient appliances reduces energy consumption. The main reason for growth in adoption of wet and cold appliances would be owning a relatively intelligent, smart, and energy efficient appliance. Reduced energy and water consumption of major appliances is one of the key drivers for the growth of the wet and cold appliance market across regions. Energy efficiency programs are encouraging upgrade purchases of such appliances. Several companies are deploying energy efficient technologies to reduce high energy consumption by avoiding unexpected inrush of current.

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Nowadays customers are becoming more technology oriented, prefering appliances which are more technological advanced as it makes life easier. Constant product innovations and technological advancements in the design of wet and cold appliances such a washing machines, refrigerators and others have led to the development of advanced washing machines that rises comfort levels and convenience of users. Companies such as LG are coming up with more advanced and innovative features.

For instance, features in washing machines such as smart control, auto optimal wash smart diagnosis, smart nudges, etc. have been launched by LG Electronics, Samsung, and Whirlpool. Such rapid technological advancements would help users across the region to experience better washing machines in the coming years. Additionally, in the world of refrigerator, Samsung and LG have usually been the leader in the refrigerator technology and innovation.

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Digitalization plays a vital role in enhancing consumer power. Digitalization also gives considerable opportunities to develop increasingly advanced products such as connected products. In addition, connectivity and digitization enable companies to better understand the consumers and to tap into new business models. Several companies such as LG and Samsung are getting ahead of the smart technologies revolution by offering products including smart washing machines and smart refrigerators. Companies are offering more technologically advanced products in order to serve consumers better and make their life simpler due to shift of consumers toward digitization. For instance, the latest model of LG’s refrigerator has a 29-inch Windows 10 surface computer to make the screen transparent, so consumers can see inside the fridge.

On the basis of type, the market has been segmented into dishwasher, cloth dryer and domestic refrigerator. Washing machine segment accounted for major market share in 2018 and expected to maintain its dominance in coming years.

In the global wet and cold appliance market, Asia Pacific held the largest market share in the year 2018. Adoption and usage of wet and cold appliances such as domestic refrigerator and washing machine is high in the region also demand is high for smart wet and cold appliance market such as smart refrigerators and smart washing machine in this region during the forecasted period. Wet and cold appliances in Europe has reached the targeted growth phase. Owing to a strong product pipeline and well-established portfolio management approach. The market positions are strong in the built-in, in most of the geographies. North America wet and cold appliance market has significant growth owing to demand for smart wet and cold appliances and owing to early technology adopters. However, wet and cold appliance market in the region such as Middle East and Africa and South America is still in the growing phase due to less adoption and insufficient innovations in the mass market product range.

Key players profiled in the global wet and cold appliance market report are