Market Trends of Asia-Pacific Major Home Appliance Industry
This section covers the major market trends shaping the APAC Major Home Appliance Market according to our research experts:
Rising Exports of Refrigerator and Freezer Home Appliances from Asia-Pacific Region
There has been a rise in overall exports of refrigerators and freezers in 2019 with a 13.8% increase from the period over the last five years. However, y-oy, the value of globally exported refrigerators and freezers fell by -0.8% from 2018 to 2019. China is leading the country in Asia- Pacific market in terms of exports of refrigeration appliances. Overall Asia held the largest share amounting to 42% share of the total exports worldwide.
A fridge or refrigerator is considered an essential home appliance for many countries in Asia- Pacific region countries some of them include China and India. The COVID-19 pandemic has also led to the rise in the sale of refrigerators in the region as many nations and people facing the pandemic are stocking up on essentials and hence raising the demand for refrigeration appliances. The online distribution channel is seeing a huge demand for the buying and selling of large appliances as they are cost-effective.
Increase in Number of Households Driving the Market
China is the largest market for household appliances among other Asia-Pacific countries and major manufacturers in the region. Increasing household innovation along with rising urbanization in advanced and innovative household solutions are projected to fuel the product demand. The rising number of households is expected to demand large home appliances such as air conditioners, refrigerators, washing machines, and microwave ovens in the category.
