Market Trends of Small Home Appliances Industry
Small Kitchen Appliances Segment Emerged as the Most Dominant Segment
Changing lifestyles is one of the driving factors. More people live in cities and have less space; there are more single households, people travel and get inspiration from all over the world, and they also might have less time. The kitchen has become the heart of the home. The appliances needs to be functional and easy to use. The prime reason for the growth of the small kitchen appliances market is an increase in the disposable income of consumers worldwide. The rise in disposable income drives consumer needs. Innovation in product design has resulted in increased operational efficiency of small kitchen appliances. Thus, the demand for small kitchen appliances is expected to grow during the forecast period.
Convenience in the usage of compact kitchen appliances, owing to ease in handling and maintenance is fueling the growth of the small kitchen appliances market. The rise in the number of millennials using kitchen appliances with compact designs and multiple functionalities is anticipated to drive the small kitchen appliances market further in the forecast period.
Asia-Pacific Region is Anticipated to Witness Highest Demand for Small Appliances
The Asia-Pacific region is currently leading the volume sale of the small appliances among all regions in the world and it is the fastest-growing region. It is anticipated that the Asia Pacific region will continue to see this positive growth of small appliances in the forecast period. Increasing disposable incomes, urban lifestyles, and the health-conscious trend are some of the major factors that can be attributed to the growth of small home appliances in this region.
India and Southeast Asian countries are likely to be the top key markets in the region driving the growth of small appliances. Due to aging populations in the Asia Pacific, certain products such as air fryers, bread makers, food processors, and other healthy function products will benefit from the trend. The top players in the Asia Pacific are mainly companies from China, however, only Midea and Haier have been able to expand overseas successfully. Other regional and international players continue to compete with these companies across all markets.
