Market Trends of South Korea Home Appliances Industry
This section covers the major market trends shaping the South Korea Home Appliances Market according to our research experts:
Technology and Innovation in Products are Driving the Market
Innovation in product development and the adoption of the latest technology, such as the Internet of Things (IoT) and artificial intelligence (AI), are driving the market. Being the fourth-largest economy in Asia, South Korean manufacturers never step back to invest more in innovation. The market for major home appliances is exhibiting a positive trend despite its existing presence rate in the market, owing to the factors like innovation that the manufacturers are focusing on while establishing their products. Smart homes concept, increasing popularity for built-in appliances within the construction channel, and AI and IoT functionalities on appliances connected through the internet are key elements that the customers are looking forward to. Diminishing levels of water reserves across the world are shaping the market for washing machines with low water utilization. LG Electronics created an app named Home Chat, which can be considered as a classic example to understand consumer requirements. This app assists its users in monitoring all home appliances like washing machines, refrigerators, and even appliances like cookers, anywhere through their smartphones. This connectivity helps the consumer to connect their appliances and monitor them in a timely manner.
Small Kitchen Appliances Sales are Generating Higher Revenue for the Small Appliances Segment
Sales of small kitchen appliances are increasing, owing to the fact that they reduce the time spent on the regular household activity. Understanding this, a majority number of manufacturers are trying to address the market requirements by understanding customer interest with innovations that simplify their lifestyle. Next to the small kitchen appliances, air purifiers are forecasted to grab a major share in the coming years, owing to the country's diminishing air quality and rising concerns about health complaints related to respiratory. Thus, climatic changes are also making way for more air purifiers to penetrate the market.
