CLEVELAND, Feb. 29, 2016 /PRNewswire/ -- Global demand for major household appliances is forecast to increase at a 3.0 percent yearly rate through 2019 to 445 million units. The number of appliances in use will climb to 4.9 billion units. The average number of appliances in each household will increase, supported by rising personal income levels in developing areas. In addition, new household formation activity will provide new sales opportunities for appliance suppliers as the world's population continues to grow. Refrigerators and large cooking appliances are typically the first appliances purchased once personal income levels reach a sufficient level, followed by washing machines. "Because of the relatively large numbers of these products already in use," notes analyst Kyle Peters, "market advances through 2019 will not be as strong as those expected for freezers, dishwashers, and clothes dryers." These and other trends are presented in World Major Household Appliances, a new study from Freedonia Group, a Cleveland-based industry research firm.
To learn more, visit the report page:
In general, developing countries will post the fastest increases in major household appliance demand through 2019. The installed base in developing nations is low, as below average income levels have prohibited widespread purchases of large durable goods such as major appliances. However, rising income levels will lead to the creation or expansion of the middle class population in a number of countries, boosting first-time appliance purchases. In addition, major appliance producers offer basic, lower-value appliances in these nations to help boost sales. Demand gains in developed countries will be more modest, with the majority of sales stemming from replacement purchases. Additionally, population and household growth will be slower in the developed world, limiting new housing-related sales opportunities.
China will remain the leading purchaser and producer of major household appliances in 2019. The country is home to the world's largest population and housing industry, resulting in a substantial domestic market for major appliances. In addition, China has a large low-cost labor pool that many multinational appliance firms have utilized in their production operations. However, India and Indonesia will record the fastest increases in demand of the major national markets, fueled by rapid economic growth.
About The Freedonia Group – The Freedonia Group, a division of MarketResearch.com, is a leading international industrial research company publishing more than 100 studies annually. Since 1985 we have provided research to customers ranging in size from global conglomerates to one-person consulting firms. More than 90% of the industrial companies in the Fortune 500 use Freedonia Group research to help with their strategic planning. Each study includes product and market analyses and forecasts, in-depth discussions of important industry trends, market share information and profiles of the leading industry players. Reports can be purchased at www.freedoniagroup.com and are also available on www.marketresearch.com and www.profound.com.
To view the original version on PR Newswire, visit:http://www.prnewswire.com/news-releases/the-freedonia-group-major-household-appliance-sales-to-reach-445-million-units-globally-300227797.html
SOURCE The Freedonia Group