ALBANY, N.Y, Aug. 3, 2020 /PRNewswire/ -- A compound annual growth rate of about 6% will be recorded by global small domestic appliances market over the period of 2020 to 2030. Numerous trends and drivers will drive this growth and improve market's worth. It is anticipated that the latter would reach valuation of USD 67.9 billion by the end of the stated period.
As per Transparency Market Research, "Increasing middle class population will be a major growth factor in the market. The group is marked by growing aspirations and connection of identity with possessions. Additionally, a higher disposable income will lead to higher purchasing power, and therefore a higher willingness to invest in products that ease lives."
Key Findings of Global Small Domestic Appliances Market Study:
Internet is playing a key role in driving the market on to a high growth trajectory over the stated forecast period by creating a potent channel for promotional activities
Increase in smart phones users and increase in penetration of internet even in remote regions is contributing to higher adoption of the online mode
Growing working class population will lead to higher demand for kitchen appliances, helping the segment claim sizeable market share
Asia pacific will be a lucrative small domestic appliances market over the forecast period
Key Drivers of Growth in Global Small Domestic Appliances Market:
The global middle class population is growing in numbers and this is leading to increase in demand for such appliances
Growing aspirations of the middle class often reflect in possessions, leading to growth in demand in the market, supported by increase in disposable income
Hectic lifestyle followed by the millennial populace is creating demand for products that bring convenience to lives and this is a notable factors of growth in the market
Players in the global domestic appliances market are investing heavily in research and development activities, paving way for higher demand
Uncover 213 pages of intelligent research, current market scenario, and extensive geographical projections. Gain insights on Small Domestic Appliances Market (Product Type: Kitchen Appliances, Floor Care Appliances, Garment Care Appliances, and Other Appliances; End Use: Residential and Commercial; and Distribution Channel: Online and Offline) - Global Industry Analysis, Size, Share, Growth, Trends, and Forecast, 2020 – 2030 at https://www.transparencymarketresearch.com/small-domestic-appliances-market.html
Regional Analysis of Global Small Domestic Appliances Market:
Asia Pacific will emerge as an attractive regional market, creating novel growth opportunities
Expanding middle class would be a key factor of growth in the aforementioned regional market over the forecast period
Other major market would be Europe and North America owing to high degree of technological advancement and its adoption
High disposable income in the two regions will also contribute to growth in these markets
Analyze global small domestic appliances market growth in 30+ countries including US, Canada, Germany, United Kingdom, France, Italy, Russia, Poland, Benelux, Nordic, China, Japan, India, and South Korea. Request a sample of the study
Competitive Landscape of Global Small Domestic Appliances Market:
Transparency Market Research has provided granular insights into the vendor landscape of global small domestic appliances market. It notes that it is quite fragmented and competitive. And, to beat competition, players make use of a variety of strategies such as planning and implementing effective marketing initiatives, developing better products, and investing in advancement of technology.
Leading players in the global small domestic appliances market are Candy Hoover Group Srl, Dyson Limited, Morphy Richards, Groupe SEB, Kenwood Limited, Koninklijke Philips N.V., Robert Bosch GmbH, Russell Hobbs, Stanley Black & Decker, Inc., and Whirlpool Corporation, among others. The report provides a comprehensive profiling of these players with details into financials and way forward.
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