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Global White Goods Market to Grow at a CAGR of 7.8% During 2021-2026, Aided by the Growing Tendency of Consumers Towards Replacing Old Home Appliances with New and Innovative White Goods

According to a new report by EMR titled, ‘Global White Goods Market Report and Forecast 2021-2026’, the market attained a value of nearly USD 609.43 billion in 2020. The industry is further expected to grow at a CAGR of 7.8% between 2021 and 2026 to reach USD 956.4 billion by 2026.

The white goods industry is driven by the growing tendency of consumers towards replacing their old home appliances with new and technologically advanced white goods. The conservation of energy is a vital concern among the users, which is one of the major factors driving the market. As the white goods of the modern era come with 5-star ratings, these products have been receiving increased consumer attention as they are energy-efficient and reduce electricity consumption while offering world-class services. Moreover, the increasing availability of a wide range of electronic goods on online platforms, such as Amazon (NASDAQ: AMZN) and Alibaba (NYSE: BABA), is further contributing to the market growth.

The market is expected to be aided by the rising investments by the leading players to enhance their production capacity. For instance, in March 2021, Blue Star Limited (NSE: BLUESTARCO) took a decision to invest INR 250 crore in a manufacturing plant in Sri City, Andhra Pradesh, India. The manufacturing unit will have a production capacity of five lakh room air-conditioning units per annum.  Further, in June 2021, Blue Star expanded its product portfolio by introducing the ice lined refrigerators and vaccine transporters, which are ideal for vaccine transportation. Therefore, these products are likely to witness a surge in sales, owing to the ongoing vaccination drives across the continents.

In terms of region, the Asia Pacific is likely to account for a significant share in the market. This can be attributed to the rising demand for premium white goods in countries like India and China, owing to the rising disposable income, rapid urbanisation, and increasing living standards.

Market Breakup by Product, End Use, Distribution Channel, and Region:

  • The market is segmented based on product into air conditioner, refrigerator, washing machine, dishwasher, and microwave oven, among others.
  • Based on end use, the market is divided into residential and commercial.
  • The various distribution channels of white goods include hypermarkets and supermarkets, speciality store, retail store, and online, among others.
  • Region-wise, the global market for white goods can be divided into North America, Europe, the Asia Pacific, Latin America, and the Middle East and Africa.

Key Findings of the Report:

  • The global market for white goods is being driven by their rising demand in the residential and commercial sectors and the need to replace older appliances with more durable and reliable ones.
  • The market is expected to be augmented by the growing technological innovations.
  • The growing efforts by the major white goods manufacturers to expand their product portfolio are likely to bolster the market growth in the forecast period.
  • The market is expected to be aided by the growing demand for efficient and cost-effective products.

Key Offerings of the Report:

  • The EMR report gives an overview of the global market for white goods for the periods (2016-2020) and (2021-2026).
  • The report also offers historical (2016-2020) and forecast (2021-2026) market information for the products, end uses, distribution channels, and regions of white goods.
  • The report analyses the market dynamics, covering the key demand and price indicators in the market, along with providing an assessment of the SWOT and Porter’s Five Forces models.

The major players in the global white goods market are Alliance Laundry Systems LLC, Blue Star Limited, Electrolux AB, Haier Group Corporation, and LG Electronics Inc., among others. The comprehensive report by EMR looks into the market share, capacity, and latest developments like mergers and acquisitions, plant turnarounds, and capacity expansions of the major players.

About Us:

Expert Market Research (EMR) is a leading market research and business intelligence company, ensuring its clients remain at the vanguard of their industries by providing them with exhaustive and actionable market data through its syndicated and custom market reports, covering over 15 major industry domains. The company's expansive and ever-growing database of reports, which are constantly updated, includes reports from industry verticals like chemicals and materials, food and beverages, energy and mining, technology and media, consumer goods, pharmaceuticals, agriculture, and packaging.

EMR leverages its state-of-the-art technological and analytical tools, along with the expertise of its highly skilled team of over 100 analysts and more than 3000 consultants, to help its clients, ranging from Fortune 1000 companies to small and medium sized enterprises, easily grasp the expansive industry data and help them in formulating market and business strategies, which ensure that they remain ahead of the curve.

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*We at Expert Market Research always thrive to give you the latest information. The numbers in the article are only indicative and may be different from the actual report.

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