While in small appliances the picture is more mixed, the major appliances market is dominated by a handful of players. Despite this, we see further consolidation with some high-profile mergers and acquisitions in recent years, enabling leading manufacturers to expand to new categories and markets. With expanding the offer and tapping into new revenue streams as a priority, manufacturers are also shifting their attention to new categories and services in the extended smart home automation market.
Delivery
This report comes in PPT.
Key Findings
Consolidation continues especially in major appliances
Consolidation enables companies to expand their geographic reach and penetrate new markets. By merging with or acquiring companies operating in different regions, businesses can access new customer segments and distribution channels. In major appliances especially, we see further market consolidation.
Manufacturers are expanding their offer in home automation
As customers continue to adopt smart appliances, manufacturers are starting to focus on wider smart home solutions, especially in the home energy management system market. This enables them to unlock new product categories, such as heat pumps or energy storage systems, and provide a range of services.
Despite economic uncertainty, consumers seek affordable luxuries
While we should not underestimate consumers’ worries about increasing costs, products that offer convenience, such as time saving, or personalisation are intriguing to customers who are still willing to indulge on in-home luxuries and pay more for desired products that tap into these trends.
Scope
Companies at a glance
Market fragmentation
Reliance on fewer strong brands is especially pronounced in major appliances
Prospects
The major appliances market is very consolidated especially in mature markets
Whirlpool’s struggles in EMEA lead to the divestment of its operations to Ar ç elik…
…leading to the creation of Beko Europe BV
Impact on market share for major appliances in Europe
New technology enthusiasts are willing to invest despite economic uncertainty
Home energy management systems as an opportunity for smart home adoption
LG’s Smart Cottage as a showcase of energy management capabilities
What product categories are appliance manufacturers tapping into or likely to?
Even during economic downturn, consumers consider affordable luxuries
Categories that are poised to benefit from the willingness to spend on at-home luxuries
Coffee indulgence continues to bring innovation to the sector
Feature-rich robotic vacuum cleaners are driving unit price growth in the category
Key takeaways
Consumer Appliances
Consumer Appliances is the aggregation of major appliances and small appliances. Major appliances are an aggregate of the following categories: refrigeration appliances, home laundry appliances, dishwashers, large cooking appliances and microwaves. Small appliances are an aggregation of the following categories: food preparation appliances, small cooking appliances, vacuum cleaners, irons, personal care appliances, heating appliances and air treatment appliances.
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