Consumer Appliances in South Korea

Consumer Appliances in South Korea

EXECUTIVE SUMMARY

COVID-19 impact on consumer appliances

COVID-19 country impact

Company response

Retailing shift

What next for consumer appliances?

MARKET INDICATORS

Table 1 Household Penetration of Selected Total Stock Consumer Appliances by Category 2015-2020
Table 2 Replacement Cycles of Consumer Appliances by Category 2015-2020
Table 3 Forecast Household Penetration of Selected Total Stock Consumer Appliances by Category 2020-2025
Table 4 Forecast Replacement Cycles of Consumer Appliances by Category 2020-2025

MARKET DATA

Table 5 Sales of Consumer Appliances by Category: Volume 2015-2020
Table 6 Sales of Consumer Appliances by Category: Value 2015-2020
Table 7 Sales of Consumer Appliances by Category: % Volume Growth 2015-2020
Table 8 Sales of Consumer Appliances by Category: % Value Growth 2015-2020
Table 9 Sales of Major Appliances by Category and Built-in/Freestanding Split: Volume 2015-2020
Table 10 Sales of Major Appliances by Category and Built-in/Freestanding Split: Value 2015-2020
Table 11 Sales of Major Appliances by Category and Built-in/Freestanding Split: % Volume Growth 2015-2020
Table 12 Sales of Major Appliances by Category and Built-in/Freestanding Split: % Value Growth 2015-2020
Table 13 Sales of Small Appliances by Category: Volume 2015-2020
Table 14 Sales of Small Appliances by Category: Value 2015-2020
Table 15 Sales of Small Appliances by Category: % Volume Growth 2015-2020
Table 16 Sales of Small Appliances by Category: % Value Growth 2015-2020
Table 17 NBO Company Shares of Major Appliances: % Volume 2016-2020
Table 18 LBN Brand Shares of Major Appliances: % Volume 2017-2020
Table 19 NBO Company Shares of Small Appliances: % Volume 2016-2020
Table 20 LBN Brand Shares of Small Appliances: % Volume 2017-2020
Table 21 Distribution of Major Appliances by Format: % Volume 2015-2020
Table 22 Distribution of Small Appliances by Format: % Volume 2015-2020
Table 23 Forecast Sales of Consumer Appliances by Category: Volume 2020-2025
Table 24 Forecast Sales of Consumer Appliances by Category: Value 2020-2025
Table 25 Forecast Sales of Consumer Appliances by Category: % Volume Growth 2020-2025
Table 26 Forecast Sales of Consumer Appliances by Category: % Value Growth 2020-2025
Table 27 Forecast Sales of Major Appliances by Category and Built-in/Freestanding Split: Volume 2020-2025
Table 28 Forecast Sales of Major Appliances by Category and Built-in/Freestanding Split: Value 2020-2025
Table 29 Forecast Sales of Major Appliances by Category and Built-in/Freestanding Split: % Volume Growth 2020-2025
Table 30 Forecast Sales of Major Appliances by Category and Built-in/Freestanding Split: % Value Growth 2020-2025
Table 31 Forecast Sales of Small Appliances by Category: Volume 2020-2025
Table 32 Forecast Sales of Small Appliances by Category: Value 2020-2025
Table 33 Forecast Sales of Small Appliances by Category: % Volume Growth 2020-2025
Table 34 Forecast Sales of Small Appliances by Category: % Value Growth 2020-2025

DISCLAIMER

GLOBAL MACROECONOMIC ENVIRONMENT

GLOBAL INDUSTRY ENVIRONMENT

SOURCES

Summary 1 Research Sources

Refrigeration Appliances in South Korea

KEY DATA FINDINGS

2020 IMPACT

Government stimulus and homebound consumers boost demand for refrigeration appliances

With a wide variety of products across a range of price points LG Electronics Inc and Samsung Electronics Co Ltd dominate retail volume sales

Leading players target affluent consumers with customisation

By your command

Chart 1 LG Dios

RECOVERY AND OPPORTUNITIES

As daily life returns to normal and fiscal stimulus fades, growth in retail volume sales will slow

Growth in number of single-person households will spur demand for small premium refrigeration appliances

Can e-commerce hold onto the gains it has made during the pandemic?

CATEGORY DATA

Table 35 Sales of Refrigeration Appliances by Category: Volume 2015-2020
Table 36 Sales of Refrigeration Appliances by Category: Value 2015-2020
Table 37 Sales of Refrigeration Appliances by Category: % Volume Growth 2015-2020
Table 38 Sales of Refrigeration Appliances by Category: % Value Growth 2015-2020
Table 39 Sales of Freezers by Format: % Volume 2015-2020
Table 40 Sales of Freezers by Volume Capacity: % Volume 2015-2020
Table 41 Sales of Fridge Freezers by Format: % Volume 2015-2020
Table 42 Sales of Fridge Freezers by Volume Capacity: % Volume 2015-2020
Table 43 Sales of Fridge Freezers by Connected Appliances: % Volume 2016-2020
Table 44 Sales of Fridges by Volume Capacity: % Volume 2015-2020
Table 45 NBO Company Shares of Refrigeration Appliances: % Volume 2016-2020
Table 46 LBN Brand Shares of Refrigeration Appliances: % Volume 2017-2020
Table 47 NBO Company Shares of Built-in Fridge Freezers: % Volume 2016-2020
Table 48 NBO Company Shares of Freestanding Fridge Freezers: % Volume 2016-2020
Table 49 NBO Company Shares of Built-in Fridges: % Volume 2016-2020
Table 50 NBO Company Shares of Freestanding Fridges: % Volume 2016-2020
Table 51 Distribution of Refrigeration Appliances by Format: % Volume 2015-2020
Table 52 Production of Refrigeration Appliances: Total Volume 2015-2020
Table 53 Forecast Sales of Refrigeration Appliances by Category: Volume 2020-2025
Table 54 Forecast Sales of Refrigeration Appliances by Category: Value 2020-2025
Table 55 Forecast Sales of Refrigeration Appliances by Category: % Volume Growth 2020-2025
Table 56 Forecast Sales of Refrigeration Appliances by Category: % Value Growth 2020-2025

Home Laundry Appliances in South Korea

KEY DATA FINDINGS

2020 IMPACT

Trade disruption due to COVID-19 undermines sales during the first half of the year

Samsung Electronics Co Ltd and LG Electronics Inc bring AI to home laundry appliances

COVID-19 drives acceleration in e-commerce growth

LG’s Electronics Inc’s Tromm WashTower – a washer dryer designed “from the ground up”

Chart 2 LG Electronics Tromm WashTower

RECOVERY AND OPPORTUNITIES

Premiumisation will help to accelerate growth in current value sales

Top-loading washing machines will continue to gain retail volume share from top loaders

Built-in automatic driers will lead volume sales growth, with more consumers opting for small- or large-capacity machines

CATEGORY DATA

Table 57 Sales of Home Laundry Appliances by Category: Volume 2015-2020
Table 58 Sales of Home Laundry Appliances by Category: Value 2015-2020
Table 59 Sales of Home Laundry Appliances by Category: % Volume Growth 2015-2020
Table 60 Sales of Home Laundry Appliances by Category: % Value Growth 2015-2020
Table 61 Sales of Automatic Washer Dryers by Connected Appliances: % Volume 2015-2020
Table 62 Sales of Automatic Washing Machines by Format: % Volume 2015-2020
Table 63 Sales of Automatic Washing Machines by Volume Capacity: % Volume 2015-2020
Table 64 Sales of Automatic Washing Machines by Connected Appliances: % Volume 2016-2020
Table 65 NBO Company Shares of Home Laundry Appliances: % Volume 2016-2020
Table 66 LBN Brand Shares of Home Laundry Appliances: % Volume 2017-2020
Table 67 Distribution of Home Laundry Appliances by Format: % Volume 2015-2020
Table 68 Production of Home Laundry Appliances: Total Volume 2015-2020
Table 69 Forecast Sales of Home Laundry Appliances by Category: Volume 2020-2025
Table 70 Forecast Sales of Home Laundry Appliances by Category: Value 2020-2025
Table 71 Forecast Sales of Home Laundry Appliances by Category: % Volume Growth 2020-2025
Table 72 Forecast Sales of Home Laundry Appliances by Category: % Value Growth 2020-2025

Dishwashers in South Korea

KEY DATA FINDINGS

2020 IMPACT

Consumers spending more time at home boosts demand for dishwashers

Significant new product development, particularly for smaller tabletop dishwashers

Popularity of customised kitchens drives demand for built-in dishwashers

Samsung Corp combines brains and beauty

Chart 3 Samsung bespoke dishwashers

RECOVERY AND OPPORTUNITIES

Maturation will increasingly weigh on demand growth for dishwashers

Freestanding dishwashers will outsell built-in ones, driven in large part by increased demand for smaller, tabletop appliances

Livestream shopping will further boost the popularity of e-commerce

CATEGORY DATA

Table 73 Sales of Dishwashers by Category: Volume 2015-2020
Table 74 Sales of Dishwashers by Category: Value 2015-2020
Table 75 Sales of Dishwashers by Category: % Volume Growth 2015-2020
Table 76 Sales of Dishwashers by Category: % Value Growth 2015-2020
Table 77 Sales of Dishwashers by Format: % Volume 2015-2020
Table 78 Sales of Dishwashers by Connected Appliances: % Volume 2016-2020
Table 79 NBO Company Shares of Dishwashers: % Volume 2016-2020
Table 80 LBN Brand Shares of Dishwashers: % Volume 2017-2020
Table 81 Distribution of Dishwashers by Format: % Volume 2015-2020
Table 82 Production of Dishwashers: Total Volume 2015-2020
Table 83 Forecast Sales of Dishwashers by Category: Volume 2020-2025
Table 84 Forecast Sales of Dishwashers by Category: Value 2020-2025
Table 85 Forecast Sales of Dishwashers by Category: % Volume Growth 2020-2025
Table 86 Forecast Sales of Dishwashers by Category: % Value Growth 2020-2025

Large Cooking Appliances in South Korea

KEY DATA FINDINGS

2020 IMPACT

Increase in home cooking boosts demand for built-in hobs

Product development is particularly vigorous for induction hobs

Samsung Corp gains retail volume share as it widens its product offer

Samsung Electronics Co Ltd offers consumers design harmony in the kitchen

Chart 4 Mix and match

RECOVERY AND OPPORTUNITIES

With demand maturing, growth in volume sales will slow

Internet retail will continue to grow in importance

Heightened air pollution concerns will help drive growth in retail current value sales of cooker hoods

CATEGORY DATA

Table 87 Sales of Large Cooking Appliances by Category: Volume 2015-2020
Table 88 Sales of Large Cooking Appliances by Category: Value 2015-2020
Table 89 Sales of Large Cooking Appliances by Category: % Volume Growth 2015-2020
Table 90 Sales of Large Cooking Appliances by Category: % Value Growth 2015-2020
Table 91 Sales of Built-in Hobs by Format: % Volume 2015-2020
Table 92 Sales of Ovens by Connected Appliances: % Volume 2016-2020
Table 93 NBO Company Shares of Large Cooking Appliances: % Volume 2016-2020
Table 94 LBN Brand Shares of Large Cooking Appliances: % Volume 2017-2020
Table 95 NBO Company Shares of Built-in Hobs: % Volume 2016-2020
Table 96 NBO Company Shares of Ovens: % Volume 2016-2020
Table 97 NBO Company Shares of Cooker Hoods: % Volume 2016-2020
Table 98 NBO Company Shares of Built-in Cooker Hoods: % Volume 2016-2020
Table 99 NBO Company Shares of Freestanding Cooker Hoods: % Volume 2016-2020
Table 100 NBO Company Shares of Cookers: % Volume 2016-2020
Table 101 Distribution of Large Cooking Appliances by Format: % Volume 2015-2020
Table 102 Production of Large Cooking Appliances: Total Volume 2015-2020
Table 103 Forecast Sales of Large Cooking Appliances by Category: Volume 2020-2025
Table 104 Forecast Sales of Large Cooking Appliances by Category: Value 2020-2025
Table 105 Forecast Sales of Large Cooking Appliances by Category: % Volume Growth 2020-2025
Table 106 Forecast Sales of Large Cooking Appliances by Category: % Value Growth 2020-2025

Microwaves in South Korea

KEY DATA FINDINGS

2020 IMPACT

COVID-19 will lead with slowdown in retail volume sales growth, with built-in microwaves particularly hard hit as fewer people more home

Light fryers represent a growing competitive threat to microwaves

Local players still dominant, but private label is beginning to eat into their retail volume share

Taking the guesswork out of defrosting

Chart 5 SK Magic Inc’s MWO-AF3A1 microwave

RECOVERY AND OPPORTUNITIES

Significant slowdown in volume sales growth

Increased competition and a lack of innovation will weigh on retail current value sales

Competition between specialist retailers and e-commerce will intensify

CATEGORY DATA

Table 107 Sales of Microwaves by Category: Volume 2015-2020
Table 108 Sales of Microwaves by Category: Value 2015-2020
Table 109 Sales of Microwaves by Category: % Volume Growth 2015-2020
Table 110 Sales of Microwaves by Category: % Value Growth 2015-2020
Table 111 Sales of Microwaves by Connected Appliances: % Volume 2016-2020
Table 112 NBO Company Shares of Microwaves: % Volume 2016-2020
Table 113 LBN Brand Shares of Microwaves: % Volume 2017-2020
Table 114 Distribution of Microwaves by Format: % Volume 2015-2020
Table 115 Forecast Sales of Microwaves by Category: Volume 2020-2025
Table 116 Forecast Sales of Microwaves by Category: Value 2020-2025
Table 117 Forecast Sales of Microwaves by Category: % Volume Growth 2020-2025
Table 118 Forecast Sales of Microwaves by Category: % Value Growth 2020-2025

Food Preparation Appliances in South Korea

KEY DATA FINDINGS

2020 IMPACT

Increase in home cooking drives demand growth for blenders and mixers

Growing popularity of premium blenders drives increased retail current value sales

Competitive pricing and a widely recognised brand help Groupe SEB Korea to maintain leadership

The IoT Smart Juicer offers personalised juices based on individual health readings

Chart 6 NUC Electronics Co Ltd’s IoT Smart Juicer

RECOVERY AND OPPORTUNITIES

Heightened interest in health and wellness will continue to drive demand growth for mixers and blenders

Premiumisation will drive retail current value sales growth in blenders

With e-commerce set to continue to grow in importance, livestream shopping could have potential in food preparation appliances

CATEGORY DATA

Table 119 Sales of Food Preparation Appliances by Category: Volume 2015-2020
Table 120 Sales of Food Preparation Appliances by Category: Value 2015-2020
Table 121 Sales of Food Preparation Appliances by Category: % Volume Growth 2015-2020
Table 122 Sales of Food Preparation Appliances by Category: % Value Growth 2015-2020
Table 123 NBO Company Shares of Food Preparation Appliances: % Volume 2016-2020
Table 124 LBN Brand Shares of Food Preparation Appliances: % Volume 2017-2020
Table 125 Distribution of Food Preparation Appliances by Format: % Volume 2015-2020
Table 126 Forecast Sales of Food Preparation Appliances by Category: Volume 2020-2025
Table 127 Forecast Sales of Food Preparation Appliances by Category: Value 2020-2025
Table 128 Forecast Sales of Food Preparation Appliances by Category: % Volume Growth 2020-2025
Table 129 Forecast Sales of Food Preparation Appliances by Category: % Value Growth 2020-2025

Small Cooking Appliances in South Korea

KEY DATA FINDINGS

2020 IMPACT

With consumers spending more time at home, COVID-19 boosts demand for coffee machines, coffee mills and beadmakers

With prices declining, light fryers remain the top performer in terms of retail volume sales growth

Westernisation of diets continues to negatively affect demand for rice cookers

Lihom-Cuchen Co Ltd launches a robot wok

Chart 7 Cuchen Robot Cooker The Wok

RECOVERY AND OPPORTUNITIES

Weak demand for rice cookers due to changing dietary habits will continue to weigh on retail volume sales growth in small cooking appliances

Premiumisation efforts will be undermined by intense price competition

Intensifying price competition will further boost the importance of e-commerce

CATEGORY DATA

Table 130 Sales of Small Cooking Appliances by Category: Volume 2015-2020
Table 131 Sales of Small Cooking Appliances by Category: Value 2015-2020
Table 132 Sales of Small Cooking Appliances by Category: % Volume Growth 2015-2020
Table 133 Sales of Small Cooking Appliances by Category: % Value Growth 2015-2020
Table 134 Sales of Freestanding Hobs by Format: % Volume 2015-2020
Table 135 NBO Company Shares of Small Cooking Appliances: % Volume 2016-2020
Table 136 LBN Brand Shares of Small Cooking Appliances: % Volume 2017-2020
Table 137 Distribution of Small Cooking Appliances by Format: % Volume 2015-2020
Table 138 Forecast Sales of Small Cooking Appliances by Category: Volume 2020-2025
Table 139 Forecast Sales of Small Cooking Appliances by Category: Value 2020-2025
Table 140 Forecast Sales of Small Cooking Appliances by Category: % Volume Growth 2020-2025
Table 141 Forecast Sales of Small Cooking Appliances by Category: % Value Growth 2020-2025

Vacuum Cleaners in South Korea

KEY DATA FINDINGS

2020 IMPACT

COVID-19 will not affect volume sales of vacuum cleaners, but growth in retail current value sales will slow, which may reflect the pandemic’s economic impact

Stick vacuum cleaners dominate retail volume sales, but premium products

LG Electronics Inc’s cordless stick vacuum cleaners help it to regain retail volume share from Dyson Korea Co Ltd

I dream of Gini

Chart 8 iClebo Gini

RECOVERY AND OPPORTUNITIES

Stick vacuum cleaners and robotic vacuum cleaners will continue to drive retail volume sales growth

Most new product development will focus on cordless stick vacuum cleaners

E-commerce will continue to grow in importance due to its competitive pricing, reduced delivery times and improved customer service

CATEGORY DATA

Table 142 Sales of Vacuum Cleaners by Category: Volume 2015-2020
Table 143 Sales of Vacuum Cleaners by Category: Value 2015-2020
Table 144 Sales of Vacuum Cleaners by Category: % Volume Growth 2015-2020
Table 145 Sales of Vacuum Cleaners by Category: % Value Growth 2015-2020
Table 146 Sales of Robotic Vacuum Cleaners by Connected Appliances: % Volume 2016-2020
Table 147 NBO Company Shares of Vacuum Cleaners: % Volume 2016-2020
Table 148 LBN Brand Shares of Vacuum Cleaners: % Volume 2017-2020
Table 149 Distribution of Vacuum Cleaners by Format: % Volume 2015-2020
Table 150 Forecast Sales of Vacuum Cleaners by Category: Volume 2020-2025
Table 151 Forecast Sales of Vacuum Cleaners by Category: Value 2020-2025
Table 152 Forecast Sales of Vacuum Cleaners by Category: % Volume Growth 2020-2025
Table 153 Forecast Sales of Vacuum Cleaners by Category: % Value Growth 2020-2025

Personal Care Appliances in South Korea

KEY DATA FINDINGS

2020 IMPACT

With consumers spending more time at home, COVID-19 significantly impacts demand for hair care appliances and electric facial cleaners

LG Electronics Co Ltd’s Pra.L Ultrasonic Cleaner continues to drive growth in electric facial cleaners

Backed by strong marketing, Procter & Gamble Korea Inc’s Oral-B continues to dominate oral care appliances

Mirror, mirror on the wall

Chart 9 Cellreturn app

RECOVERY AND OPPORTUNITIES

Volume demand growth for oral care appliances will slow due to saturation

But premiumisation will drive an acceleration in retail value sales growth for oral care appliances

E-commerce will continue to grow in importance, as online shopping increasingly becomes the norm for younger consumers

CATEGORY DATA

Table 154 Sales of Personal Care Appliances by Category: Volume 2015-2020
Table 155 Sales of Personal Care Appliances by Category: Value 2015-2020
Table 156 Sales of Personal Care Appliances by Category: % Volume Growth 2015-2020
Table 157 Sales of Personal Care Appliances by Category: % Value Growth 2015-2020
Table 158 Sales of Body Shavers by Format: % Volume 2015-2020
Table 159 Sales of Hair Care Appliances by Format: % Volume 2015-2020
Table 160 NBO Company Shares of Personal Care Appliances 2016-2020
Table 161 LBN Brand Shares of Personal Care Appliances 2017-2020
Table 162 Distribution of Personal Care Appliances by Format: % Volume 2015-2020
Table 163 Forecast Sales of Personal Care Appliances by Category: Volume 2020-2025
Table 164 Forecast Sales of Personal Care Appliances by Category: Value 2020-2025
Table 165 Forecast Sales of Personal Care Appliances by Category: % Volume Growth 2020-2025
Table 166 Forecast Sales of Personal Care Appliances by Category: % Value Growth 2020-2025

Air Treatment Products in South Korea

KEY DATA FINDINGS

2020 IMPACT

Government warning that air purifiers may help to spread of COVID-19 hits demand for air purifiers

Demand for window air conditioners continues to surge, partly due a shortage of installers for split air conditioners

Launch of portable and window air conditioners reinforces Shinil Electronics Co Ltd’s leadership in air treatment products

PACECO Co Ltd launches the first window air conditioner with a digital inverter

Chart 10 PACECO Co Ltd windows air conditioners with inverter

RECOVERY AND OPPORTUNITIES

Declining COVID-19 threat will drive a rebound in retail volume sales of air conditioners

A wider product offer and increased price competition will continue to drive strong demand growth for window air conditioners.

With internet retailers like Coupang offering quick installation, e-commerce will continue to grow in popularity

CATEGORY DATA

Table 167 Sales of Air Treatment Products by Category: Volume 2015-2020
Table 168 Sales of Air Treatment Products by Category: Value 2015-2020
Table 169 Sales of Air Treatment Products by Category: % Volume Growth 2015-2020
Table 170 Sales of Air Treatment Products by Category: % Value Growth 2015-2020
Table 171 Sales of Air Conditioners by Connected Appliances: % Volume 2016-2020
Table 172 NBO Company Shares of Air Treatment Products: % Volume 2016-2020
Table 173 LBN Brand Shares of Air Treatment Products: % Volume 2017-2020
Table 174 Distribution of Air Treatment Products by Format: % Volume 2015-2020
Table 175 Production of Air Conditioners: Total Volume 2015-2020
Table 176 Forecast Sales of Air Treatment Products by Category: Volume 2020-2025
Table 177 Forecast Sales of Air Treatment Products by Category: Value 2020-2025
Table 178 Forecast Sales of Air Treatment Products by Category: % Volume Growth 2020-2025
Table 179 Forecast Sales of Air Treatment Products by Category: % Value Growth 2020-2025

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