Sales of major appliances in Asia Pacific returned to positive growth in 2021 after the 2020 decline due to Coronavirus (COVID-19) and the measures taken to contain its spread. However, with restrictions still in place at times in 2021, given spiking case numbers, sales did not immediately return to pre-pandemic levels, which is currently expected in 2022 – although the lockdowns being seen in China in 2022 could mean that the regional forecast for this year could need downgrading at some point.
Major appliances was already seeing slow, if still positive, regional growth in 2018 and 2019, with the performances in these years hit by declining sales in China due to the maturity of key categories and government efforts to control property developers’ financing in order to prevent speculation and keep a cap on housing prices. After the pandemic tipped the market into decline in 2020, sales returned to positive territory in 2021, as the region began emerging from the pandemic.
Even though penetration rates of some products are still low in a number of countries across the region, connected appliances are expected to be a key growth area in the coming years, with players launching products that are compatible with smartphone apps and Wi-Fi. Even if they tend to be priced much higher than mass products and demand still remains nascent, with the expansion of the middle class in countries like India and increasing disposable incomes, connected appliances are expected to continue to develop over the forecast period.
Online sales recorded strong share growth in major appliances in most countries in the region in 2020, with internet retailing an ideal solution for buying goods in lockdown or when looking to avoid going out in public. E-commerce continued to gain share in the region in 2021. However, with shoppers often preferring to see major appliances close up before making a purchasing decision, electronics and appliance specialist retailers still remains the leading distribution channel.
Major appliances is currently expected to record positive annual growth rates throughout the forecast period, as the region continues emerging from the pandemic. However, with lockdowns returning in China in 2022, forecast projections may need revising downwards at some point in the near future.
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.See All of Our Definitions
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