The most influential Megatrends set to shape the world through 2030, identified by Euromonitor International, help businesses better anticipate market developments and lead change for their industries.
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Learn moreMay 2016
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Euromonitor International has identified four emerging markets that can bring back vigour to the consumer appliances industry in light of the economic slowdown that the BRICs are facing. These are Mexico, Indonesia, Thailand and Turkey, dubbed the MITTs. In this, the first part of two reports, Indonesia and Mexico are identified as important opportunity markets, where major policy and infrastructure changes will serve to boost appliances consumption in the 2015-2020 periods.
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Gain competitive intelligence about market leaders. Track key industry trends, opportunities and threats. Inform your marketing, brand, strategy and market development, sales and supply functions.
Even with economic slowdowns, the sheer size of the BRICs make them attractive prospects, but if dynamism is what is being looked for, there are other emerging markets with better prospects.
The MITTs are the four emerging markets after the BRICs which are predicted to see the largest absolute growth in consumer appliances over 2015-2020, both in volume and value sales. While smaller than the BRICs, they boast similar purchasing power on a per capita basis
These markets offer promising long-term potential for investors, though each has a number of hurdles to overcome to make them more attractive. Political instability, corruption and income inequality are some of them.
A key driver of growth in most MITTs is the very low household penetration rates in most categories of appliances, which, coupled with growing disposable income, are boosting growth in consumer appliances.
In these markets, where income distribution tends to be more unequal, polarisation of the market is evident. Entry level products are key, as penetration rates are low and first time purchases are high, but there is also a segment of the population that lives by aspirational purchases and enjoy high-end products.
Another thing the MITTs have in common is that most of them are strong production hubs for consumer appliances. Together, they account for almost a third of global production of major appliances and air conditioners, when China is excluded.
Gain competitive intelligence about market leaders. Track key industry trends, opportunities and threats. Inform your marketing, brand, strategy and market development, sales and supply functions.