2021 was another volatile year that ended with retail sales exceeding 2019 levels. Major appliances continued to be in demand within a low interest rate environment. As the year ended, supply chain issues and inflation curtailed demand somewhat. Towards the end of 2021, after focusing on hygiene for two years, companies pivoted and started refocusing on long-term environmental sustainability in their products and operations. CES2022 was all about sustainability and innovation.
With the focus on hygiene gradually fading after two years of the pandemic, companies are refocusing on long-term environmental sustainability in their products and operations. The near-term goal includes being carbon neutral in their own operations, while the longer-term goal is to reduce their products’ impact on the environment.
The last two years saw announcements from the Connectivity Standards Alliance (Matter) and Home Connectivity Alliance (HCA) on initiatives to make the smart home a seamless experience for consumers. Both alliances are working towards common standards for device-to-device and cloud-to-cloud interoperability. Promising a more seamless experience integrating products from different brands and unlocking value-added features.
Appliance companies have been forming partnerships and pursuing M&A deals to increase the value added of their products. Partnerships with meal kit companies enable a consumer to cook a greater variety of healthy recipes with greater precision and less food waste.
There is a growing disagreement in the US over the use of natural gas in new homes and commercial buildings. Regulators cannot agree on whether natural gas can be considered a green energy source. This has led to states enacting laws for and against natural gas piping to homes and commercial buildings. Ultimately, in the long term, consumers are trending towards induction and vitroceramic built-in hobs.
Chinese e-commerce platforms see major appliances as one of their next big growth drivers. In 2020, online sales of appliances exceeded those in retail stores for the first time. E-commerce platforms are working closely with appliance companies to make the purchase of small and major appliances online frictionless.
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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