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Small Electrical Appliances Market:Executive Summary
The small electrical appliances manufacturing market consists of sales of small electric appliances and electric housewares including household-type fans (except attic fans), household-type vacuum cleaners, and other electric household-type floor care machines.
The global small electrical appliance market was worth $40.3 billion in 2019. It is expected to grow at a compound annual growth rate (CAGR) of 5.9% and reach $50.7 billion by 2023.
The small electrical appliance market covered in this report is segmented by product into household type fans, household type vacuum cleaners, and other household type small electric appliances. Thesmall electrical appliance market in this report is segmented by application into home, and commercial
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Increased electrification especially in rural areas has contributed to the growth of the small electrical appliances market in the historic period. Electrification coupled with the rise in disposable income has boosted the demand for household type fans. For example, in India, the percentage of rural population with access to electricity increased from 68.3% in 2010 to 89.3% in 2017. The Percapita net disposable income increased from $1,372.9 in 2013 to $2,018.53 in 2017 at a CAGR of 10.1%. Rise in disposable income increased the purchasing power of the people which in turn has increased the market for small electrical appliances.
Rise in awareness about the adverse effects of high energy consumption, and the carbon footprint associated with the usage of several small electrical appliances is expected to restrain the market in the forecast period. Several factors such as increasing internet penetration led to an increase in awareness about the consumption of energy, rising cost of energy and adverse effects associated with the usage of several household appliances such as vacuum cleaners. In 2019, European Union banned the sale of vacuum cleaners containing motors more powerful than 900W. These factors will limit the growth of the small electrical appliances.
Small electrical appliance manufacturers are increasingly producing energy-efficient products to reduce carbon footprint and enable energy savings for the consumers. The rise of energy-efficient appliances can be attributed to stringent government regulations on electric home appliances and advances in technology. Energy efficient fans are designed to utilize minimum energy. Currently, over 80 countries have standards and labels for energy efficient appliances. For example, in the USA, ENERGY STAR certified ceiling fans provide cutting edge design, use latest technology and are 60% more efficient than conventional ceiling fans.
In July 2017, CDH Fund V, L.P., a private equity fund bought a significant stake in SharkNinja Operating LLC for an undisclosed amount. This partnership is expected to accelerate the growth of SharkNinja brand of products globally. Shark Ninja is a USA based manufacturer of home and kitchen electrical appliances including vacuum cleaners.
Major players in the market are AB Electrolux, Dyson Ltd., Panasonic Corporation, Koninklijke Philips N.V., Haier Group Corporation, Midea, Miele & Cie. KG, Samsung Electronics Co., Ltd., LG Electronics, BISSELL
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