Technological advancements and extensive R&D activities have transformed the way small domestic appliance work these days. From intuitive interfaces to reliable and durable components, innovative products aim to address the existing issues of customers. The demand for easy to use and safe products that offer cost and time saving are on the rise and market players have been adopting different strategies to develop such products. Among those strategies collaboration and new product launches are prime trend going across the global industry. Through collaboration strategy, market players have been developing technology-advanced products that have less time-to-market and simplified development process. Moreover, they adopted the strategy of new product launches.
Through this strategy, they aim to address the customer demands and acquire major market share in specific geographical regions. The trend of innovative product launches is expected to continue over the next few years. According to the report published by Allied Market Research, the global small domestic appliances market is expected to generate $581.65 billion by 2030. Following are some of the trends and activities taking place across the globe.
Collaboration is one of the major strategies adopted by market players to combine expertise of both companies to develop improved products and raise the stake in the international market. Two major software-focused small domestic appliances developers collaborated to accelerate the development of new products. Groupe SEB and MicroEJ collaborated for development of innovative electronic products that are easy to use and safe & secure. Both companies strive to introduce simplicity and reliability into their products.
The collaboration strategy is expected to offer numerous benefits to both companies. The time-to-market can be lowered with both companies joining forces to launch new products that meet customer demands. The complex software can be simplified and R&D activities will be accelerated. MicroEJ provides virtualization and ecosystem to design graphical interfaces and incorporate them into new electronic systems. Groupe SEB’s expertise in safety and development process will be impactful in creation of high-quality products. Such strategy is favorable for both companies involved and help them in achieving their targets across the global market.
Along with collaboration strategy, market players adopted the strategy of new product launches. These launches would help them in attracting new customers by enhancing their product portfolio. Galanz Americas, one of the leading manufacturers of small domestic appliances, announced the launch of new range of small kitchen appliances. These products are expected to offer chef-quality food to residential users. The company launched six innovative products that address the home cooking trends.
Courtney Royko, the Senior Director of Product Development and Marketing at Galanz America, highlighted that consumers demand innovative appliances with space-saving features and multiple functions. With extensive R&D activities, the company developed value-priced and sleekly designed appliances for residential users. The company is driven by the approach of improving lives of consumers through different features in their products. This approach has been driving many companies to develop their products and grab major market share worldwide.
The approach of value addition and innovation is not restricted to residential users. Market players have been designing and developing products for professional and corporate users. Along with offering new products, market players have been targeting specific regions to launch their products and acquire major share. Miele USA launched a professional dishwasher in the North American region. Its ProfiLine Dishwashers offers short wash programs, high rinse temperature, and flexible design of baskets. The company combined speed and user-friendliness in the design of new appliances for providing excellent cleaning environment for professional users.
Scott Lombardi, the Country Director for the U.S. and Business Unit Professional at Miele, Inc. highlighted that the aim of the company to solve problems faced by its customers. Its new product range solves the issue of lack of time for professional users. Its new dishwater is designed for providing fast and hygienic cleaning of dishes. It aims to save time and offer consistent results when it comes to cleaning. It is suitable in professional environments in which dishes and cutlery are expected to be cleaned multiple times in a day and in the fastest way possible. It contains intuitive components, flexible design of baskets, and durable components. This approach of problem-solving would help the companies reap benefits in terms of revenue and market share in the coming years.
Covid-19 scenario:
The Covid-19 pandemic positively affected the demand for small domestic appliances as trend of replacing the old appliances with smart and advanced appliance.
The rise in number of Covid-19 patients encouraged people to purchase cleaning and hygiene related equipment.
However, the prolonged lockdown disrupted the supply chain and create a gap betweensupply and demand.
In addition, the rise in e-commerce during the pandemic favored the market as increased number of people opted online portals to purchase air treatment appliances.
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The report segments the global small domestic appliances market on the basis of product type, distribution channel, end user, and region.
Based on product type, the kitchen appliances segment held the largest share in 2020, accounting for more than two-fifths of the market. However, The cleaning appliances segment is estimated to witness the significant growth, registering a CAGR of 14.3% during the forecast period.
On the basis of distribution channel, the E-Commerce segment helds the major share of 30.2% in 2020, contributing to more than one-fourth of the market. Moreover, The report includes an analysis of the other segments such as brand outlets, retail stores, e-commerce, and others.
The global small domestic appliances market is analyzed across several regions such as North America, Europe, Asia-Pacific, and LAMEA. The market across Asia-Pacific held the largest share in 2020, accounting for nearly one-third of the market. However, the market across LAMEA is expected to register the highest CAGR of 14.9% during the forecast period.
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The global small domestic appliances market report includes an in-depth analysis of the prime market players such as The Whirlpool Corporation, Koninklijke Philips N.V., BOSCH, LG Electronics Inc., Panasonic Corporation, Electrolux AB, The Middleby Corporation, Spectrum Brands Holdings, Inc., Samsung Electronics Co. Ltd., and Morphy Richards.
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