Manufacturers in the household appliances market are continuously developing products with enhanced functionality and features to remain competitive
According to a new report published by Allied Market Research, titled,“Japan Household Appliance Market by Product, Distribution Channel, and Region: Opportunity Analysis and Industry Forecast, 2018 – 2025,”the Japan household appliance market was valued at $20,279.9 million in 2017, and is expected to reach $27,979.0 million by 2025, growing at a CAGR of 4.0% from 2018 to 2025. The entertainment & information appliances is expected to retain its dominant position, in terms of revenue generation, throughout the Japan household appliance market forecast period.
Manufacturers in the household appliances market are continuously developing products with enhanced functionality and features to remain competitive. Despite developing products with higher added value, the prices for the products have collapsed and thus, remained stagnant at a low level for several years. The decrease in price was due to the pressure of competition from countries with low manufacturing costs. Manufacturers are also facing pressure related to margins owing to fierce competition in the Japan household appliance market. This price fall is forcing companies to develop innovative products.
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This decrease in price trend of household appliances is encouraging customers to purchase the products, which in turn can drive the Japan household appliance market. Reducing prices of household appliances has a positive impact on the Japan household appliance market growth. According to the United Nations, a large part of the world is currently undergoing urbanization. Nearly 54.8% of the world’s population presently lives in urban areas. Growth in urbanization has resulted in the changing lifestyle of individuals. Increase in number of nuclear families, coupled with rise in urbanization creates a huge demand for household appliance.
Thus, rapid urbanization has led to increased need for faster and more reliable household appliances such as refrigerator, air condition, washing machines, which help save time, money, and are convenient for daily use. High price and remarkable popularity of household appliance brands have led to the advent of counterfeit brands. Counterfeit brands are generally prevalent in the developing economies where customers are highly price-sensitive. This factor restricts the sale of the existing original household appliance brands in the Japan market. On the Contrary, development of durable, energy-efficient household appliances at economic price is anticipated to increase the rate of penetration among low- and middle-income groups.
The Japan household appliance market is segmented based on product and distribution channel. Depending on product, the Japan household appliance market is classified into refrigerator, air conditioner & heater, entertainment & information appliances, washing machine, dish washer, wall oven, microwave, cooking appliances, coffee machine, blender, juicer, canister, deep cleaners, other vacuum cleaners, steam mop, and other appliances. Base on distribution channel, the market is divided into supermarket, specialty store, manufacturer store, e-commerce company and others.
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Entertainment & information appliances was the highest revenue generator of Japan household appliances market and is expected to witness a CAGR of 4.4% during the forecast period. The entertainment & information appliances manufacturing industry is highly dynamic in nature. Technological advancements and replacement play a vital role in the growth of the industry. Growth in penetration of Smart TVs facilitates the use of applications that were earlier developed for smartphones.
The television is getting smarter with the addition of features such as web surfing, downloading videos, live streaming of games from websites, and downloading news and traffic updates. Although smart TVs presently comprise only a small portion of the overall sales, the adoption of these devices is on the rise with consumers recognizing the availability of the vast amount of web-based content.
Presently, the television market is in the fourth generation of connected TVs, with major manufacturers competing for TV models with the latest innovations in user interface, content aggregation, and application development. Smart TVs are equipped with an operating system to run apps and widgets, which can stream videos and music. It enables the user to access various new functions such as recording TV programs and surfing the Internet, by which user can access sites that include Google, Facebook, and others with the help of Wi-Fi connectivity. The growth of Japan household appliances market is attributed to the increase in per capita income of consumer, which fuels the improvement in lifestyle and enables higher standards of living.
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The convergence of technologies and platforms, lifestyle trends, growth in need for mobility, and technological advances are fundamentally changing the way in which consumers interact with media content. The market growth for entertainment & information appliances is also being driven by the emergence of wireless technology and subsequent demand for smart entertainment devices that have Wi-Fi connectivity embedded in them. These devices help streamline the setup, allowing the user to access music and movies of their choice without a lengthy process. Majority of the companies operating in the home entertainment market are focusing on product launches to enhance their product portfolio and bring competitive product offerings into the market thus increasing the Japan household appliance market size.
In September 2018, OnePlus, the Chinese smartphones manufacturing company announced to expand its product line into the SmartTV industry and is expected to compete with other brands and its rival smartphone companies such as, Xiaomi, and Samsung. In October 2016, Bose launched new wireless sound bars and surround sound systems. These devices are very small in size and deliver the best audio experience. The devices launched by Bose are enabled with Wi-Fi and Bluetooth and with NFC for easy pairing. In September 2016, Sony launched its Z series range of its flagship BRAVIA 4K HDR TVs. These TVs feature a newly developed 4K image processor, 4K HDR processor.
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