Sunny Prognosis: 
Market Growth for Home Appliances

Appliances for cooking, freezing and dish washing are enjoying volume growth. Popular trends are primarily for innovative and energy-efficient premium products, which are both practical and well designed.

The market for home appliances in the US has grown significantly in 2016: According to statistics from the Association of Home Appliance Manufacturers (AHAM), in December 2016, the cooking appliance segment experienced volume growth of 6.8 percent, freezing appliances came in at 5.8 percent and washing machines, dryers and dishwashers combined were more than 5 percent.

Analysts point to a combination of factors for the positive figures, including a boom in the building sector, technological innovations and the need for replacement appliances in the home. Low interest rates and improved incomes as well as heightened confidence in the US economy can all be attributed to helping the market grow.

Similar trends can also be seen looking across the ocean to Europe.  Booming real estate markets are prompting consumers to purchase more durable goods. Built-in kitchens and home appliances that are functional and also well-designed are especially popular.

The high willingness to invest also serves as a catalyst for the development of innovative premium products such as energy-efficient washing machines, freezers with “no frost” technology, or self-cleaning ovens. Though the demand for smart, connected appliances still remains rather modest in Europe, experts,  predict a rapid climb in the numbers sold over the next few years. Let us see how this trend might also affect the market development in the US.
The prospects look bright since the growth trend continues its upward climb in 2017. Based on estimates by Germany’s largest market research institute, Gesellschaft für Konsumforschung (GfK) the prognosis for global growth in the home appliance sector is a healthy four percent.
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