White goods include heavy, consumer durable products such as freezers, refrigerators, water heaters, air-conditioning units, washing machines, and other domestic as well as commercial, large-sized appliances. A majority of these products are ideally painted in white enamel finish. Though these products are available in varied colors, they are still recognized as white goods. The white goods market is undergoing significant transformation, owing to entry of several mid-sized players in the market. The degree of competition in terms of price among small brands worldwide is increasing.
Growing presence of Asia-based players across the globe led by strong growth of the market in the region and strategic acquisitions worldwide are a few trends being witnessed in the market. A majority of brands of consumer durable products based in China and South Korea hold 63% share of the global white goods market. Availability of inexpensive labor is ultimately helping in the manufacture of final products at a significantly low cost.
The global white goods market is anticipated to expand at a prominent rate in the near future. Increase in the disposable income has been one of the key factors driving the white goods market. Additionally, increase in use of white goods for entertainment, luxury, and R&D purposes is boosting the market. Additionally, emergence of e-commerce platforms coupled with easy payment options has resulted in rise in sales of white good. This platform has helped consumers select products from a variety of manufacturers at an affordable price. This has boosted the demand for white goods.
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However, rising concerns about global warming led by increasing emissions of greenhouse gases (GHGs) from several white goods are restraining the white goods market. Usage of refrigerators, air-conditioning units, etc. results in depletion of the ozone layer, global warming, increased health risks, and rising seawater levels. However, manufacturers of consumer appliances are coming up with eco-friendly products. Products that consume low energy, enhanced safety standards, and IoT-connected devices are becoming popular in the market. This becomes good opportunity as these product are environment friendly and well accepted in the market.
The report has been compiled through extensive primary research (through interviews, surveys, and observations of seasoned analysts) and secondary research (which entails reputable paid sources, trade journals, and industry body databases). The report also features a complete qualitative and quantitative assessment by analyzing data gathered from industry analysts and market participants across key points in the industry’s value chain.
A separate analysis of prevailing trends in the parent market, macro- and micro-economic indicators, and regulations and mandates is included under the purview of the study. By doing so, the report projects the attractiveness of each major segment over the forecast period.
Highlights of the report:
- A complete backdrop analysis, which includes an assessment of the parent market
- Important changes in market dynamics
- Market segmentation up to the second or third level
- Historical, current, and projected size of the market from the standpoint of both value and volume
- Reporting and evaluation of recent industry developments