|The global home appliance market is set to swell 4.5% this year, driven by demand for major appliances including room air conditioners, dishwashers, say analysts IHS. |
Sales of a "broad range" of laundry, refrigeration and cooking machines are set to reach 583 million units by year end - room air conditioners will be strongest performer this year, up 7%.
The appliance growth is expected to continue with nearly 5 percent annual growth until 2017, as consumers desire energy efficient goods and more incentives to upgrade emerge.
By 2017, appliance shipments will hit 700 million, analysts predict.
50% of this will come from the Asia-Pacific as demand from China, India soars from the next housing boom set to hit these emerging markets.
"Improved economic conditions and a new boom in housing will fuel growth in the areas where home appliances are predicted to sell strongly," said Dinesh Kithany, senior analyst IHS.
The news comes as every major vendor including Panasonic, Fisher & Paykel, and Samsung are releasing smart appliances with mobile apps, WiFi connectivity and other smart features, and retailer are citing white goods as one of the key growth areas.
Popular appliances for Aussies this Christmas will include French door fridges and smaller goods such as coffee machines, says JB Hi-Fi Marketing Manager, Scott Browning.
Factors driving future appliance demand will include energy-efficiency legislation, government-backed incentives and rebates, better financing plans and a move toward appliances with reduced power consumption.