Home appliances industry growing faster

ISLAMABAD: The home appliances industry is currently witnessing a rise in the country in smart home appliances to meet evolving needs of costumers.

According to a report aired on private news channel, consumers are moving away from standard equipment and looking to make smart purchases.

The production of home appliances including refrigerators, TV sets, air conditioners and sewing machines rose 10pc to 1.2m units during July-January 2014-15.

The production of the most popular products fridges and deep freezers was up 15pc to 0.8m units, against 0.7m units during the same period of the previous year.

And the production of television sets the second most popular category in electronic goods - grew 5pc to 57,000 units during July-January. But air conditioner and sewing machines declined 6pc and 1pc over the period.

The growth of the home appliances industry has been phenomenal over the years.

Companies have launched innovative products to meet the ever-growing need of tech-savvy consumers. They have expanded rapidly into the burgeoning consumer markets.

This year, the market will be faced by concerns of CO2 emissions that will most likely trigger demand for air purifiers in the coming years.

Also, more awareness about healthy eating has driven the growth for light fryers.

Further, a lack of water and energy resources will see people opting for more energy-efficient appliances.

Split air conditioners are also expected to have the greatest potential due to tangible benefits in energy savings and convenience.

The smart home appliances market is expected to witness a significant growth in the coming years, due to technological advancement in electronics and communication sectors and the growing need for energy efficiency.

Additionally, increasing purchasing power and improving lifestyles are fostering the demand for smart home appliances around the world.

The world smart home appliances market is segmented into appliances such as washing machines, refrigerators, dishwashers, air conditioners and other small electrical appliances such as coffee machines, vacuum cleaners, etc.

A report by Euromonitor International found that among the types of smart home appliances, smart washing machines generate the highest revenue in the market.

There will be an increasing demand for built-in appliances, and rising disposable incomes in emerging countries will drive up the volume. As per the Euromonitor report, automatic washing machines, fridge freezers, air conditioners and microwaves will remain high growth areas.

It also found that global Internet retailing of consumer appliances increased by 280 per cent between 2008 and 2013, driven mainly by the expansion of ease of access, the growing use of smartphones, and the increased number of Internet retailers.

Report also highlighted that of all segments in the industry, the home comfort segment is most likely to grow at the highest pace. New product development, increasing urbanisation and rising working class population are the driving forces of the global household appliances industry.