Home Appliances is a market which is going to rise and rise. It is going to reach newer heights and it won’t require much time. There are certain reasons for this and we will discuss those at length. The numbers are staggering, to say the least. Talking about the global market, the companies making these products are going to have a feast in the coming years.
However, these companies can only be successful if they evolve. The evolution of the company does not have to be in itself but also according to the world and the technologies that are being developed in the world. There are many things that go into making these companies the best in the world and these things are just necessary for the growth of the global home appliance market. The numbers, as we talked about, are just insane and they are not shared by just one or two companies but by 100s of the global leading companies.
The numbers might just blow you off but the home appliance market, if we consider the world as a single market then the current value of the same is $615100 million. Yes, that is right. Now, the Compound Annual Growth Rate is around 5.3 percent and the number mentioned before is going to rise and rise exponentially by the time we hit 2024.
The market in 2024 is going to be transformed and there are no words to describe how. In 2024, the home appliance global market, according to the CAGR 5.3 percent is going to reach $837000 million. These numbers are provided by arcognizance.com and reported by Market Research Gazette. This type of exponential increase in the world of the home appliance is not a surprise, as analyst think, this number might be underestimating the growth.
There is a specific reason as to why this market is growing at this rate. There is one simple answer and that is the Internet of Things (IoT). This is the only reason the market is going to bounce to that height. The IoT is going to bring all the devices closer and the connectivity might reach 100 percent by the time we hit 2024.
IoT helps all the device connect with each other, a fridge can stream a movie for you while a mobile phone can tell you if the food is prepared in the baking oven or not. This is how the world is going to be and this is the reason why the home appliance market is going to grow immensely in the upcoming years. The numbers might be staggering, the growth is surely not.