Small Appliances market in Asia- Pacific region is showing growth in terms of volume sales and is projected to grow. The main factors driving the growth of small appliances are disposable incomes, urban lifestyles, and health trends. Small Appliances are important as they are used for daily household tasks in the homes and consumers in the market are willing to spend on them.
There is a demand for light fryers, bread makers, food processors, and other healthy multi-functional small appliances products that are benefitting from the aging population in the region. India and Southeast Asia countries will be the top key markets driving the growth of small appliances. Asia -Pacific market is also witnessing the rise in the distribution in the sale of air-purifiers.
Built-in appliances and smart appliances such as built-in hobs are also gaining traction in the market. Changing consumer preferences and innovative credit schemes along with the replacement sales pave the way for smarter appliances to replace the conventional devices and this is going to stimulate the growth of the market.
Key Market Trends
Small Kitchen Appliances are Dominating the Market
The Small Kitchen Appliances market stands tall as one of the most proactive industry verticals. The rising number of households in Asia- Pacific and especially India and China and the reduction in average household size, and the growth of households such as nuclear families and individuals living in rented apartments as flatmates are creating conducive conditions for the development of small cooking appliances. The small companies in the market compete aggressively in the market due to lower margins in the small cooking appliance segment. Unbranded and regional players represent a considerable competitive threat to national and multinational players.
E commerce Channel is Fastest Growing Distribution Channel
E-commerce is emerging as a top distribution channel with internet retailing and connected lifestyles, electronics, and appliance specialist retailers remain the channel with the highest volumes.
Distribution is notably tending towards channels featuring high discounts, including private label goods outlets, mega markets offering high discounts through tax rebates and tie-ups with manufacturers, and e-commerce, which has been posing as a major competitor to other sellers due to the highly competitive discounts and other offers.
The Asia-Pacific Small Home Appliances Market is highly fragmented and competitive with Chinese and Korean players dominating the market. Regional and international companies continue to compete in the market. However, for built-in appliances Chinese and Korean markets, are dominated by foreign players in the market. Diversification in terms of products and places will likely be able to help companies maintain their businesses in the future.
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