Mexico is one of the major suppliers of home appliances among the Latin American nations. The appliance manufacturing in the Mexico market is thriving with rising demand for appliances. The thriving manufacturing sector has led to growth in the production of home appliances in the country.
The volume sales of major appliances in Mexico in 2019 was moderately higher than the other appliances. The large home appliances market in Mexico is mainly driven by an increase in disposable income, rapid urbanization, innovations in the brands, differing preferences of consumers, marketing, and advertising across companies.
The consumers in the market are searching for products that make their life easy and daily activities easier such as cooking, cleaning, and laundry tasks. The online channel of distribution currently has demand for appliances due to COVID -19 impact and is seeing an increase in sales in the market. Smart large appliances are driven by growth in increasing smart homes in the country along with rising internet users. Sustainable and eco-friendly appliances are preferred by consumers due to the rising awareness about environmental effects and costs associated with it.
Key Market Trends
Refrigerators are one of the most widely used Home Appliances in Mexico
Refrigerators are essential large appliances for homes in Mexico. Household refrigeration based on vapor compression technology is majorly used in the homes in Mexico. 80% of homes in Mexico own at least one refrigerator. The emerging middle class and purchasing power are expected to lead the growth in both basic and premium category refrigerators. The most preferred style of refrigerator includes French door styled refrigerators. LG Electronics (LG) has unveiled the latest lineup of Linear Top-Freezer refrigerators in the market.
Urbanisation in Mexico id Driving the Demand Luxury Appliances
Mexico has emerged as Latin America's luxury appliances market. Mexico has a majority of the population between 15 and 64 years of age group. Mexico's young affluent and middle-class population is
The rising population of Mexico and the increase in the urban population increased the demand for major appliances such as refrigerators, washing machines, fridges. The urbanization of the population is also expected to increase the sale of smart major appliances including high-end appliances.
The Mexican major home appliance industry is moderately consolidated and has a large number of local and regional players. Government partnerships and high skilled labor boost the competitiveness of companies manufacturing large appliances in Mexico. Mexico has a high pool of skilled labor who are willing to work in the manufacturing sector providing a cost advantage to the country.
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