Significant Spike in Residential Cleaning Appliances Sales Driven by Mounting Pressure of Post- Pandemic Domestic Chores: Persistence Market Research
Increased public awareness about health is driving one of the most defining trends in the cleaning appliance market today.
NEW YORK, Aug. 16, 2021 /PRNewswire/ -- Global sales of cleaning appliances are estimated to close in on US$ 15 Bn by the end of 2031, increasing at a CAGR of 10%, mostly driven by developments in the residential sector, which holds more than 65% market share.
Increased public awareness about health is driving one of the most defining trends in the cleaning appliance market today. Unlike in the past, when commercial cleaning firms were primarily concerned with appearances, today's cleaning appliance companies are increasingly concerned with creating healthier indoor environments. When it comes to cleanliness, the cleaning appliance business has seen a significant shift in client expectations.
At the outset of the pandemic, cleanliness took a new meaning. Surface disinfection became a key issue for both, organizations and homes, all of a sudden. Consumers rushed to ensure that their rooms and surfaces were virus-free, and cleaning appliances sold out almost instantly across the world.
Furthermore, technological developments in cleaning appliances are gaining traction. The Internet of Things (IoT), often known as connected device technology, is reshaping practically every industry by opening up a new realm of possibilities for enhancing corporate operations and efficiency.
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Key Takeaways from Market Study
- The market is considerably fragmented, resulting in moderate bargaining power for customers. Key players are marking their presence through collaboration with highly advanced technological firms.
- Persistence Market Research identifies North America and Europe as the largest markets for cleaning appliances, with both regions together holding more than 60% market share.
- Direct distribution channels are projected to hold high market share by 2031, at around 53%.
- Residential sector is the most common end user of cleaning appliances, with an estimated market share of around 64% at present.
- Sales of cleaning appliances across China are expected to surge at a CAGR of close to 14% from 2021 to 2031.
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"Competitors are adding cutting-edge technologies such as artificial intelligence, robots, IoT, drone disinfection, sensor technology, and others that are gaining popularity in cleaning appliances, to broaden their product line and increase sales," says an analyst at Persistence Market Research.
Key Market Players
The report underlines ground-breaking insights into the competitive scenario of the cleaning appliances market, along with the highlights of differential strategies used by manufacturers.
Some of the key players identified across the value chain include Panasonic Corporation, General Electric Co. (GE), Whirlpool Corporation, Electrolux AB, Koninklijke Philips N.V., Samsung Electronics Co. Ltd., Robert Bosch GmbH, Honeywell International Inc., LG Electronics, Inc., and Qingdao Haier Co., Ltd., amongst others.
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Know More about Report Inclusions
Persistence Market Research published a new market report on the cleaning appliances market, covering global industry analysis of 2016-2020 and forecasts for 2021 to 2031. This research report provides compelling insights on the basis of end user, and distribution channel, across all major regions of the world.
The report also includes forecast factors and vital macroeconomic factors that are anticipated to boost the growth of the global market. It also addresses the restraints that are projected to hinder market growth, along with the latest trends and potential opportunities in the market.
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