The White Goods Market was valued at 673.44 billion in the year 2022 and is expected to grow at a strong rate of around 7.54% during the forecast period (2023-2030),
Key Highlights of the Report:
Ø The world is projected to have 43 megacities with more than 10 million inhabitants by 2030, most of them in developing regions.
Ø The urban population of the world has grown rapidly from 751 million in 1950 to 4.2 billion in 2018. By 2050, it is projected that 68% of the world's population will live in urban areas. Urbanization has been more pronounced in developing economies, with Asia and Oceania seeing an increase in the urban rate from 43.3% in 2011 to 50.0% in 2021. Africa has also experienced a 4.6 percentage point increase in the same period.
Ø Emerging market economies have held up better than their developed economy peers, with the emerging market composite purchasing managers' index remaining in expansionary territory while the developed market composite PMI slipped below the critical threshold of 50.
Ø Emerging markets have more than doubled per capita incomes on average since the turn of the century, having a huge impact on the demand for white goods in recent times as consumers in these regions have increased discretionary income in their hands.
According to a new report by Univdatos Market Insights, the White Goods Market is expected to reach USD 673.44 Billion in 2030 by growing at a CAGR of 7.54%. Furthermore, the rising income levels, particularly in emerging economies, have led to higher purchasing power for consumers, resulting in increased demand for white goods. Additionally, continuous technological innovations in the white goods industry have introduced more energy-efficient, smart, and user-friendly appliances, enticing consumers to upgrade their existing equipment is further accelerating the demand for the white goods in the market. Moreover, the ease of cross-border trade and the growth of e-commerce platforms have made it simpler for consumers to access a wide range of white goods from different manufacturers, expanding their choices and driving demand are also the major factors that are driving the demand for white goods in the market. For instance, as per the International Trade Association (ITA), China accounts for almost 50% of the total sales through online channels, with total online sales crossing the USD 3.3 trillion mark in the year 2022. After China, the USA is the second largest e-commerce market globally.
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The report suggests that the Continuously increasing general population income and migration towards urban cities in emerging economies is one of the major factors driving the White Goods Market during the forthcoming years. Furthermore, emerging economies are witnessing remarkable economic development, attracting investments, and creating job opportunities. This has led to increased migration from rural areas to cities in search of better employment prospects and improved living standards which in turn has fueled the demand for white goods in the market. Moreover, governments and private investors have undertaken substantial infrastructure projects, including the construction of roads, bridges, and public transportation systems. These efforts have improved connectivity and accessibility, making urban areas more attractive for both businesses and individuals, which has helped them grow their income and enhance their standard of living and has generated a huge demand for white goods in these regions.
The expanding use of White Goods in the Residential Setup is Generating the Maximum Traction for White Goods in the Market.
The residential segment holds most of the market share. The primary factors that are responsible for this high market share include growing population and urbanization, the rising growth of the global population, along with increasing urbanization, is a major factor backing the residential consumer durables market's dominance. As more households are established and urban areas expand, the demand for residential appliances and durable goods escalates. Furthermore, shifting societal norms and changing lifestyle trends have a significant impact on the consumer durables industry. Modern lifestyles, coupled with increasing disposable incomes, encourage homeowners to invest in advanced technologies and products that simplify tasks and streamline daily routines. This constant pursuit of comfort and convenience portrays a strong consumer preference for residential white goods.
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Conclusion
Rapid urbanization, accelerated economic development, growing general population income, and increased government spending on infrastructure have collectively fueled the demand for white goods in emerging economies. As these economies continue to evolve, the demand for white goods is expected to grow further, driven by a combination of consumer aspirations, improved affordability, and changing lifestyles. Manufacturers and policymakers need to remain attentive to these trends to ensure sustainable growth while continuing to innovate and cater to the evolving needs of consumers in emerging markets.
Key Offerings of the Report
Market Size, Trends, & Forecast by Revenue | 2023−2030
Market Dynamics – Leading Trends, Growth Drivers, Restraints, and Investment Opportunities
Market Segmentation – A detailed analysis by Product, By End-User, and By Distribution Channel
Competitive Landscape – Top Key Vendors and Other Prominent Vendors
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