Global Small Domestic Appliances market to expand at CAGR of 5.8% from 2020 to 2030
Transparency Market Research repprts the global small domestic appliances market is estimated to reach €61.8 billion by 2030, developing at a CAGR of 5.8% during the forecast period from 2020 to 2030, according to new research.
The research firm says factors such as expanding middle class population, discretionary money, and better goods are likely to drive the global small domestic appliances market in the years to come.
Anurag Singh, CEO at Transparency Market Research, says urbanisation and rapid industrialisation play an important role in boosting economic growth all over the world.
“The trend of adopting multifunctional appliances to replace conventional appliances is likely to support the growth of the global small domestic appliances market,” said Mr Singh.
“With the development of artificial intelligence in floor care applications, the small home appliance industry is undergoing substantial transformation. AI recognises typical robot trapping barriers and the smart robot technology in vacuum cleaners allows users to clean floors with fewer concerns than before.”
Mr Singh added that cold-pressed juices are becoming increasingly popular among millennials, and they are one of the main growth drivers for the global small domestic appliances market.
“As a result, small domestic appliance manufacturers are beefing up their R&D capabilities in order to provide strong engines in juicers that save energy.”