The size of the Plastics Electrical Appliances Market reached USD 60.2 billion in 2022 and is projected to achieve a value of USD 98.6 billion by 2032, with a forecasted compound annual growth rate (CAGR) of 4.8%. The growth in market revenue is primarily driven by the increasing demand for energy-efficient and environmentally sustainable electrical appliances across various sectors such as residential, commercial, and industrial. This trend is fueled by the need for advanced technological solutions and the growing popularity of smart homes and buildings, which emphasize optimized energy consumption and enhanced user comfort.
Furthermore, manufacturers are under pressure to develop electrical appliances that are both sustainable and eco-friendly due to heightened environmental concerns and stringent government regulations regarding the use of plastic products. The rising consumer preference for sustainable goods has led to the incorporation of recycled plastics and biodegradable materials in the manufacturing processes of electrical equipment.
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Major Companies:
- General Electric Company
- LG Electronics
- Midea Group
- Philips Electronics N.V.
- Samsung
- Schneider Electric SE
- Toshiba Corporation
- Whirlpool Corporation
- Hitachi, Ltd.
- Haier Group
The global consumer goods market revenue growth is primarily attributed to factors such as the rapid increase in global population, an increasing demand for food and other essential consumer goods such as healthcare & nutrition, personal care & hygiene, and electronic products, and the changing lifestyles and preferences of consumers, the growing demand for packaged and processed products in food and beverage, and the growing working population. Manufacturing and packaging techniques have advanced technologically, as well as the adoption of cutting-edge technologies such as artificial intelligence, the Internet of Things (IoT), big data analytics, robotics, and automation in the consumer goods industry. Other key factors driving global consumer goods market revenues include increasing awareness of the negative environmental effects of plastic packaging, as well as a growing demand for environmentally friendly and sustainable packaging solutions. Consumer income levels are expected to rise in developing economies such as India thanks to government regulations and guidelines regarding product quality and safety.
Key Regional Markets Covered in the Report:
- North America (U.S.A., Canada, Mexico)
- Europe (Italy, U.K., Germany, France, Rest of Europe)
- Asia Pacific (India, China, Japan, South Korea, Australia, Rest of Asia Pacific)
- Latin America (Chile, Brazil, Argentina, Peru, Rest of Latin America)
- Middle East & Africa (Saudi Arabia, U.A.E., South Africa, Rest of Middle East & Africa)
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Further market segmentation
Product Type Outlook:
- Consumer Electronics
- Home Appliances
- Lighting Equipment
- Others
End-Use Outlook:
- Residential
- Commercial
Key Takeaways of the Report:
- A comprehensive overview of the global Plastics Electrical Appliance industry.
- Accurate market projections in terms of market size, share, and volume.
- Thorough study of the global market dynamics, such as major market revenue growth drivers, opportunities, threats, challenges, restraints, and future growth avenues.
- Deep-dive analysis of the upcoming market trends.
- Qualitative and quantitative analyses of the global Plastics Electrical Appliance industry.
- Complete overview of the market’s competitive landscape.
- Brief look at the company profiles and portfolios.
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