The Latest Consumer Durables Industry Statistics Explained
The consumer durables market in India is expected to reach USD 36.6 billion by 2023 CAGR of 9.1%.
This statistic indicates that the consumer durables market in India is projected to grow significantly, reaching a total market size of USD 36.6 billion by the year 2023. The Compound Annual Growth Rate (CAGR) of 9.1% suggests a steady and consistent growth rate over the forecast period. This growth is reflective of increasing consumer purchasing power, changing lifestyles, and evolving preferences for durable goods in India. Such growth in the consumer durables market signifies opportunities for manufacturers, retailers, and other stakeholders to capitalize on the expanding market and meet the growing demands of consumers in the country.
The global consumer durables market reached a value of nearly USD 1.78 trillion in 2020.
The statistic stating that the global consumer durables market reached a value of nearly USD 1.78 trillion in 2020 highlights the significant scale and economic importance of the industry. This figure represents the total market size for goods such as electronics, appliances, furniture, and other durable consumer products purchased by individuals and households worldwide during the specified year. The data suggests a strong demand for these products, driven by factors such as rising disposable incomes, changing consumer lifestyles, and advancements in technology. As a crucial sector of the global economy, the consumer durables market provides insights into consumer behavior, economic trends, and overall market performance. This statistic underscores the industry’s substantial contribution to worldwide commerce and the essential role it plays in driving economic growth and development.
The revenues of consumer goods producers increased by nearly 50% in the United States since the third quarter of 2020.
The statistic indicates that the total revenues generated by consumer goods producers in the United States have risen significantly by almost 50% since the third quarter of 2020. This is a positive trend for the consumer goods industry and reflects a substantial growth in sales and revenue generation during this time period. Such an increase can be attributed to various factors such as changing consumer behavior, increased demand for certain products, economic recovery, and other market influences. This statistic signifies a strong performance by consumer goods producers in the U.S. and suggests a flourishing market for these products within the country.
China is the largest market for consumer durable goods.
The statement “China is the largest market for consumer durable goods” indicates that China has the highest level of consumption and demand for non-perishable goods intended for long-term use, such as appliances, electronics, furniture, and vehicles. This statistic highlights China’s significant economic growth and increasing purchasing power among its population. The large market for consumer durable goods in China presents significant opportunities for businesses looking to expand into or target this market, as well as for economic analysis and forecasting with insights into consumer behavior and trends in the region.
The kitchen appliances sector holds over 30% of the consumer durables market.
The statistic that the kitchen appliances sector holds over 30% of the consumer durables market indicates the significant market share and importance of kitchen appliances in the consumer durables industry. This highlights the high demand for kitchen appliances such as refrigerators, stoves, dishwashers, and microwaves among consumers. This sector’s large market share suggests that kitchen appliances are not only widely utilized by consumers but also considered essential items in households. Companies operating in the kitchen appliances sector have a substantial influence on the consumer durables market as a whole, and understanding this statistic is crucial for strategic decision-making within the industry.
The global home appliances market is expected to grow at a CAGR of 5.4% from 2020 to 2027.
This statistic indicates that the global home appliances market is forecasted to experience a Compound Annual Growth Rate (CAGR) of 5.4% over the period spanning from 2020 to 2027. The CAGR represents the annual growth rate of the market over this 7-year period if it were to grow consistently at that same rate each year. A CAGR is useful in understanding the trend in growth over time and can help in forecasting future market size and performance. In this case, the projected 5.4% CAGR suggests a relatively steady and healthy growth trajectory for the global home appliances market during the specified timeframe.
The Asian region is anticipated to be the fastest-growing consumer durables market during the forecast period.
The statement implies that the consumer durables market in the Asian region is predicted to experience a higher rate of growth compared to other regions over a specified period. This growth may be driven by various factors such as increasing disposable income, urbanization, technological advancements, and changing consumer lifestyles. As a result, companies in the consumer durables sector may benefit from expanding their operations in the Asian market to capitalize on the growth opportunities anticipated in the region. It also suggests that businesses and investors may find favorable prospects in this market for potential growth and profitability.
The North American region accounted for the largest share in the consumer durables market.
The statistic indicates that among all regions, North America had the highest proportion of market share specifically in the consumer durables industry. This suggests that North America’s consumer durables market is larger compared to other regions such as Europe, Asia, or Latin America. Factors contributing to this could include high consumer spending levels, a strong economy, favorable market conditions, or the presence of prominent consumer durables companies in the region. This statistic provides valuable insight into regional market dynamics and highlights the significance of North America as a key player in the consumer durables sector on a global scale.
The global smartphone market is projected to grow at an impressive CAGR of 12% by 2025.
The statistic “The global smartphone market is projected to grow at an impressive CAGR of 12% by 2025” indicates that the smartphone industry is expected to experience significant growth over the next few years. The Compound Annual Growth Rate (CAGR) of 12% suggests a steady and consistent increase in the market size and demand for smartphones. This projection highlights that consumers continue to adopt and rely on smartphones for communication, entertainment, and productivity, driving the market expansion. Factors such as technological advancements, increasing internet penetration, and rising disposable incomes are likely contributing to this projected growth trend in the global smartphone market by 2025.
Global consumer appliance market is expected to reach $612.6 billion by 2025.
This statistic indicates that the global consumer appliance market is forecasted to grow substantially and reach a total value of $612.6 billion by the year 2025. This implies a significant increase in the demand for consumer appliances such as refrigerators, washing machines, ovens, and other household products over the next few years. Factors contributing to this projected growth may include technological advancements, increasing disposable income among consumers worldwide, changing lifestyles, and a growing emphasis on convenience and efficiency in household operations. The statistic suggests opportunities for businesses in the consumer appliance industry to capitalize on this growing market and tailor their strategies to meet the evolving needs and preferences of consumers.
The demand for consumer durables like refrigerators and washing machines in India surged by 25-30% during the COVID-19 lockdown.
The statistic indicates a substantial increase in the demand for consumer durables such as refrigerators and washing machines in India during the COVID-19 lockdown period. The surge of 25-30% suggests a significant rise in consumer spending on these products, most likely driven by the shift in priorities towards home improvement and enhancement of living conditions during the lockdown. With people spending more time at home due to restrictions on movement and remote working arrangements, there was a heightened need for appliances that facilitate daily chores and improve comfort at home. This increased demand reflects changing consumer behavior and preferences in response to the pandemic, highlighting the resilience and adaptability of the Indian consumer market during challenging times.
The global TV market size was valued at $105.6 billion in 2019 and is expected to grow at a CAGR of 10.4% from 2020 to 2027.
The statistic indicates that the global TV market was worth $105.6 billion in 2019, and it is projected to experience a Compound Annual Growth Rate (CAGR) of 10.4% from 2020 to 2027. This suggests that the TV market is expected to steadily expand over the forecasted period. The CAGR represents the average annual growth rate that the market is anticipated to achieve, reflecting a positive trend in the industry. Factors contributing to this growth could include technological advancements, increased demand for high-quality content, and evolving consumer preferences. Overall, the statistic highlights the potential for further development and opportunities within the global TV market in the coming years.
The global washing machine market size was USD 52.31 billion in 2018 and is projected to reach USD 80.87 billion by 2026, growing at a CAGR of 5.5%.
The statistic provided reveals the current and forecasted market size of the global washing machine industry. In 2018, the market was valued at USD 52.31 billion, with a projected growth to reach USD 80.87 billion by 2026. This represents a compound annual growth rate (CAGR) of 5.5%, indicating the average annual rate at which the market is expected to increase over the specified time period. The increasing market size signifies a growing demand for washing machines worldwide, likely driven by factors such as rising disposable incomes, urbanization, and changing lifestyles that emphasize convenience and cleanliness.
The global air conditioning system market size is projected to reach USD 191.94 billion by 2027, at a CAGR of 5.1%.
This statistic indicates that the global air conditioning system market is expected to grow significantly, with a projected market size of USD 191.94 billion by the year 2027. The Compound Annual Growth Rate (CAGR) of 5.1% signifies the annual average growth rate of the market over the forecast period. This growth is likely driven by factors such as increasing demand for air conditioning systems due to rising temperatures, urbanization, and economic development in emerging markets. The projection suggests a positive outlook for the air conditioning industry, with opportunities for manufacturers, suppliers, and other stakeholders to capitalize on this growing market trend.
The global microwave oven market size was valued at $21.2 billion in 2019 and is expected to grow at a CAGR of 4.1% from 2020 to 2027.
The statistic indicates that the global microwave oven market was worth $21.2 billion in 2019 and is projected to exhibit a Compound Annual Growth Rate (CAGR) of 4.1% from 2020 to 2027. This suggests that the market is anticipated to expand steadily over the forecast period. The CAGR of 4.1% indicates the average annual growth rate of the market during this period. This growth is likely influenced by factors such as increasing disposable incomes, changing lifestyles, technological advancements in the appliances industry, and the growing demand for convenient cooking solutions worldwide. Organizations operating in this market may need to adapt to evolving consumer preferences, innovative technologies, and competitive dynamics to capitalize on the opportunities presented by this growth trend.
The global refrigerator market size was estimated to be USD 31.04 billion in 2016, and is expected to grow at a CAGR of 4.6% from 2017 to 2025.
This statistic indicates that the total value of the global refrigerator market was approximately USD 31.04 billion in the year 2016. Furthermore, it is projected that the market will experience a Compound Annual Growth Rate (CAGR) of 4.6% from 2017 to 2025, suggesting a steady and positive growth trend in the industry. This forecasted growth rate implies that the market size is expected to increase over the specified time period, reflecting potential opportunities for companies operating within the refrigerator industry. Overall, these statistics provide insights into the past performance and future prospects of the global refrigerator market.
The mixer, juicer, and grinder market in India is expected to grow from $494.6 million in 2020 to $616.1 million by 2030, at a CAGR of 2.2%.
The statistic indicates that the market for mixers, juicers, and grinders in India is projected to experience steady growth over the decade from 2020 to 2030. Specifically, the market size is forecasted to increase from $494.6 million in 2020 to $616.1 million by 2030, representing a Compound Annual Growth Rate (CAGR) of 2.2%. This suggests that the demand for these kitchen appliances in India is expected to rise gradually, reflective of potential factors such as increasing disposable income, changing consumer lifestyles, and evolving culinary preferences. The consistent CAGR implies a stable rate of expansion in the market, providing manufacturers and stakeholders with valuable insights into future opportunities and potential for revenue generation in this sector.
The home appliances sector in India is expected to grow at 14.5% annually (CAGR 2018-2022).
The statistic that the home appliances sector in India is expected to grow at an annual rate of 14.5% with a compound annual growth rate (CAGR) from 2018 to 2022 indicates a strong positive trend in the industry. This forecast suggests that the market for home appliances in India is expanding rapidly, likely driven by factors such as increasing disposable income, urbanization, and changing consumer preferences towards convenience and technology. The CAGR of 14.5% is a measure of the average annual growth rate over the specified period, providing insights into the sustainable growth potential of the sector. Overall, this statistic points towards significant opportunities for businesses operating in the home appliances market in India, as they can capitalize on this growth to drive sales and market share.
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