The development of home appliance has a long history. In this market, there is always a steady demand. However, changing environment and innovative technology create growth momentum for home appliance market. Of course the appliance parts are benefited from this growth.
Three major factors driving growth in home appliance and appliance parts
People rely on appliance with greater frequency during pandemic
The COVID-19 pandemic brought people’s attention to home cleaning and personal sanitation so there is an unprecedented demand for kitchen and laundry appliances. Washing clothes or dishes in warm or hot water during the pandemic becomes more important than before. GE said, during the pandemic, the use of high wash temperature while doing laundry is up 25 percent. Besides, people spent more time staying at home and using their appliances more often. Electrolux said, in Q3 2020, sales benefitted from people allocating more budgets to home improvement. From these messages, we understand it did change people’s habit and boost demand in appliance.
New technology brings innovative appliance and appliance parts
IoT (Internet of Things) technology brings incredible innovative products and smart appliance is one of innovations. Such connected devices can be controlled anywhere and even provide suggestions via real-time data for improving better life. Besides, the changing lifestyle, people anticipate doing chores in a time-saving way and using handy equipment while going out. Thus, the demand in outdoor appliances and small appliance keeps growing.
Rapid urbanization stimulates demand for home appliance
According to the United Nations report, 68% of the world population projected to live in urban areas by 2050. Home appliances are necessities for each family, especially for major appliance like washers and stoves. That’s why many studies show that urbanization will drive appliances market growth.
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Mony has 40-year experiences, we devote a long time in home appliance industry and produce many knobs for washers, stoves and ranges. We also manufacture many enclosures for small appliances like juicers and blenders. Rich experience and high quality product make Mony a reliable partner for many international brands like Electrolux, Whirlpool, GE, Weber and others.