The South Korean Small Home Appliance Market is expected to grow in the upcoming years, owing to the use of technology and innovations in the home appliance market. The growth of small home appliances is expected to continue due to the increase in single households and the spread of new consumption trends in the market. This is leading to the increasingly seeking personalized and premium products in the home appliances market.
The trend of satisfaction through consumption is spreading in the market. Consumers in the market are preferring luxury home appliances brands. As consumers are becoming more environmentally conscious, small environmental appliances, such as air cleaners, are witnessing significant demand.
The South Korean government is supporting the growth of the market. The government planned to boost the home appliance market of the country by making use of IoT technology to boost revenues from export.
COVID-19 will have a mixed impact on retail volume sales of South Korea small home appliances in 2020, significantly boosting demand for coffee machines, coffee mills and breadmakers, as consumers spent more time at home, visit coffee shops less frequently, bake their own bread in growing numbers. On the other hand, the pandemic will have a modest negative impact on demand for light fryers and rice cookers.
Key Market Trends
Rise in Number of Single Households in South Korea is Leading to Surge in Demand for Small Home Appliances
The number of single-person households surged by more than two million as of July 2019 in South Korea. Cities, such as Gyeonggi-do, Seoul, and Busan, have the highest number of single households in South Korea. The rise in small households is leading to a surge in demand for small appliances. Toasters, coffee machines, juicers, robot cleaners, and irons were popular for small household appliance products suitable for 1 to 2 households. Small refrigerators and small washing machines for single-person households established new markets in the South Korean appliances market.
Increase in Preference for Vacuum Cleaners in the South Korean Small Home Appliance Market
There has been significant growth in the sale of vacuum cleaners in the South Korean Home Appliance Market. The sale of vacuum cleaners increased by 9% in 2018. Cordless vacuum cleaners are emerging as a major category of vacuum cleaners in South Korea. These vacuum cleaners are more convenient to consumers, with shorter battery life, and they are more expensive than other variants. There is also a rise in the growth of air cleaners in the market, as fine dust problems are becoming serious. It is also observed that the number of consumers buying premium products is increasing in the small home appliance market.
Competitive Landscape
The South Korean small home appliance market is highly competitive and consists of many players. Multinational companies have a strong presence in South Korea’s Small Appliance Market. Exclusive stores and online remained the preferred channel for household appliances. Players are following aggressive mergers and acquisition strategies to remain competitive in the market.
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- The market estimate (ME) sheet in Excel format
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