Latin America Laundry Appliances Market - Growth, Trends, and Forecasts (2020 - 2025)

Demand for appliances is rising in Latin America countries. Laundry appliances in the mid and low-end segment is growing generally in the market. However, the demand for premium appliances is expected to grow at a rapid pace in the market owing to the emerging middle class in the region. The Latin American market presents a great opportunity for manufacturers to have long term growth rates in the future.

The bulk of laundry appliances are produced in Latin America due to rising import duties and logistics costs. The region is also witnessing increasing imports to other countries owing to the low cost of labor and the robust manufacturing sector. An increase in inventory optimization, sustainability, reducing the cost of a product is some of the strategies that have been successful in the region's growth of appliances. Optimizing the product portfolio to the laundry appliances category with distinct consumers sales for products can lead to growth in the laundry appliances market.

Key Market Trends

Increasing in Sales of Washing Machines in Brazil

Growth in Brazil's economy in the second half of 2019 spurred the demand in the market, cutting off credit rates led to higher sales of appliances in the market including laundry appliances. Automatic Washing Machines are gaining traction in Brazil laundry appliances, market. Space constraints in major cities and hectic lifestyles consumers in the market are seeking products that are more convenient saves time and are convenient. Smaller sized automatic washing machines are preferred choices for consumers in the market. Large capacity washing machines are also preferred by the consumers in the market owing to the dense population in the market.

Online Distribution Channel is Expected to Grow Fastest

Departmental Stores dominates large appliance sales in the market. E-commerce channels are leading market sales. Consumers are growing preference for online channels. Consumers are interestingly using credit cards, debit cards, and internet banking to shop for laundry appliances. Players are coming up with virtual wallets so that consumers can pay put the amount in the safe and secure environment of the company's wallet. Smartphones are becoming increasingly choice for consumers. According to Mexico's online sales association, 58% of consumers are choosing online sales due to security in the purchase process, 54% because of diversity in payment methods, and 35% due to the speed of logistics. Online Channels of sales for laundry appliance sales due to reduced costs are also getting consumers buying through the channel. Mercado Libre is one of the most preferred online shopping channels for buying appliances in Latin America as the channel offers more security to consumers for buying.

Competitive Landscape

The market is dominated by some of the large manufacturers in the market with a high degree of an alliance between retailers in the market. Whirlpool and Electrolux acquired majority of share in the appliance market in the region. Companies are opting for strategies which include merger and acquisition to gain the market share in the laundry appliances market. A new innovation in the products and the use of smart technology is helping players to gain consumer's attention in the market.

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