Whirlpool Corporation, the US-based global number one home appliance manufacturer had reported net sales increase of 4.8% to USD 4.2 billion in Q1, as they continue to invest in emerging markets like Latin America. North America which accounted for around 10% of sales, registered a 4% increase in sales and 4.6% increase in operating profits, paying off its increased investments in marketing, technology, innovation backed by continuous efforts of improving productivity.
Electrolux AB, the world’s second largest home appliance maker, based in Sweden, also reported 19.3% increase in net income and 1% increase in net sales to 25.6 billion krona (approx. USD 7 billion), driven by rising demand for white goods in European market which showed signs of recovery. North America sales which were essentially flat, due to extreme winter weather in January and February, and unfavorable currency fluctuations, rebounded strongly in March.
Meanwhile, German-based BSH Bosch and Siemens Hausgeräte GmbH, the world’s third-largest appliance manufacturer, also reported a robust 7% increase in revenues to EUR 10.5 billion (approx. USD 14 billion), in its preliminary 2013 full-year report. BSH had registered double-digit growth in US and in China in 2013 and was able to extend its market position in Europe.
The 1st quarter performance of above top three global appliance makers confirms IHS’ forecast of the global major home appliance market in its latest report titled ‘Major Home Appliances – World - 2013 Edition’. As detailed in this report, which provides market size estimates and forecast for 23 individual countries and sub-regions, 2014 is projected to be the turning year where the major home appliances market rebounds to a robust growth during 5-year forecast period.
The above top three global appliances makers have shown focus on large cooking appliances as growth area. Which key countries would be driving the growth of major home appliances market in next 5 years? Which types of appliances are forecast to grow faster than market average?
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