The unexpected shifts in the global markets because of the sudden outbreak of the COVID-19 virus have brought many major and minor tremors to industries of all sizes including Dishwasher Market.
It was estimated prior to this unanticipated outbreak Dishwasher Market will reach CAGR of 5.4% during the forecast period. However, the gradual slowing down of industries will undoubtedly impose limits on the previously estimated growth rate.
Dishwasher Market Insights
Dishwasher Market is likely to witness an impressive CAGR of 6.0% during the forecast period. The major factors such as growing popularity of dishwashers for industrial purpose as it helps in saving time, water, and man power, easy availability and advanced technology, increase in influence of western lifestyle, and growing inclination of manufacturers toward enhanced technological innovations in the field of electronics kitchen appliances to increase their functionality are expected to fuel the growth of the market during the forecast period.
Market Share Analysis
Dishwasher Market Share: By Distribution Channel Type
Based on the distribution channel type, the market is segmented as offline store-based and online store-based. The online store-based segment is estimated to witness a faster growth rate in the market owing to the created events by online merchants to drive the sales through themed promotions, such as on the occasion of Diwali, Christmas, and other important festivals. Growing penetration of internet and effortless shopping experience with easy return policies and payment options, consumers are being attracted toward online store-based channels, boosting the market growth during the forecast period.
Dishwasher Market Share: By Region
In terms of regions, Asia-Pacific is estimated to witness significant growth rate in the market owing to growing preferences for hustle free lifestyle and increasing application of dishwashers during the forecast period. Factors, such as considerable changes in the standard of living and increasing urbanization in developing economies, and China being the dominating country, owing to the rising demand for dishwashers coupled with various kitchen appliances, are expected to boost the growth of the regional market. North America and Europe are also expected to offer substantial growth opportunities during the forecast period.