Colombia Home Appliances Market - Growth, Trends, COVID-19 Impact, and Forecasts (2023 - 2028)

Colombia Home Appliances Market - Growth, Trends, COVID-19 Impact, and Forecasts (2023 - 2028)

Colombia Home Appliances Market is expected to register a CAGR of 4% over the next five years. The home appliances market in Colombia is a dynamic market with enormous scope to expand. Improving technological innovations are shaping the market at a global level. The sales in the region are highly driven by the innovation that is being introduced in the new products that are being launched. The growing environmental concerns are making the Colombians switch to products that conserve less electricity and water.

Colombian consumers are strongly influenced by brands, fashion trends, and promotions, yet there is also a strong influence of traditions on them. The increasing levels of brand loyalty are also being seen in the region. The brands which offer value-added services, like periodic after-sale service, extended warranty, replacing a faulty part if required, and simple and quick procedures of communication and servicing, are the factors that affect the consumers' decision-making once they get a product that fits their requirement of quality and price.

COVID-19 had a considerable impact on Colombia's home appliances market. Struggles with supply chain disruption, lower consumer demand, and travel restrictions significantly impacted the country.

Now, direct-to-consumer channels are powering a growing share of large appliance sales, putting manufacturers under intense pressure to reshape their strategies. E-commerce is playing a vital role in the home appliances industry.

The convenience the product brings to the consumers' life makes them go for it. Small home appliances come with a shorter lifespan, which makes it easy for the consumer to replace or exchange them for a newer model. Rather than single-utility choices making a transition, they are shifting to an innovative and energy-efficient product for their daily utilization. Products like egg cookers are the best example that explains the increasing manufacturers' interest to focus more on automating people's daily activities by taking a load off their shoulders. They are also imCustomers'ing accuracy and are bringing innovation by producing multi-utility products manufacturers.

In the Household Appliances segment, the number of users is expected to reach 20 million users by 2027. Major Appliances is the top segment which has more than one-third of the total market. User penetration is expected to grow positively in the forecasted period. The eCommerce market sub-segment Household Appliances covers the online sale of long-lasting home appliances that are usually used in private households.

The report covers major international players operating in the Colombian home appliances market. The market holds an enormous scope for newcomers to enter by introducing home appliance products that have high quality and innovative features. Following is the list of the top significant companies operating in Colombia. list includes BSH Hausgeräte GmbH, Whirlpool Corporation, Electrolux AB, LG Electronics, and Samsung Electronics.

• The market estimate (ME) sheet in Excel format
• 3 months of analyst support