According to the latest report by IMARC Group, titled “Electric Dryer Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2019-2024”, the global electric dryers market reached a value of US$ 10.7 Billion in 2018. An electric dryer is a kind of electronic home appliance that comprises a rotating drum, coiled wires to heat the air present inside the drum, and an exhaust vent to pass out water in the form of steam. It is widely used in the domestic sector to remove moisture from clothes and other textile products. Since these dryers offer faster drying cycle as compared to the traditional way of open drying of clothes, they are rapidly becoming an indispensable part of the domestic sector, especially in urban areas.
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Market Trends:
Unlike air drying, electric dryers act as a more convenient option for drying clothes as they are less time consuming and work irrespective of the weather conditions. Air drying of clothes takes up a significant amount of time off an individual’s busy schedule, while electric dryers perform the task in less time and effectively as well. Apart from this, governments of several countries are promoting the use of energy-saving appliances. This has driven the consumers to opt for dryers with energy labels such as ENERGY STAR, which represent the energy efficiency rate of a product. Furthermore, innovative features such as delicate cycle, steam refresh, sanitize cycle and moisture sensors are also contributing to the demand for these dryers. Other factors such as rising disposable income, aggressive promotional activities by manufacturers, and growing urbanization also contribute to the market growth. On account of these factors, the global electric dryers market size is anticipated to reach US$ 13.4 Billion by 2024, exhibiting a CAGR of around 4% during 2019-2024.
Market Summary:
Market Breakup by Product Type
1. Vented Dryer 2. Ventless/Condenser Dryer
Based on the product type, vented dryer represents the most popular product type, followed by ventless/condenser dryer.
Market Breakup by Distribution Channel
1. Specialty Stores 2. Company-Owned Stores 3. Hypermarkets and Supermarkets 4. Online 5. Others
On the basis of the distribution channel, the market has been divided into specialty stores, company-owned stores, hypermarkets and supermarkets, online and others. Amongst these, specialty stores hold the leading position in the market.
Market Breakup by End-User
1. Commercial 2. Residential
Based on the end user, the market has been bifurcated into commercial and residential. Presently, the residential segment accounts for the majority of the total market share.
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Market Breakup by Region
1. North America 2. Europe 3. Asia Pacific 4. Middle East and Africa5. Latin America
On the geographical front, the market has been categorized into North America, Europe, Asia Pacific, Middle East and Africa, and Latin America. Amongst these, North America currently holds the dominant market share.
Competitive Landscape
The report has also analyzed the competitive landscape of the market with some of the key players being Samsung Electronics Co., Ltd., Whirlpool Corporation, Electrolux AB, LG Electronics, Arçelik, Gorenje, Haier Group Corporation, Panasonic Corporation, Smeg Group S.p.A., GE, Asko, Crosslee, Hoovers, Kenmore Appliances, Midea, Miele, Robert Bosch, Robert Bosch GmbH and Sears Holdings (Kenmore).
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