London – The demand from emerging markets will spur solid growth in the major appliance sector worldwide, stated a report by IHS.
The research firm is forecasting a 4.5 percent increase in worldwide shipments this year, up from the incremental increase that took place last year. The company specifically cited demand from emerging markets, which are experiencing economic gains.
Total shipments of room air conditioners, dishwashers and laundry devices, refrigeration and cooking will hit 583 million units in 2013. This growth will not be limited to just one year; IHS is predicting 5 percent unit shipment growth will continue until the end of 2017, when 700 million units will ship.
By 2017, 50 percent of the shipments will go to the Asia-Pacific region, with China accounting for about 33 percent of the total and India adding another 10 percent.