The worldwide market for dishwashing parts and accessories is expected to reach a valuation of US$ 1.7 billion in 2023. Future Market Insights reports say that the market is expected to grow at a 4.9% CAGR from 2023 to 2033, anticipated to be valued at US$ 2.7 billion by the end of 2033.
The global dishwasher parts and accessories market is estimated to record demand for different parts of dishwashers that are owed and have a crucial part in the rise of alertness related to the dishwasher parts. Key brands are said to market their products which consist of alluring labels which are considered 100% good for the machine and are said to be tested by the manufacturers by targeting its consumers if their dishwasher stops working they can easily rectify the problem by repairing it and start reusing the product all over again.
North America is considered to hold a major market share in the dishwasher parts and accessories market as numerous market trends for example cloud technology, an increase of artificial intelligence, and intensifying adaption of the Internet of Things (IoT), that is growing profusely via the influence of social media, and the introducing new dishwasher parts and accessories market that will help in the contribution of the economic growth of the United States market followed by Asia Pacific at the second position.
Dishwashing Parts and Accessories Market Historical Period 2018 To 2022 Demand Analysis Vs. Forecast 2023 to 2023
The dishwashing parts and accessories market grew at a CAGR of 3.6% from 2018 to 2022, as per Future Market Insights, a provider of market research and competitive intelligence.
Various digital platforms are taking a step ahead and are being used by Startups and global players that are promoting their products and increasing their sales subsequently, thus growing a preference for stainless steel dishwasher accessories. Consumers are also prone to shop for dishwasher parts to replace the old ones when needed thus, raising the demand for dishwasher accessories.
Demand for dishwashers is subsequently boosted due to rapid urbanization and the rise in spending power in developing countries like China, Taiwan, etc.
Manufacturers in the dishwasher parts and accessories market have tended to benefit a lot from the rise in the usage of dishwashers that generally eases the time and lives of working professionals.
What are the Drivers of the Dishwashing Parts and Accessories Market?
A Rise in Residential Housing to Aid the Market Growth
The rise in residential housing and the demand for major dishwasher parts and accessories have tended to increase by pushing the data of production reasonably high. The performance of the dishwasher market explicitly impacts the manufacturing of major dishwasher accessories. The availability of dishwasher parts is likely to generate an upliftment of demand for various dishwasher parts, thus boosting the prospects of the market. The rise in modern dishwasher usage, mainly in urban cities, has driven the demand for dishwasher parts and accessories in the short term.
What are the Restraints of the Dishwashing Parts and Accessories Market?
Availability of Cheaper Alternatives to Replace These Products
The presence of cheaper substitutes for the products and fake goods is said to hamper the growth of the global market for dishwasher parts and accessories market. Researchers have predicted that the dishwashing parts industry will suffer due to the cheaper and negative effects of the dishwasher parts, thereby counteracting limiting factors during the estimation period as the key players are expected to uplift their investments in the development of new parts.
Region-wise Analysis
Why is North America Emerging as an Opportunistic Market?
The United States is likely to Dominate the Regional Market
North America is estimated to grow at a CAGR of 4.2% whereas the United States is projected to share nearly 57% of the dishwasher parts and accessories market.
Demand for the residential housing sector in the United States carries about an increase in demand for major home appliances, especially the dishwasher parts thus raising the prospects of the market. The rise in renovating homes in the country drives the demand for major dishwasher appliances in the short term.
The home improvement industry in the United States is considered to be stronger than it had been in more than ten years, thus encircling the sale of dishwasher materials, and appliances used in other home enhancements. New dishwasher construction is one of the primary factors determining the demand for new dishwasher parts and accessories in the country though most households have already installed dishwashers at their home. Rapid technological developments in this industry are where most customers are likely to trade for their old parts with new parts or accessories more frequently?
Why is Asia Pacific Emerging as an Opportunistic Market?
Japan is Said to Hold a Lucrative Position in the Market
Asia Pacific is estimated to grow at a share of 3.3% whereas Japan is said to hold a lucrative share in the dishwasher parts and accessories market of 21%
The dishwashing accessories market in Asia-Pacific is said to experience an expeditious extension with the rise in the number of households bolstered by urbanization. Consumers are lately aware nowadays of well-equipped kitchens and are subsequently increasing their demand patterns. Modern households with a rise in high disposable income are on the verge of using advanced home appliances such as dishwashers to manage busy lifestyles. Keeping aside the settings of urban settings the approaching of the rural population is also growing with the different government actions that are promoting easier practices among citizens. Various brands in this region are promoting high-quality products at a feasible price and focusing on offering a transforming diversified range of dishwashing parts in alluring packaging formats.
Category-wise Insights
Which Distribution Type is Expected to Gain Traction from 2023 to 2033?
Departmental Stores are said to hold a lucrative position
Departmental stores share 36% of the market position.
The sale of dishwashing parts is considered to be constrained by offline channels. Departmental and convenience stores are present all around the globe and widely consist of household and kitchen goods. The establishment of retail allows the ability of private label as well as branded dishwashing parts to the larger customer base across small cities and rural areas. Chains of departments are said to aid huge amounts of purchasing discounts that are available for different brands of dishwasher parts and accessories offering various products that are available in distinct sizes and packaging.
Which Product Type is Expected to Gain Traction from 2023 to 2033?
Dishwasher Racks are said to hold a dominant position
Dishwasher Racks maximize space utilization as dishes can be arranged properly in the dishwasher tray. A larger number of items can be placed in a one-time cycle, thus, saving time and energy, and holding 24% of the market position.
Dishwasher racks are said to prevent breakage as fragile items are placed in the most secure and stable position; by minimizing the chances of breaking dishes while running the dishwasher. Improves the cleaning efficiency where large items can be placed by providing better access by spraying water for a more thorough cleaning.
Dishwasher racks are said to enhance drying when dishes are placed in an upright position, racks tend to dry faster and more effectively than those laid flat or at an angle, and lastly, they can be easily unloaded by grouping similar items in the same section of the dishwasher rack.
Start-ups
- Siemens empowers start-ups through the Xcelerator for Startups program, Siemens offers a comprehensive and integrated portfolio of software and services whether a company is an entrepreneur in product design, system simulation, operations, IoT, lifecycle analytics, or in search of development tool kits, Siemens has a software solution.
- GE Appliances (GEA), a Haier company, continued its US manufacturing expansion with a USD 5 million investment in its Selmer, Tennessee Monogram Refrigeration subsidiary to begin production of new Zoneline vertical terminal air conditioners, or VTACs, commonly used in hotels and private residential facilities.
How Competitive is the Market for the Dishwashing Parts and Accessories Market?
Some of the prominent players in the global market are:
Whirlpool Corporation, Electrolux AB, General Electric Company, Bosch Home Appliances, Miele & Cie. KG, LG Electronics Inc., Samsung Electronics Co., Ltd., KitchenAid, Siemens AG, Viking Range, LLC
Strategic industry developments of the key players in the market are:
- In November 2022, GE Appliances announced the launch of a new US $ 80 million dishwasher manufacturing line at its Louisville supersite featuring a completely redesigned extra-large capacity dishwasher platform. As GE appliances ramp up production to meet demand, the new dishwasher line, along with expansions in other product categories, has created approximately 280 new positions at Appliance Park.
- In December 2022, Bosch Group is raising its venture-capital funding for the current business year: its subsidiary Robert Bosch Venture Capital GmbH (RBVC) is setting up a new fund for startups; the fund has a volume of $295 million (250 million euros).
