The Japan home accessories market size was valued at $9,425.7 million in 2017 and is expected to reach $12,203.5 million by 2025, growing at a CAGR of 3.4% from 2018 to 2025. Home accessories are electronic (analog or digital) equipment intended for everyday use in homes. Home accessories can be categorized into small appliance or brown goods consumer electronics. These are generally equipped with special connections such as electrical or have an i50nbuilt battery and thus, helps in mobility of the appliances around the house. Small appliances are semi-portable or portable machines and are generally used on platforms such as counter-tops and table tops. Some of the small appliances are clocks, and speakers among others. Consumer electronic devices are used for entertainment, communications, and home-office activities, such PCs, video game, recorder, and camera.
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Improvement in economic conditions and increase in disposable income are substantial factors that propel the Japan home accessories market growth. Improved lifestyle and rise in buying power of consumers are the major impacts of high disposable income. Home accessories have become an integral part of our daily chores. A substantial number of consumers with high disposable income have been spending on household accessories including premium & smart appliances. The overall demand for home accessories has increased among urban households, as they help save time, simplify the work, and fuel the comfort level. Thus, improved standard of living, rise in need to ease daily chores, and surge in disposable income are projected to boost the penetration of home accessories, thereby driving the Japan home accessories industry growth. In the past few years, lifestyle of populace has changed mainly due to tremendous rise in the number of working women. This has led to increase in household income and improvement in the living standards.
Developments in technology, rapid urbanization, increase in the construction sector, rise in per capita income, improvement in living standard, surge in need for comfort in homes, changes in consumer lifestyle, and escalation in number of smaller households are the key factors that drive the growth of the Japan home accessories market. In addition, inclination of consumers toward eco-friendly & energy-efficient appliances further boost the growth of the Japan home accessories market. Moreover, factors such as government initiatives for energy-efficient appliance undertaken across Japan are expected to facilitate the adoption of energy efficient appliances in the recent years.
The Japan home accessories market is segmented based on product and distribution channel. Depending on product, the Japan home accessories market is classified into pc, camera, video camera, video games, recorder, and other home accessories. Based on distribution channel, the Japan home accessories market is classified into supermarket, specialty store, manufacturer store, and e-commerce company.
Based on product, the Japan home accessories market is classified into pc, camera, video camera, video games, recorder, and other home accessories. The video game segment accounted for the largest japan home accessories market share in 2017. The video game segment has witnessed significant growth over the years mainly owing to high engagement of youth. Easy availability of video games on different devices such as personal computers, tablets, and laptops, are expected to drive the video game market. Decrease in cost of video game hardware coupled with easy availability of games are expected to fuel their demand. In addition, several consumers these days prefer cross-functional devices that offer integrated features and capabilities in the same device. This has encouraged the development of multifunctional devices. Computers are extensively used in numerous application areas, ranging from business and education to entertainment. In addition, wide spread of education for computer knowledge helps in creating more demand for PC in the Japan market.
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The selling price of the product, durability, product life & maintenance, and annual power consumption are the vital factors considered while purchasing home accessories in low to middle-income group. Thus, development of durable, energy-efficient home accessories at economic price is anticipated to increase the rate of penetration among low- and middle-income groups. Whereas in the high-income group segment, there is high demand for smart & connected equipment. Wireless technology, smartphones, and Internet of Things are becoming an integral part of every-day life in urban home accessories. Development of smart appliances is anticipated to improve the product replacement rate among consumers who are already using basic appliances. In addition, online retail platform is the major driver for the Japan home accessories industry. Presently, numerous retailers are associating or have their own web-based retail stores where consumers can gain information about the organization and their products. There is an increase in number of online shoppers, owing to availability of varied product options and price comparison on online shopping sites. This is useful for retailers due to zero expenditure on physical outlets or stores. One of the major reasons behind consumers preferring shopping online is that consumers can read reviews provided by other users, and compare various stores, products as well as prices by different sellers.
Rapid growth in the real estate sector in Japan due to direct foreign investment is anticipated to help in developing smart cities, and settlement, thereby, contributing toward the growth of the home accessories market. . Rise in the construction sector is projected to positively influence the demand for home accessories. Also, growing number of single occupant households; for instance, students living away from home or transferees who have moved out of the family home because of temporary job changes. Hence the single occupant lifestyle pattern is expected to directly lead to increase in demand for accessories, and thus contribute toward the market growth.
According to house and land statistics survey in Japan, in 2013 there were 49,600,000 houses out of which 30,310,000, i.e. 61.12%, were owned properties. This has led to increase in sales of home accessories such as PC, recorder, clock, and other accessories, in the Japan market.
The major players in the industry have adopted strategies such as acquisition, partnership & agreement, merger, and geographical expansion to expand the Japan home accessories market share and increase profitability. The key players operating in the industry include Hewlett-Packard (HP), Dell, Lenovo Group Limited (Lenovo), Sony Corporation (Sony), Canon Inc. (Sony), Nikon Corporation, Samsung Electronics Co., Sharp Corporation (Sharp), Panasonic Corporation (Panasonic), and Olympus Corporation.
Key Findings of the Japan Home Accessories Market:
- By product type, the PCs segment is expected to grow at a CAGR of 2.7% in terms of revenue from 2018 to 2025.
- By product type, the camera segment is expected to grow at a CAGR of 5.9% in terms of revenue from 2018 to 2025.
- By product type, the video camera segment is expected to grow at a CAGR of 4.3% in terms of revenue from 2018 to 2025.
- By product type, the video games segment is expected to grow at a CAGR of 2.8% in terms of revenue from 2018 to 2025.
- By distribution channel, the specialty store real segment is expected to lead the Japan home accessories market at a CAGR of 2.8%.
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