The 2024 Home Appliance Market: Small Growth, Big Competition – What Strategies are Leading Brands Employing to Attract Customers?

The Vietnamese Home Appliance Market in 2024: Mild Growth, Fierce Competition

In 2024, Vietnam’s home appliance market is predicted to continue its mild growth. This development is mainly driven by the increasing income and living standards of the population, along with the expansion of the middle class. This segment is becoming increasingly interested in upgrading their home appliances, from smart kitchen appliances to sanitation and health care devices. At the same time, Vietnam’s overall economic growth, with a projected continued rise in GDP, also contributes significantly to the development of the home appliance market.

Despite the market being on an upward trajectory, the level of competition in the industry is also becoming more intense. Competition comes not only from international brands but also from local brands, creating a diverse and vibrant market with a range of products from smart devices to traditional ones. This diversity also presents a significant challenge for businesses as they must continuously innovate to keep up with the market.

Innovation Trends in Product Design

As the features of home appliances become increasingly similar, brands are paying more attention to product design to attract consumers. Today, design goes beyond aesthetics and must also ensure convenience and smart functionality. The combination of aesthetics and advanced technology creates products that are not only visually appealing but also meet the ever-increasing demands of consumers for convenience and optimized living spaces.

Additionally, another prominent trend in the home appliance industry today focuses on health-related and sustainable products. Consumers are shifting towards devices like air purifiers, smart vacuum cleaners, and energy-efficient kitchen appliances. These products not only improve the quality of life but also contribute to environmental protection, addressing the growing global trend of sustainable consumption. Of course, if these appliances also boast unique and impressive designs, they will always have a significant advantage in attracting customers and providing a more complete experience.

No Shortage of Aesthetically Pleasing and Highly Functional Options

To illustrate the innovation in design, let’s consider some representative products from leading brands. For example, the LG OLED Objet Collection TV stands out with its ultra-slim and luxurious design, integrated with LG’s advanced OLED technology. This screen not only delivers superior image quality with high contrast and true-to-life colors but also transforms the TV into a work of art in the user’s living space when combined with its unique stand and bezel, setting it apart from ordinary TVs.

Also from LG, the InstaView refrigerator line attracts users with its transparent glass door design, allowing you to see inside without opening the door. This feature not only saves energy but also maintains a stable internal temperature, keeping food fresh for longer. This is a classic example of design innovation, where technology is integrated to enhance convenience and efficiency in daily use.

The Dyson WashG1 vacuum and mop is another product with a unique design, combining vacuuming and mopping functions in an impressive package. Its lightweight design and superior cleaning performance save users time and effort, making cleaning simpler than ever. This product demonstrates how technology integration can enhance the user experience, providing a clean and comfortable living space.

For Samsung, notable mentions include the Bespoke Jet+ vacuum cleaner and the Bespoke Dual Cook oven, which offer customizable designs with a variety of color options to match the interior style of each home. The vacuum cleaner is not only powerful but also easy to use, thanks to its user-optimized design. The oven, besides being aesthetically pleasing, is an ideal choice for cooking enthusiasts as it saves space and allows cooking two dishes simultaneously, saving time and increasing convenience in food preparation.

What About Vietnamese Brands?

While the Vietnamese home appliance market is witnessing the strong development of international brands with modern designs and advanced technology, local brands seem to face challenges in improving the aesthetics and creativity of their products.

Typically, brands like Kangaroo, Sunhouse, and Goldsun have a market share and are well-known to Vietnamese consumers, appearing on the shelves of supermarkets and retail stores nationwide. However, unfortunately, most of their products, though improved in design, are somewhat slow to change, not impressive enough, and fail to make a difference, especially when compared to international competitors.

Specifically, the products mainly focus on functionality and durability rather than unique designs or modern features. This has led to their struggle to compete directly with international brands like Bosch, LG, and Samsung, known for their continuous innovation in design and technology. However, with the increasing demands and living standards of Vietnamese consumers, local brands seem to have realized the importance of design innovation to attract customers. Who knows, maybe in just a few years, we will witness surprising breakthroughs and innovations from a Vietnamese brand, catering to the needs of the Vietnamese people?

Well Deserved Recognition

Besides the brands mentioned above, there are still many other worthy contenders for the Innovative Home Appliance Design award. Currently, you can submit your own nominations for what you think deserves recognition within the framework of the 2024 Better Choice Awards. Let’s look forward to the latest information in the near future.