The electric appliance market is a lucrative one, with sales expected to surpass $8.3 trillion by 2019, according to new estimates.
The market is projected to grow at a compound annual growth rate of 3.7 percent from 2019 to 2021, according a report released Wednesday by The Boston Consulting Group.
Electric appliances sales rose at an annualized rate of 7.5 percent in the past three years, according the report, and that is expected to continue.
The market is forecast to reach $3.6 trillion by 2021, with nearly 90 percent of the market expected to be electric.
The U.S. market is expected by some analysts to reach a peak of $7.2 trillion in 2021, when the country has a total of 7 million electric power systems, according BGC.
There are about 7.3 million electric systems in the U.K., where the market is valued at about $3 trillion.
The report noted that the growth rate for electric appliances is expected “to accelerate significantly” over the next three years as demand grows.
The growth in the market will be driven by a “rising appetite for the products” of the electric power grid, the report said.
For electric power, the forecast sees a strong growth in demand for the power of appliances, and for residential use, with demand for appliances expected to increase by 6.3 percent in 2019, and by 3.3 points by 2021.
The demand for commercial use is expected in 2020 to increase at about 1.7 points per year over the forecast period.
The BGC report said that in the next 20 years, the demand for electric and hybrid appliances will “increase significantly.”
This is a trend that has been happening for many years, said BGC chief economist Robert Schatz, and one that will continue, as people “get more comfortable with the idea that they can run a household appliance on their own.”
In 2019, the number of households using electric appliances and their appliances increased by 7.4 percent, according The BGC, which found that there were about 1,700,000 households in the United States.
The BGT is the U:T group of companies that provide information and analysis for the electricity industry.
For consumers, there are many options for purchasing electric appliances, with some options being much more affordable than others.
For example, the BGT said that electric appliances are “likely to become more common in households with lower incomes and greater financial need.”
In the future, electric appliances could become a cheaper alternative to gas appliances in some situations, Schatz said.
Electricity demand is expected increase by 2.1 percent annually in 2020, as demand for energy-efficient appliances continues to increase, BGC said.
In 2020, the U-T Group expects electric demand to increase from $1.1 trillion to $1 trillion.
In 2021, the group expects electric consumption to increase 6.6 percent annually from $2.3 to $3 billion.