Electric appliances are poised to overtake the automobile as the largest market for the global economy, a new report shows.
The latest market analysis from the consultancy Global Insight, released Wednesday, finds the electric appliance industry grew by 6.3% year-on-year to $7.4 trillion in 2020, or 7.7% of the global market.
That’s up from 6.4% in 2019.
This is a record year for the market.
This is going to be a good year for it.
It’s a record for us.
This market is so strong and it’s growing year on year, and I think the data shows that, said Michael W. Gaffney, global head of research for Global Insight.
We are seeing a lot of companies that are not just in this space but are in the automotive space that are going to have an opportunity to make a big comeback.
Gaffney said the market is growing at a faster pace than the U.S. economy.
The global electric appliance market grew 7.8% year on-year in 2019, but in 2020 the U