The single-person households are a growing trend worldwide. It is no exception in South Korea. The number of single-person households has been rapidly rising in South Koreas and the recent data collected in 2010 showed that 23% of total households were made up of just one person. Additionally, the number of double-income households is on a constant rise in the country. According to the recent data from Statistics Korea, there were about 5.07 million households with both parents working.
The demographic trend is offering new business opportunities for a wide range of industry sectors, including consumer electronics. According to the industry insiders, the rising number of single households and double-income households is leading to a new generation of consumers who want home appliance that will be able to make their housework much easier and more efficient to make time for themselves.
Reflecting the rising demand, Korea’s electronics makers are competing to get a dominant position in the fast growing market for smart home appliances. The refrigerators, washers and air conditioners featuring the state-of-the-art technologies such as artificial intelligence, wireless access and efficient electricity control as well as appliances connected to mobile computing can be found on the market.
What’s more, industry professionals expect that diverse various socio-economic changes such as low birth rate, an aging society, consumption-craving for emotional satisfaction and the increase of single households will trigger the need for robots in particular service robots designed to enhance the quality of life.
Take, for example, the robotic vacuum cleaner market, which was a merely insignificant segment a few years ago but it is now emerging as a new battlefield for Korean technology giants. Robot cleaners from LG Electronics and Samsung Electronics account for about 80 percent, but small-sized manufacturers are reaping success with affordable and more intelligent products.
The size of the world market for robot cleaners is estimated as 2.5 million units and the domestic market is expected to grow from 200,000 to 400,000 units.
The industry insiders anticipate that home electronics featuring smart technologies will remain a growth driver, given a growing number of consumers anxious to make better use of time while creating more time for themselves, and the technologies will help match customer needs and promote innovation in the global home appliance industry.