If you’re an economic enthusiast or interested in a career in consumer durables and are concerned about the companies in this field, this guide is for you.
Consumer durables are a massive industry contributing nearly 6-9% of the world’s GDP.
This sector strengthens the economy by generating colossal revenue and creating jobs.
Examples of consumer durables include various appliances, electronics, and other goods. The companies that manufacture and retail these products are engaged in the consumer durables field.
Here we will introduce you to the most famous companies in the consumer durables field.
Understanding Utility and Consumer Durables
Utility and consumer durables are two interrelated terms of economics. Therefore, understanding these two terms and their connection is essential before knowing the companies in this field.
In the following, we discussed utility, consumer durables, their relations, and their position in economics.
What is Utility?
The utility of a product refers to its usefulness and the total satisfaction of consumers with it.
There are different degrees of utility, like the utility of form, time, place, and possession.
It means how a consumer is satisfied with a product regarding its availability, service, design, performance, and usefulness.
What Are Consumer Durables?
Have you ever purchased products with a lifetime guarantee or at least three years?
If so, possibly you bought a durable consumer product, also known as durable goods. According to the U.S. department of commerce, products that last for at least three years are considered durable goods.
Large and small appliances, furniture, carpets, rugs, automobile products, electronics, sporting goods, jewelry, apparel, and household products are a few consumer durables.
Their Relationship and Position in Economics
Both the terms, utility and consumer durables, are interrelated with each other.
All the companies, especially those in consumer durables, try to produce high-utility products. Indeed, the utility of a product is the most crucial concern for durable goods manufacturers as these products are designed to last for an extended period.
Again, both are essential indicators of economics as well. Economists keep a closer look at the consumption of consumer durables as this forecasts the rise of the GDP.
And it indicates the strength of the economy as well.
Top 10 Companies in The Consumer Durables Field
The companies manufacture electronics, appliances, automobiles, and other durable goods. This section will find the top ten companies in this broad industry.
Samsung Electronics
Samsung electronics is one the most renowned corporations that produce durable and high-utility goods.
This company is based in South Korea and accounts for a significant portion of the GDP of that country. Additionally, this is the seventh largest electronics group in the world.
This company manufactures a variety of durable goods such as smartphones, laptops, computers, TV sets, semiconductors, etc.
Key Information About The Company
- Industry: Electronics and Semiconductor Manufacturing.
- Services: Technology, mobile communication, computer, automotive, and retail services.
- Market Capitalization: It is estimated to be 317 million USD as of 2022, making it the 23rd most valuable company globally.
- Employees: 287439 Employees (2021)
Microsoft Corporation
Microsoft is a global software company with its headquarters in Redmond, Washington. It is one of the biggest providers of software and services for computers in the world.
An essential product of Microsoft is Windows, a platform that everyone is familiar with. And Microsoft Office is the industry standard for businesses and educational institutions worldwide.
Key Information About The Company
- Industry: Software Development
- Services: Microsoft makes everything from hardware to software. Microsoft Windows and the Internet Explorer web browser are among its software offerings.
- Market Capitalization: Estimated to be 2.6 trillion USD as of 2022, it’s the 3rd most valuable company in the world.
- Employees: 221,000 employees (2022)
Apple Computer Inc.
Apple is the most successful and influential technology company in the world. This company offers a wide range of products like mobile phones, laptops, and other electrical products.
It was the brainchild of Steve Jobs and Steve Wozniak. Apple Incorporated is famous for its high-quality and high-utility products.
Key Information About The Company
- Industry: Consumer electronics, software services, and online services.
- Services: This company provides its customers with high-quality products. It also gives customers post-retail services.
- Market Capitalization: 365.8 billion USD.
- Employees: 36,786 employees.
Sony Corporations
Sony is a Japanese multinational company that manufactures professional and consumer electronics. They produce electronic goods such as smartphones, computers, laptops, and other gadgets.
Key Information About The Company
- Industry: Multi business. Electronics and pictures.
- Services: High utility and durable products like electronic and technological goods.
- Market Capitalization: 93.4 billion USD by September 2022
- Employees:109,000 employees.
LG Corporation
LG is a multinational company based in South Korea. It was founded in 1947 by the Koo family of South Korea.
This company is spread worldwide and earned its legacy by providing quality products.
Key Information About The Company
- Industry: Multi business.
- Services: Electronics, home and kitchen appliances, chemicals, and telecommunications.
- Market Capitalization: Estimated to be 13 billion USD as of 2022
- Employees: About 39,500 employees.
Panasonic Limited
Panasonic is a Japanese multinational company that produces different types of electronic goods.
This company manufactures and markets durable goods all over the world. Again this company made a responsible position in consumers’ minds by providing high-utility products.
Key Information About The Company
- Industry: Electronics and Technology
- Services: Semiconductors, automotive electronic products, home and kitchen appliances, telecommunication, etc.
- Market Capitalization: Estimated to be 19.05 billion USD as of 2022.
- Employees: 240,000 employees
Nokia Corporation
Nokia is a trustworthy company with durable goods and products worldwide based in Finland. This company has been executing its operations since the 17th century.
It is a company that manufactures mainly cell phones and networking equipment.
Key Information About The Company
- Industry: Telecommunication and information technology
- Services: Services of Nokia include cell phones, tablets, networking equipment, and various electronic devices.
- Market Capitalization: Estimated to be 29.14 billion USD as of 2022.
- Employees: 92,040 employees
Toyota Motor Corporation
Toyota is one of the largest automobile companies in the world. It produces at least 10 million vehicles every year.
Toyota Corporation is a Japanese-based multinational company that operates its business worldwide. This company was founded in 1937 by Kiichiro Toyoda.
Key Information About The Company
- Industry: Automobile
- Services: Automotive vehicles, cars, SUVs, etc.
- Market Capitalization: Estimated to be 199.99 billion USD as of September 2022
- Employees: 366,283 employees
Whirlpool Corporation
Whirlpool is an American multinational company founded in 1911. This company manufactures and markets different home appliances worldwide.
Whirlpool has several research facilities for upgrading its products and boosting their utility.
Key Information About The Company
- Industry: Electronics
- Services: The home appliances such as washing machines, air conditioners, refrigerators, etc.
- Market Capitalization: 8.49 billion USD as of September 2022
- Employees: 78,000 employees
Philips Limited
Philips limited is renowned as a leading consumer product manufacturer companies worldwide.
It is a Netherlands-based company founded in 1891. It is one of the top 10 consumer product manufacturers in the world.
Key Information About The Company
- Industry: Electronics and medical devices
- Services: Products such as smartphones, laptops, lighting and audio equipment, medical devices, and other goods.
- Market Capitalization: 16.24 billion USD as of September 2022
- Employees: 81,592 employees
Final Thought
So these are the most renowned companies in the consumer durables field. Because of their high utility and necessity, consumer durable goods uses by millions daily.
So the companies in consumer durables can directly impact common people’s lives.
From a consumer and economic perspective, these companies leave footprints of powerful intervention in our life and livelihood.
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