The consumer durables sector has been one of the shining lights providing succor to the unemployed. However, getting a job in this sector seems like a herculean task because of the massive competition. Before you seek jobs in the sector, it is important to know the types of companies spearheading the consumer durables revolution.
Getting to know these companies, and their history could help you decide if you would like to pursue jobs in the sector. It could also prove beneficial if you are eventually called for an interview. So what are the companies in the consumer durables field? Kindly go through this post for everything you need to know.
One of the sectors that have seen unprecedented growth in the past decade is the consumer durables sector with about $2 trillion in revenue as of 2022. In terms of employment opportunities, the consumer durable field is also at the forefront with about 3 million people gainfully employed in different capacities in the US alone. However, most people do not understand what the consumer durables sector is and what companies are under it.
In this article, we’ll explore the consumer durable field and some of the companies driving the growth of the sector. Whether you are seeking employment or you want to expand your knowledge of the consumer durables field, this article would prove to be of immense benefit to you. Ready?
Let’s dive right in
What are consumer durables?
Have you ever bought a product with a lifetime warranty of 3+ years? If yes, chances are you might have bought consumer durable goods. Consumer durable goods are goods that are designed to stand the test of time. They don’t fade easily, they can be used over time and also meet the durability standard. Examples of durable goods could include home appliances, electronics, automobiles, mobile phones, and laptops among others.
These types of goods are guaranteed to last for a long time which gives a return on your investment. However, despite being durable, it doesn’t mean they cannot eventually wear out even before their warranty date. It depends on how they are used and maintained.
The consumer durables company forms an integral part of economic development. They produce items that are beneficial to the common man. Their software innovations have helped many people secure high-paying jobs in top companies. They are one of the largest drivers of the economy.
What are the companies in the consumer durables field?
Below are the companies available in the consumer durables field. They include:
- Apple Computer Inc
- Nokia Corporation
Microsoft is the brainchild of Bill Gates and Paul Allen. It was established in 1975 as a BASIC interpreter selling company. Ever since then, they have gone on to become one of the biggest brands selling computer software. For example, If you have a personal computer (PC), there are high chances you are using Windows as the operating system. Windows is one of the inventions of Microsoft. They have a series of Microsoft products that powers the day-to-day running of many companies’ businesses including small and medium enterprises (SME). Microsoft Word, Microsoft Excel, Microsoft Powerpoint, Microsoft Office, and Microsoft Outlook are some of their inventions that are currently Indispensable.
Microsoft has spread its tentacles by acquiring corporate organizations. In May 2011, Microsoft announced the acquisition of Skype Technologies in an $8.5 billion deal. However, its biggest acquisition to date is the mighty social media platform, LinkedIn which has become the No 1 platform where employers and would-be employees meet themselves. Microsoft acquired LinkedIn in Dec 2016 in a swift $26.2 billion deal. The current market capitalization of Microsoft is estimated to be $2.063 billion.
Apple Computer Inc
Are you an iPhone or MacBook user? If yes, you have been using Apple products. Apple was founded by two Steves, Steve Jobs and Steve Wozniak in 1976. They are renowned for the introduction of several game-changing technologies such as iPad, iPod, iPhone, Airports, and Apple Pay among others.
Apple’s introduction of the iPhone revolutionized the smartphone market. In 2007, the first version of Apple was released with mouthwatering features such as touch screen interfaces and virtual keyboards. Ever since then, the iPhone has gone on an amazing transformation with 13 subsequent versions launched after the introduction of the first version.
Many people who fall out with Android devices see Apple products as an upgrade. Despite its seemingly expensive cost, people are still anticipating the next release. In fact, Apple has sold more than $2 billion iPhones since its inception.
The third on our list of consumer durables companies is Nokia Corporation. Nokia has been bossing the smartphone industry long before the coming of other brands. They are well known for their high-quality and less expensive smartphones, tablets, routers, Smart TVs, and many more. However, in the last few years, the fortune of Nokia technologies has nosedived, with many brands outmuscling it.
Initially, Nokia became popular with the production of torchlight phones such as the Nokia 3310, Nokia 7110, and Nokia 8110 amongst others. However, the introduction of android devices shifted the attention of customers elsewhere as Nokia found it hard to keep up with the market trend. Although they also started producing android devices after many people had settled for some other brands producing android devices. Notably, the Lumia 720 was one of the android devices they produced, but it failed to spark the renaissance of Nokia Corporation in the smartphone market.
Toyota is a household name in the automobile industry with $254 billion in market cap according to Statista. They deal in different types of car manufacturing including Lexus, Daihatsu, and Scion. Established in 1937 by Kiichiro Toyoda, Toyota has built a reputation for itself with more than 10 million vehicles sold in 2021. In the US, many people trust Toyota brand cars because of their durability. In a study carried out by financesonline in 2019, Toyota’s RAV4 emerged as the best-selling vehicle in the US. In fact, over 1 million Toyota vehicles were sold in the first half of 2022.
LG is a south-Korean based technology company with business interests across diverse sectors. Mostly popular in Asian and some African countries, LG is renowned for production in sectors such as petrochemicals, electronics, and home appliances. If you check the label on your deep freezer at home, chances are that you might see LG written on it. LG is one of the trusted brands when it comes to household consumables, furniture, and electronics. They produce quality and long-lasting items that can stand the test of time.
The consumer durables sector is a booming sector that is considered indispensable. Your home appliances, electronics, automobile, and smartphones are produced by companies in the consumer durables sector. The companies in this field are working round the clock to make impactful contributions to the advancement of technology. The innovation we have seen from these companies is mouthwatering, and as the world recovers from the COVID-19 pandemic, we are set to see more capacity building in the future.