USD 684 billion
Household Appliances Market Size, Share, Growth Analysis, By Type(Major Appliances, Small Appliances and Smart Home Appliances), By Distribution Channel(Supermarkets & Hypermarkets, Specialty Stores, Online/E-commerce, and Others), By Region - Industry Forecast 2024-2031
Report ID:
SQMIG25H2027 |
Region:
Global |
Published Date: March, 2024
Pages:
223
|Tables:
63
|Figures:
65
Household Appliances Market Insights
Global Household Appliances Market size was valued at USD 684 billion in 2022 and is poised to grow from USD 722.10 billion in 2023 to USD 1114.09 billion by 2031, growing at a CAGR of 5.57% in the forecast period (2024-2031).
The progress in the global quality of life, augmented consumer expenditures encompassing per capita income, and evolving consumer preferences collectively act as driving forces propelling the growth of the home appliances market. The work-from-home norm gained substantial traction during the pandemic, contributing significantly to the heightened demand for household white goods on a global scale. The enhanced purchasing power among populations in both developed and developing nations has engendered assorted lifestyle shifts, exerting a positive influence on market expansion. The festive season invariably witnesses an upswing in the sale of premium brand appliances on a global scale, with mature markets like North America and Europe demonstrating robust demand. Meanwhile, the Asian market is experiencing a surge due to burgeoning populations and the concurrent surge in urbanization.
Intelligent home appliances, leveraging advanced technologies such as artificial intelligence, the Internet of Things, touchless interfaces, and integrated smart home systems, confer manifold advantages to users in terms of safety, security, and domestic convenience. The market's growth trajectory is further accelerated by the ample potential for innovative electronic appliances featuring advanced functionalities, driven by escalating demand from tech-savvy consumers worldwide, thereby fostering the expansion of the smart home appliance sector.
The escalating adoption of smart home appliances, encompassing intelligent air conditioning units, HVAC systems, innovative refrigerators, and cooking apparatus, all calibrated for optimal energy utilization in accordance with user patterns, stands as a significant catalyst in the market's acceleration. A case in point is LG Electronics, based in South Korea, which introduced an array of AI-powered appliances to the Indian market in April 2022. This lineup comprises InstaView door-in-door refrigerators, AI direct-drive washing machines, and energy-efficient air conditioners, thereby exemplifying the industry's march towards cutting-edge technological integration.
US Household Appliances Market is poised to grow at a sustainable CAGR for the next forecast year.
Market Snapshot - 2024-2031
Global Market Size
Largest Segment
Major Appliances
Fastest Growth
Major Appliances
Growth Rate
5.57% CAGR
Global Household Appliances Market ($ Bn)
Country Share for North America Region (%)
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Household Appliances Market Segmental Analysis
The market for global household appliances is divided into segments based on kind, distribution method, and geographic region. The market is divided into three types of appliances: small appliances (coffeemakers, food processors, humidifiers, microwave ovens, and others), big appliances (refrigeration equipment, culinary appliances, washing & drying equipment, heating & cooling appliances, and others), and smart home appliances. The market is divided into supermarkets and hypermarkets, specialty shops, online/e-commerce, and others based on the distribution channel. The market is divided into North America, Europe, Latin America, Asia-Pacific, the Middle East, and Africa based on geographic regions.
Household Appliances Market Analysis By Type
The demand for household appliances has burgeoned into a worldwide industry. With mounting disposable income, more expansive living spaces, and widespread access to electricity, household appliances have become increasingly accessible to a substantial portion of the global populace, aiding in routine domestic tasks. The emergence of interconnected devices has made a profound impact, with the majority of appliances now linked to the internet, facilitating automated operations with reduced human involvement.
The contemporary surge in smart homes, coupled with the intensifying dedication of prominent enterprises to craft and introduce inventive, connected home appliances, is anticipated to energize market expansion. The desire for intelligent domestic appliances is propelled by diverse factors including the escalating prevalence of smart homes, an uptick in residential construction endeavors, and swift advancements in information technology and wireless communication. Escalating ventures in home enhancements, especially in nations like the United States, Canada, and Germany, are forging pathways for an array of groundbreaking products designed for residential utilization. This product category accounted for an 11.10% share of the global market in 2021, poised for sustained growth throughout the projected time frame.
Household Appliances Market Analysis By Distribution Channel
In 2022, the specialty stores market category accounted for more than 45% of global sales, holding a sizable market share for home appliances. It is anticipated that the market would continue to expand throughout the ensuing years.
The retail market for online purchases is expected to expand at the quickest rate. Online platforms have gained popularity because they offer free shipping, doorstep delivery, easy exchange policies, and other features that help them gain market share and boost appliance sales. The continuously evolving consumer lifestyles, where the majority are employed and have busy schedules, are a significant contributor to the rise in internet sales. Options like EMI and financial facilities are also contributing to the increase in online sales.
Global Household Appliances Market By Type
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Household Appliances Market Regional Insights
North America is predominantly propelled by the substantial inflow of diverse appliances, including refrigerators and washing machines, into the U.S. and Canada, thereby bolstering appliance consumption rates. As the world's largest regional economy, North America is projected to maintain its pivotal role in the global economy, particularly in spearheading new technological developments. The region benefits from robust consumer purchasing power, an escalating adoption of intelligent devices, and significant consumer interest in connected home appliances. This synergy is expected to accelerate the uptake of IoT-based appliances.
In the Asia Pacific region, burgeoning demand from middle-income segments for energy-conserving appliances opens avenues for fresh market growth. In 2020, data from the China Household Electrical Appliances Association revealed that online retail sales of washers and dryers in China reached USD 1,645.85 million, marking a 5.6% surge from the previous year. Evolving consumer preferences toward premium-grade white goods, coupled with the expanding middle-class populace in countries like China and India, are projected to drive market expansion. The increasing population in these regions is set to amplify demand for household appliances such as washing machines and refrigerators, thus further stimulating product uptake.
Global Household Appliances Market By Geography
- Largest
- Fastest
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Household Appliances Market Dynamics
Household Appliances Market Drivers
Changing Lifestyles
- Busy lifestyles and dual-income households drive demand for time-saving and convenient appliances, such as robotic vacuum cleaners, smart ovens, and voice-controlled devices.
Rapid Technological Advancements
- The continuous evolution of technologies like AI, IoT, and machine learning fuels the development of innovative features and functionalities in household appliances, enhancing their appeal.
Household Appliances Market Restraints
Consumer Skepticism
- Concerns regarding data privacy and cybersecurity could slow down the adoption of smart appliances, particularly among more cautious consumers.
Infrastructure Limitations
- The widespread adoption of smart appliances relies on reliable internet connectivity and smart home infrastructure, which might not be accessible in all regions.
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Household Appliances Market Competitive Landscape
The competitive landscape of the global household appliances market is characterized by intense rivalry, technological innovation, and shifting consumer preferences. Established industry giants and nimble startups vie for market share in a rapidly evolving ecosystem.
Leading companies such as Samsung, LG, Whirlpool, and Haier maintain a strong foothold through their diverse product portfolios, extensive distribution networks, and brand recognition. They invest heavily in research and development to introduce cutting-edge features like smart connectivity, energy efficiency, and advanced user interfaces. Collaborations with tech companies and partnerships with smart home ecosystems further solidify their positions.
Simultaneously, emerging players disrupt the status quo with niche offerings, innovative designs, and agile manufacturing. Startups focused on sustainability, such as those developing eco-friendly appliances and utilizing recyclable materials, have gained traction as environmentally conscious consumers seek greener options.
E-commerce has reshaped the competitive dynamics by providing a platform for smaller players to reach global audiences directly. This challenges traditional retail channels and compels established brands to enhance their online presence and customer experience.
In conclusion, the competitive landscape of the global household appliances market showcases a blend of established giants driving innovation alongside nimble newcomers carving out unique niches. Adaptability, technological prowess, and responsiveness to changing consumer demands will continue to define success in this vibrant and dynamic market.
Household Appliances Market Top Player’s Company Profiles
- Haier Group Corporation (China)
- Electrolux AB (Sweden)
- BSH Hausgeräte GmbH (Germany)
- Panasonic Corporation (Japan)
- Midea Group Co., Ltd. (China)
- Toshiba Corporation (Japan)
- Groupe SEB (France)
Household Appliances Market Recent Developments
- In August 2022, Whirlpool-owned Maytag introduced a new washer-dryer set made especially for removing pet hair from towels, blankets, clothing, and other home fabrics.
- In September 2022, Samsung unveiled a new line of washing machines that are semi-automatic and have cutting-edge features including auto restart, rat protection, and air turbo drying.
- November 2022 With a new alliance with Miele, Lowe's increased the range of high-end appliances in its inventory. The alliance between Lowe's and Miele served as a reminder of their dedication to providing fresh, superior products at all price points.
Household Appliances Key Market Trends
- Smart Connectivity: Increasing integration of household appliances with smart technologies and the Internet of Things (IoT) is a dominant trend. Consumers seek appliances that can be controlled remotely, offer automation, and provide real-time data monitoring.
- Health and Hygiene: The COVID-19 pandemic has amplified the focus on hygiene and cleanliness, leading to innovations in appliances with self-sanitizing capabilities, antimicrobial surfaces, and advanced air purification systems.
Household Appliances Market SkyQuest Analysis
SkyQuest’s ABIRAW (Advanced Business Intelligence, Research & Analysis Wing) is our Business Information Product types team that Collects, Collates, Co-relates, and Analyses the Data collected by means of Primary Exploratory Research backed by robust Secondary Desk research.
According to our global household appliances market Analysis, the global household appliances market has reached compelling conclusions indicative of evolving consumer preferences and technological advancements. A surge in smart home integration has spurred demand for connected appliances that offer convenience and efficiency. Energy efficiency remains a prominent concern, with consumers gravitating towards eco-friendly options to reduce environmental impact and operational costs. The market has witnessed a shift towards compact and multifunctional appliances tailored for urban living spaces.
E-commerce's growing influence has prompted manufacturers to enhance online retail platforms and customer engagement strategies. The market's trajectory also signifies the emergence of emerging economies as key players, contributing to both production and consumption.
In conclusion, the global household appliances market reflects a dynamic landscape driven by connectivity, sustainability, hygiene consciousness, and changing lifestyles. Manufacturers must continue adapting to these trends while prioritizing innovation to meet the evolving needs of the modern consumer.
| Report Metric | Details |
|---|---|
| Market size value in 2022 | USD 684 billion |
| Market size value in 2031 | USD 1114.09 billion |
| Growth Rate | 5.57% |
| Base year | 2023 |
| Forecast period | 2024-2031 |
| Forecast Unit (Value) | USD Billion |
| Segments covered |
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| Regions covered | North America (US, Canada), Europe (Germany, France, United Kingdom, Italy, Spain, Rest of Europe), Asia Pacific (China, India, Japan, Rest of Asia-Pacific), Latin America (Brazil, Rest of Latin America), Middle East & Africa (South Africa, GCC Countries, Rest of MEA) |
| Companies covered |
|
| Customization scope | Free report customization with purchase. Customization includes:-
|
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Table Of Content
Executive Summary
Market overview
- Exhibit: Executive Summary – Chart on Market Overview
- Exhibit: Executive Summary – Data Table on Market Overview
- Exhibit: Executive Summary – Chart on Household Appliances Market Characteristics
- Exhibit: Executive Summary – Chart on Market by Geography
- Exhibit: Executive Summary – Chart on Market Segmentation
- Exhibit: Executive Summary – Chart on Incremental Growth
- Exhibit: Executive Summary – Data Table on Incremental Growth
- Exhibit: Executive Summary – Chart on Vendor Market Positioning
Parent Market Analysis
Market overview
Market size
- Market Dynamics
- Exhibit: Impact analysis of DROC, 2021
- Drivers
- Opportunities
- Restraints
- Challenges
- Exhibit: Impact analysis of DROC, 2021
- SWOT Analysis
KEY MARKET INSIGHTS
- Technology Analysis
- (Exhibit: Data Table: Name of technology and details)
- Pricing Analysis
- (Exhibit: Data Table: Name of technology and pricing details)
- Supply Chain Analysis
- (Exhibit: Detailed Supply Chain Presentation)
- Value Chain Analysis
- (Exhibit: Detailed Value Chain Presentation)
- Ecosystem Of the Market
- Exhibit: Parent Market Ecosystem Market Analysis
- Exhibit: Market Characteristics of Parent Market
- IP Analysis
- (Exhibit: Data Table: Name of product/technology, patents filed, inventor/company name, acquiring firm)
- Trade Analysis
- (Exhibit: Data Table: Import and Export data details)
- Startup Analysis
- (Exhibit: Data Table: Emerging startups details)
- Raw Material Analysis
- (Exhibit: Data Table: Mapping of key raw materials)
- Innovation Matrix
- (Exhibit: Positioning Matrix: Mapping of new and existing technologies)
- Pipeline product Analysis
- (Exhibit: Data Table: Name of companies and pipeline products, regional mapping)
- Macroeconomic Indicators
COVID IMPACT
- Introduction
- Impact On Economy—scenario Assessment
- Exhibit: Data on GDP - Year-over-year growth 2016-2022 (%)
- Revised Market Size
- Exhibit: Data Table on Household Appliances Market size and forecast 2021-2027 ($ million)
- Impact Of COVID On Key Segments
- Exhibit: Data Table on Segment Market size and forecast 2021-2027 ($ million)
- COVID Strategies By Company
- Exhibit: Analysis on key strategies adopted by companies
MARKET DYNAMICS & OUTLOOK
- Market Dynamics
- Exhibit: Impact analysis of DROC, 2021
- Drivers
- Opportunities
- Restraints
- Challenges
- Exhibit: Impact analysis of DROC, 2021
- Regulatory Landscape
- Exhibit: Data Table on regulation from different region
- SWOT Analysis
- Porters Analysis
- Competitive rivalry
- Exhibit: Competitive rivalry Impact of key factors, 2021
- Threat of substitute products
- Exhibit: Threat of Substitute Products Impact of key factors, 2021
- Bargaining power of buyers
- Exhibit: buyers bargaining power Impact of key factors, 2021
- Threat of new entrants
- Exhibit: Threat of new entrants Impact of key factors, 2021
- Bargaining power of suppliers
- Exhibit: Threat of suppliers bargaining power Impact of key factors, 2021
- Competitive rivalry
- Skyquest special insights on future disruptions
- Political Impact
- Economic impact
- Social Impact
- Technical Impact
- Environmental Impact
- Legal Impact
Market Size by Region
- Chart on Market share by geography 2021-2027 (%)
- Data Table on Market share by geography 2021-2027(%)
- North America
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- USA
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Canada
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Europe
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- Germany
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Spain
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- France
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- UK
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of Europe
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Asia Pacific
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- China
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- India
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Japan
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- South Korea
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of Asia Pacific
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Latin America
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- Brazil
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of South America
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Middle East & Africa (MEA)
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- GCC Countries
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- South Africa
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of MEA
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
KEY COMPANY PROFILES
- Competitive Landscape
- Total number of companies covered
- Exhibit: companies covered in the report, 2021
- Top companies market positioning
- Exhibit: company positioning matrix, 2021
- Top companies market Share
- Exhibit: Pie chart analysis on company market share, 2021(%)
- Total number of companies covered
Methodology
For the Household Appliances Market, our research methodology involved a mixture of primary and secondary data sources. Key steps involved in the research process are listed below:
1. Information Procurement: This stage involved the procurement of Market data or related information via primary and secondary sources. The various secondary sources used included various company websites, annual reports, trade databases, and paid databases such as Hoover's, Bloomberg Business, Factiva, and Avention. Our team did 45 primary interactions Globally which included several stakeholders such as manufacturers, customers, key opinion leaders, etc. Overall, information procurement was one of the most extensive stages in our research process.
2. Information Analysis: This step involved triangulation of data through bottom-up and top-down approaches to estimate and validate the total size and future estimate of the Household Appliances Market.
3. Report Formulation: The final step entailed the placement of data points in appropriate Market spaces in an attempt to deduce viable conclusions.
4. Validation & Publishing: Validation is the most important step in the process. Validation & re-validation via an intricately designed process helped us finalize data points to be used for final calculations. The final Market estimates and forecasts were then aligned and sent to our panel of industry experts for validation of data. Once the validation was done the report was sent to our Quality Assurance team to ensure adherence to style guides, consistency & design.
Analyst Support
Customization Options
With the given market data, our dedicated team of analysts can offer you the following customization options are available for the Household Appliances Market:
Product Analysis: Product matrix, which offers a detailed comparison of the product portfolio of companies.
Regional Analysis: Further analysis of the Household Appliances Market for additional countries.
Competitive Analysis: Detailed analysis and profiling of additional Market players & comparative analysis of competitive products.
Go to Market Strategy: Find the high-growth channels to invest your marketing efforts and increase your customer base.
Innovation Mapping: Identify racial solutions and innovation, connected to deep ecosystems of innovators, start-ups, academics, and strategic partners.
Category Intelligence: Customized intelligence that is relevant to their supply Markets will enable them to make smarter sourcing decisions and improve their category management.
Public Company Transcript Analysis: To improve the investment performance by generating new alpha and making better-informed decisions.
Social Media Listening: To analyze the conversations and trends happening not just around your brand, but around your industry as a whole, and use those insights to make better Marketing decisions.
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