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

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.