The household appliances market is expected to experience significant growth during the forecast period from 2023 to 2033. According to projections, the market size is expected to increase from US$ 707.52 billion in 2023 to US$ 1,328.11 billion by 2033, representing a CAGR of 6.50%.
- The demand for household appliances is primarily driven by rising disposable income, increasing living standards, and the desire for comfort. Consumers’ spending on home improvement products is also contributing to the growth of the market.
- The trend of smart and connected appliances is growing in the household appliances market. People are increasingly opting for automatic appliances that can reduce manual labor and save time.
- The incorporation of technologies such as artificial intelligence, AR/VR, the Internet of things, and robotics is expected to significantly boost the growth of the market. Appliances are becoming internet-connected and integrated into smart home ecosystems.
- The metropolitan area accounts for a sizable portion of the total revenue in the home appliance market. Urban spending power has increased as consumers opt for products and services that serve as fashion statements or status symbols.
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- There is a growing demand for personalized appliances that complement the overall theme of the house and meet the household’s utilitarian needs.
- Regular new product launches and the introduction of advanced and innovative features in household appliances entice consumers and boost household appliance sales.
- The US and Canada are driving the consumption rate of various appliances, including refrigerators, and washing machines. High efficiency, improved design, and better-insulated appliances are gaining market traction and leading the market toward a growth rate of 6.2%
- China generates revenue of US$ 166.20 billion in 2023 and has become increasingly reliant on innovative technology in its fight against COVID-19. Manufacturers are heavily investing in research and development activities in the region.
- The Middle East and Africa are expected to experience a CAGR of 7.7% from 2021 to 2028, primarily due to the rising popularity of i-wave microwave ovens.
- Europe is expected to capture approximately 25.7% of the value share by 2022. Demand for advanced consumer appliances such as kitchen appliances and small appliances is rapidly increasing in the region, particularly in Germany.
- E-commerce sales are anticipated to account for 31.3% of total revenue in the household appliances market by 2023. Rising smartphone adoption, increasing internet penetration, rising manufacturer investments in digital distribution channels, huge discounts, easy return and replacement policies of e-commerce platforms, and fast home delivery are the major factors driving the growth of the e-commerce segment.
- Overall, the recent trend of smart homes, combined with major companies’ increasing focus on developing and launching innovative and connected home appliances, is expected to fuel market growth.
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Competitive Landscape
Whirlpool Corporation, Samsung Electronics, LG Electronics, Haier Group Corporation, AB Electrolux, Panasonic Corporation, Midea Group Co., Ltd., Hitachi, Ltd., Robert Bosch GmbH, GE Appliances.
The household appliance market is highly competitive and moderately consolidated, with top players holding a large market share in both the big and small appliance industries. Consumers are becoming more technically savvy, and manufacturers should be prepared to provide the best technological advancements to users, thereby increasing R&D investment.
- Godrej Appliances, a division of the Godrej & Boyce Group, announced the launch of ultra-low temperature refrigerators, portable mobile freezers for highly storing temperature-sensitive vaccines, in August 2021.
- Whirlpool Corporation used virtual reality to display its latest appliance innovations in kitchen and laundry appliances at the 2021 NAHB International Builder’s show in February 2021. Similarly, LG Electronics introduced an improved ThinQ app in November 2019 to provide consumers with a more enriching smart home experience that incorporates the AI strategy.
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Household Appliances Market
By Product:
- Major Appliances
- Freezers
- Refrigerators
- Washing Machines
- Dishwashers
- Air Conditioners
- Ovens
- Others
- Small Appliances
- Food Processors
- Grills & Roasters
- Tea/Coffee Makers
- Vacuum Cleaners
- Others
By Distribution Channel:
- Supermarkets and Hypermarkets
- Specialty Stores
- E-Commerce
- Others
By Region:
- North America
- Latin America
- Europe
- South Asia & Pacific
- East Asia
- Middle East & Africa (MEA)
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