According to a new report by Future Market Insights, sales in the global market for consumer appliances are expected to grow at a 4.3% CAGR from 2022 to 2029. According to FMI, Europe is expected to continue to be the most lucrative consumer appliance market, accounting for around 25% of total sales through 2031. Between 2022 and 2029, it is predicted that the U.S., Germany, China, and India would become extremely profitable markets.
2014-2021 Consumer Appliances Market Outlook in Comparison to 2022-2029 Growth Forecast
Over the past few years, the consumer electronics industry has witnessed rapid transformation with the launch of novel appliances such as food processors, kitchen appliances, home appliances, and others. Driven by this, the global consumer appliances market totaled US$ 383.8 Billion in 2021, growing at a CAGR of 3.9% between 2014 and 2021.
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Increasing availability of devices enabling automation of day-to-day activities is drastically changing consumer preferences from general single-purpose electronic products to multi-purpose smart devices.
As a result, leading consumer appliances manufacturers are increasingly focusing on developing novel multi-functional appliances devices to meet the surging demand. Driven by this, the sales in the global consumer appliances market are anticipated to spur at a CAGR of 4.3% during the forecast period.
Demand for advanced consumer appliances products and connected devices such as smart kitchen appliances is rapidly increasing in the household sector owing to surging investment towards building smart homes across developed countries such as the U.S. Germany, and Japan. This also is favoring the growth in the market.
Against this backdrop, key players in the market are increasingly investing in research and development activities for launching novel devices integrated with technologies such as artificial intelligence and the internet of things.
Competitive Landscape
Leading consumer appliances manufacturers are increasing investing in research and development activities for launching novel products to gain competitive edge in the highly competitive market. For instance,
In October 2018, LG Electronics Co. Ltd., a South Korea-based consumer electronics giant, announced expanding its product portfolio by introducing InstaView door-in-door refrigerators, featuring a glass panel that illuminates the refrigerator interior with 2 soft knocks on it. This has assisted the company to strengthen its position in the market.
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Consumer Appliances Market by Category
By Product Type :
- Kitchen Appliances
- Refrigerators
- Ranges and Ovens
- Microwave
- Conventional Grill
- Dishwashers
- Chimneys
- Electric Stove
- Induction Cooktops
- Small Appliances
- Hair Dryers
- Irons
- Toasters
- Bread Makers
- Coffee Machines
- Grinders & Mixers
- Food Processors
- Washing Machine
- Air Purifiers
- Water Heaters
- Water Purifiers
- Cloth Dryers/Tumbler
- Air Conditioners
- Vacuum Cleaners
By End Use :
- Domestic
- Professional
- Hotels
- Salon & Grooming Parlors
- Cafeteria & Restaurants
- Offices & Institute
- Others
By Sales Channel :
- Offline
- Organized Retailer
- Unorganized
- Online
- Company Direct Sales
- Independent Vendor/E Commerce
By Region :
- North America
- Latin America
- Europe
- South Asia
- East Asia
- Oceania
- Middle East and Africa
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About Future Market Insights (FMI)
Future Market Insights (ESOMAR certified market research organization and a member of Greater New York Chamber of Commerce) provides in-depth insights into governing factors elevating the demand in the market. It discloses opportunities that will favor the market growth in various segments on the basis of Source, Application, Sales Channel and End Use over the next 10-years.
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