Consumer Appliances Market is Expected to Reach a High Valuation of US$ 539.9 Billion by the end of 2029

The consumer appliances market is predicted to reach US$ 539.9 billion by the end of 2029, up from US$ 383.8 billion in 2021. The industry is expanding due to increased demand for novel, creative technologies that make daily jobs easier.

Future Market Insights compares and reviews the dynamics of the consumer appliances industry, which is primarily related with an increase in investment in smart home building in developed countries such as the United States, Japan, and Germany. Demand in the household sector for innovative consumer goods and linked gadgets, such as smart kitchen appliances, is fast expanding, aiding the market’s rise.

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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.

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
  • Small Appliances
  • Washing Machine
  • Air Purifiers
  • Water Heaters
  • Water Purifiers
  • Cloth Dryers/Tumbler
  • Air Conditioners
  • Vacuum Cleaners

By End Use:

  • Domestic
  • Professional
    • Hotels
    • Salon & Grooming Parlours
    • 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

About Future Market Insights, Inc.

Future Market Insights, Inc. is an ESOMAR-certified business consulting & market research firm, a member of the Greater New York Chamber of Commerce and is headquartered in Delaware, USA. A recipient of Clutch Leaders Award 2022 on account of high client score (4.9/5), we have been collaborating with global enterprises in their business transformation journey and helping them deliver on their business ambitions. 80% of the largest Forbes 1000 enterprises are our clients. We serve global clients across all leading & niche market segments across all major industries.

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About the Author

Nikhil Kaitwade

Associate Vice President at Future Market Insights, Inc. has over a decade of experience in market research and business consulting. He has successfully delivered 1500+ client assignments, predominantly in Automotive, Chemicals, Industrial Equipment, Oil & Gas, and Service industries.
His core competency circles around developing research methodology, creating a unique analysis framework, statistical data models for pricing analysis, competition mapping, and market feasibility analysis. His expertise also extends wide and beyond analysis, advising clients on identifying growth potential in established and niche market segments, investment/divestment decisions, and market entry decision-making.
Nikhil holds an MBA degree in Marketing and IT and a Graduate in Mechanical Engineering. Nikhil has authored several publications and quoted in journals like EMS Now, EPR Magazine, and EE Times.

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