According to a Future Market Insights (FMI) report, the global Consumer Appliances Market size is likely to be valued at US$ 437.8 Billion in 2023. The increasing demand for infrastructural development and construction activity is driving market growth. The market is estimated to garner US$ 679.8 Billion in 2033, recording a CAGR of 4.5% from 2023 to 2033.
Increasing purchasing power, disposable income levels, and urbanization, are the main factor driving the growth of the consumer appliances market during the forecast period.
Consumers are more likely to invest in appliances that improve their quality of life, convenience, and comfort. Urbanization leads to smaller living spaces and an increased need for compact appliances that optimize space utilization, driving the demand for the market.
Increasing smart homes and the integration of appliances into smart home ecosystems have become important drivers in the consumer appliances market.
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Increasing technological advancements such as Internet of Things (IoT) connectivity, artificial intelligence (AI), and automation have led to the development of smart appliances, which is likely to boost the consumer appliances market
Key Takeaways from the Consumer Appliances Market Report Study:
- From 2018 to 2022, the consumer appliances market demand expanded at a CAGR of 0%
- Based on end-user, the domestic segment is expected to account for a CAGR of 4.4% during the forecast period.
- Based on the sales channel, the online segment dominates the market with a CAGR of 4.3% during the forecast period.
- North America to emerge as a promising consumer appliances market, capturing a CAGR of 4%
- The consumer appliances industry in the United Kingdom is predicted to reach US$ 456.5 Billion by 2033
- South Asia and the Pacific to be an opportunistic consumer appliances market, expected to capture a CAGR of 4.1% during the forecast period.
Competitive Landscape:
The global consumer appliances market is fragmented with the presence of several large and medium-scale players. The leading players in the consumer appliances market are investing in strategic agreements in order to capture market share.
Key Companies Profiled in the Consumer Appliances Market Report:
- AB Electrolux
- Qingdao Haier Co., Ltd. (Haier)
- Hitachi, Ltd.
- LG Electronics Inc. (LG)
- Midea Group Co., Ltd. (Midea)
- Panasonic Corporation (Panasonic)
- Robert Bosch GmbH
- Samsung Electronics Co., Ltd.
- Sharp Corporation (Sharp)
- Whirlpool Corporation
Some of the recent development by prominent players in the consumer appliances market are:
- Samsung has been focusing on developing smart appliances with advanced features and connectivity capabilities. They have introduced technologies such as AI-powered assistants, voice control, and smart home integration in their appliances. Samsung’s recent developments aim to enhance user experiences, improve energy efficiency, and offer seamless connectivity within the smart home ecosystem.
- LG Electronics: LG has been investing in innovative technologies for their consumer appliances. They have introduced features such as advanced AI algorithms, self-cleaning capabilities, and energy-saving innovations in their products. LG’s recent developments focus on delivering efficient and sustainable appliances that meet the evolving needs of consumers.
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Consumer Appliances Market Segmentation:
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/Tumblers
- 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
- Western Europe
- Eastern Europe
- South Asia and Pacific
- East Asia
- Middle East & Africa
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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