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The US household appliances market size is estimated to grow by USD 13.03 billion at a CAGR of 4.05% between 2022 and 2027. The market's growth is influenced by several factors, including product innovation and advancement, leading to portfolio extension and product premiumization. Another key factor is the increased adoption of integrated smart home technology, which enhances convenience and efficiency. Additionally, the rise in discretionary income among consumers plays a significant role in driving market growth, as it allows for greater spending on luxury and high-end products. These factors collectively contribute to the expansion of the market and are expected to continue driving growth in the future
It also includes an in-depth analysis of drivers, trends, and challenges. Furthermore, the report includes historic market data from 2017 to 2021.
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This market report extensively covers market segmentation by distribution channel (offline and online) and product (major household appliances and small household appliances).
The offline segment is estimated to witness significant growth during the forecast period. In the market for household appliances, the shift towards sustainable and energy-efficient solutions is a significant trend. Money-conscious consumers are increasingly opting for expensive appliances with cutting-edge features and smart technologies that offer lower energy use and costs.
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The offline segment was the largest segment and was valued at USD 29.57 billion in 2017. This preference is driven by both environmental concerns and the psychological impact of rising electricity bills. Household appliances, including electronics and home products, are a major segment of the IT industry. In response, low-cost retailers are stocking energy-efficient models to cater to the working population, working women, young people, and professionals. Moldova, a leading producer of electrical appliances, is focusing on energy-efficient items to reduce electricity costs and mitigate the effects of climate change and global warming. Tineco, a power equipment manufacturer, is a key player in the product type segment, which includes cleaning appliances and cooking appliances. Ovens, food processors, coffeemakers, and humidifiers are popular product types that are undergoing significant innovation. Companies are investing in research and development to create eco-friendly and energy-efficient items, such as LED lightbulbs, that appeal to consumers' growing concern for the environment. Smart appliances, such as refrigerators and washing machines, are also gaining popularity due to their ability to save energy and reduce utility bills. Overall, the market in the US is expected to remain competitive, with a focus on innovation and sustainability. Hence, these factors are expected to drive the growth of the market during the forecast period.
The market is a significant sector within the B2C enterprises, encompassing Major Appliances and Small Appliances. Smart technology solutions have revolutionized this industry, with White goods and consumer electronics integrating Artificial Intelligence and the Internet of Things. Household tasks such as food preservation, cleaning, and cooking have been transformed by these innovations. Industry associations like the Consumer Technology Association play a crucial role in shaping market trends. Trade data and Survey results indicate a growing preference for Smart home appliances among working professionals. However, challenges persist, including the semiconductor chip shortage affecting the production of Washer-dryers and other appliances. Specialty stores and Online/e-commerce platforms continue to be key distribution channels for these gadgets. Overall, the market remains dynamic, driven by consumer demand for advanced technology and convenience. Our researchers analyzed the data with 2022 as the base year, along with the key drivers, trends, and challenges. A holistic analysis of drivers will help companies refine their marketing strategies to gain a competitive advantage.
Product innovation and advancement leading to portfolio extension and product premiumization is the key factor driving the growth of the market share. The household appliance market in the US has become increasingly competitive, with vcompanies continually investing in research and development to introduce money-saving, energy-efficient, and smart technologies. These innovations cater to the evolving demands of the working population, including working women, young people, and professionals, who seek appliances with cutting-edge features and low energy use. The trend towards energy efficiency is particularly significant, as it not only lowers energy costs but also has a positive psychological impact by reducing tension and improving mood. Electronics and home appliances, including IT devices, mobile accessories, and electrical appliances, are all subject to this trend.
Eco-friendly, energy-efficient items, such as LED lightbulbs, are becoming increasingly popular as concerns about climate change and global warming grow. Major product types in the household appliance market include cleaning appliances, such as Tineco power equipment, and cooking appliances, like ovens, food processors, and coffeemakers. Humidifiers are another segment that has gained traction due to their ability to perform multiple tasks with minimal resources. Moldova, a significant player in the global market, is also investing in energy-efficient models to meet the growing demand for sustainable appliances. As electricity costs continue to rise, the importance of energy-efficient items in the household appliance market is only set to increase. Vcompanies must stay ahead of the curve to remain competitive, with a focus on continuous innovation and the development of smart appliances that cater to the evolving needs and preferences of consumers. Therefore, such factors will propel the market growth during the forecast period.
Increased adoption of multi- and advanced products is the primary trend shaping the growth of the market size. In the market, the trend leans towards sustainable and energy-efficient solutions. Consumers are willing to invest in expensive appliances that boast cutting-edge features and smart technologies, which can save them money in the long run through lower energy costs. These energy-efficient models, such as LED lightbulbs, are not only eco-friendly but also contribute to mitigating the psychological impact of rising electricity costs, tension, and mood swings associated with the constant concern for the environment and climate change. The market for home appliances, including electronics, IT, mobile accessories, and electrical appliances, is thriving. The working population, particularly working women, young people, and professionals, are the primary consumers of these appliances. Tineco's power equipment, for instance, offers a wide range of product types, including cleaning appliances and cooking appliances, such as ovens, food processors, and coffeemakers.
Humidifiers are another popular multifunctional appliance that saves space and effort while providing convenience and improved results. The product type segment of the market is witnessing significant research and development, with companies like Tineco focusing on innovation. The market, such as ovens with voice control and food processors with advanced features, is growing rapidly. The demand for these appliances is driven by their ability to save time, resources, and effort, as well as their convenience and improved performance. In conclusion, the market is witnessing a shift towards sustainable, energy-efficient, and multifunctional appliances. These products, while priced higher than their conventional counterparts, offer a high return on investment through lower energy costs, space savings, and improved results. The market is driven by the working population, particularly working women, young people, and professionals, who seek convenience, efficiency, and eco-friendliness in their daily lives. The increasing number of such multifunctional products is a major market trend.
Fluctuations in raw material prices and operational costs is a challenge that affects the growth of the market. The market are influenced by several factors that determine their cost and availability. Money plays a significant role, as sustainable and energy-efficient appliances with cutting-edge features and smart technologies often come at a premium. The prices of raw materials, such as steel, iron, plastic, glass, electronic equipment, petroleum products, and paints, have a substantial impact on the final cost. These materials are subject to fluctuation due to international prices and the procurement process, which includes transportation costs and supplier constraints.
Moreover, the shift towards energy-efficient, driven by concerns over electricity costs, climate change, and global warming, has become a priority for many consumers. This trend is particularly noticeable among the working population, working women, young people, and professionals. The product type segment includes cleaning appliances, such as vacuum cleaners and air purifiers from brands like Tineco, and cooking products, including ovens, food processors, and coffeemakers. Electrical appliances, including LED lightbulbs, are becoming increasingly eco-friendly and energy-efficient, with research and development playing a crucial role in driving innovation. The market for IT, and mobile accessories is vast and diverse, with a growing demand for low energy use and lower energy costs. The psychological impact of appliances on mood and tension in daily life is also a consideration, as advanced technologies offer convenience and ease. Moldova, as a producer of various raw materials and a potential market, is an essential player in the global industry. The market for power equipment, including appliances and tools, is expected to grow, with the cleaning segment showing particular promise. As a result, such concerns are anticipated to impede the growth of the market during the forecast period.
The market research report includes the adoption lifecycle of the market, covering from the innovator’s stage to the laggard’s stage. It focuses on adoption rates in different regions based on penetration. Furthermore, the report also includes key purchase criteria and drivers of price sensitivity to help companies evaluate and develop their market growth and trends strategies.
Key Market Customer Landscape
Companies are implementing various strategies, such as strategic alliances, partnerships, mergers and acquisitions, geographical expansion, and product/service launches, to enhance their presence in the market.
The market analysis report also includes detailed analyses of the competitive landscape of the market and information about 20 market companies, including:
Qualitative and quantitative analysis of companies has been conducted to help clients understand the wider business environment as well as the strengths and weaknesses of key market players. Data is qualitatively analyzed to categorize companies as pure play, category-focused, industry-focused, and diversified; it is quantitatively analyzed to categorize companies as dominant, leading, strong, tentative, and weak.
The market research report provides comprehensive data (region wise segment analysis), with forecasts and estimates in "USD Billion" for the period 2023 to 2027, as well as historical data from 2017 to 2021 for the following segments
The market is a significant sector, encompassing various appliances such as refrigerators, dishwashers, ovens, cooktops, microwaves, air conditioners, and more. These appliances play a crucial role in enhancing the comfort and convenience of modern living. The market is driven by factors like increasing disposable income, urbanization, and technological advancements. Domestic demand is high due to the large population and continuous replacement of old appliances with new energy-efficient models. Additionally, the market is influenced by trends like the integration of smart technology and the growing preference for eco-friendly appliances. The competition in this sector is intense, with numerous players offering a wide range of products to cater to diverse consumer needs. The market is expected to grow steadily in the coming years, driven by these factors and others.
Market Scope |
|
Report Coverage |
Details |
Page number |
122 |
Base year |
2022 |
Historic period |
2017-2021 |
Forecast period |
2023-2027 |
Growth momentum & CAGR |
Accelerate at a CAGR of 4.05% |
Market growth 2023-2027 |
USD 13.03 billion |
Market structure |
Fragmented |
YoY growth 2022-2023(%) |
3.27 |
Competitive landscape |
Leading Companies, Market Positioning of Companies, Competitive Strategies, and Industry Risks |
Key companies profiled |
Bertazzoni Spa, Electrolux AB, Fisher and Paykel Appliances Ltd., FOTILE Overseas Kitchen Appliance Co. Ltd, Haier Smart Home Co. Ltd., Hatco Corp., Hisense India Pvt Ltd, Irobot Corp., LG Electronics Inc., Marvel Refrigeration, Miele and Cie. KG, Panasonic Holdings Corp., Robert Bosch GmbH, Samsung Electronics Co. Ltd., Smeg S.p.a., Sub Zero Group Inc., The Middleby Corp., Whirlpool Corp., Windster Hoods, and True Manufacturing Co. Inc. |
Market dynamics |
Parent market analysis, Market Forecasting, Market growth inducers and obstacles, Fast-growing and slow-growing segment analysis, COVID-19 impact and recovery analysis and future consumer dynamics, and Market condition analysis for the market forecast period. |
Customization purview |
If our report has not included the data that you are looking for, you can reach out to our analysts and get segments customized. |
We can help! Our analysts can customize this market research report to meet your requirements.
1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Historic Market Size
5 Five Forces Analysis
6 Market Segmentation by Distribution Channel
7 Market Segmentation by Product
8 Customer Landscape
9 Drivers, Challenges, and Trends
10 Vendor Landscape
11 Vendor Analysis
12 Appendix
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