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The household appliance market size is forecast to increase by USD 121.10 billion at a CAGR of 5.06% between 2023 and 2028. Market demand and growth are driven by evolving consumer preferences, technological advancements in washing machines and refrigerators, and a focus on energy efficiency. Manufacturers innovate to offer stylish, functional, and sustainable appliances, catering to diverse lifestyles and enhancing household convenience and productivity. The household appliance market is a vibrant and diverse industry, encompassing a wide range of cleaning, home comfort, and food preparation solutions. From air conditioners and washing machines to dishwashers and microwaves, home appliances have become essential tools for modern living. Kitchen appliances, such as ovens, stoves, microwaves, blenders, juicers, toasters, and food processors, make meal preparation more efficient and convenient.
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The household appliance market research and growth report provides comprehensive data (region-wise segment analysis), with forecasts and estimates in "USD Billion" for the period 2024-2028, as well as historical data from 2018 - 2022 for the following segments.
The market share growth by the major household appliances segment is significant during the forecast period. Room comfort and water heater appliances witness high demand, which is mainly driven by the growing adoption of these products among the millennial population residing in urban areas, which characterizes the modern lifestyle. Major appliances such as refrigerators and washing machines witnessed strong demand across the globe in all regions as they became basic and necessary amenities for every household. Another major trend witnessed in the major this segment is reducing household sizes, which increases the growth potential of built-in appliances.
The major household appliance segment was valued at USD 300 billion in 2018. The household appliance market is experiencing significant transformation due to the integration of advanced technologies such as AR/VR, artificial intelligence, and the Internet of Things. These innovations are altering consumer lifestyle trends, particularly in areas of Do-it-yourself pursuits and energy optimization. Consumer disposable income and spending are on the rise, enabling the purchase of technologically advanced appliances like electric grills, roasters, food processors, and energy-efficient tea/coffee makers. Cloud technology and Wi-Fi connectivity are essential components of modern household appliances, allowing for remote control and real-time monitoring via smartphones. Hence, such factors are fuelling the growth of this segment, which in turn drives household appliance market growth during the forecast period.
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APAC is estimated to contribute 54% to the growth of the global market during the forecast period. Technavio's analysts have elaborately explained the regional market growth and trends that shape the market during the forecast period. APAC's market is thriving thanks to a growing middle-class population with increased incomes, urbanization, and evolving lifestyles. People in the region are switching to advanced appliances, including household beauty appliances, and the demand for premium products is rising. In countries like China, domestic companies like Haier Smart Home dominate the market, while other emerging economies prioritize appliances like refrigerators and washing machines. Premium and foreign brands are gaining popularity as incomes rise. These factors are driving household appliance market growth in APAC during the forecast period.
The market is experiencing significant growth due to the integration of advanced technologies such as artificial intelligence (AI), wireless technologies, including Wi-Fi and Bluetooth, and cloud technology. Consumers' rising disposable income and improving living standards are driving the demand for technologically advanced, energy-efficient appliances. Sustainability and energy optimization are key considerations in product innovation. Novel technologies like AR/VR and single-person household solutions are gaining popularity. However, supply chain disruptions and changing consumer lifestyles pose challenges. Regulations regarding energy efficiency and e-commerce channels are shaping the market landscape. Smart homes, equipped with smart sensors and Wi-Fi connectivity, are becoming increasingly common. Overall, the market is witnessing a transformation, fueled by the integration of various technologies and evolving consumer preferences. This household appliance market research and growth report includes information on the key market drivers, trends, and challenges during the forecast period.
The household appliances market is witnessing substantial growth, fueled by the rising demand for products like microwave ovens, a washing machine, and a dishwasher. Key kitchen essentials, such as an oven, vacuum cleaner, air conditioner, and dryer, are increasingly sought after. Small appliances like a toaster, blender, coffee maker, juicer, and kettle enhance everyday convenience, while a mixer and food processor simplify cooking tasks. Larger items, including a stove and freezer, are essential for modern kitchens. The need for better air quality has increased demand for a humidifier, dehumidifier, and air purifier, and a television and microwave remain central to household entertainment and convenience. Small appliances like toasters, blenders, coffee makers, juicers, and kettles are popular for their ease of use, while mixers and food processors simplify meal preparation. Essential kitchen items like stoves and freezers remain vital, and the demand for indoor air quality solutions has boosted sales of humidifiers, dehumidifiers, and air purifiers. Additionally, televisions and microwaves continue to be staples in modern homes. Cleaning appliances, including vacuum cleaners, dishwashers, and washing machines, help maintain a clean and hygienic home. Freezers and refrigerators preserve food, while air conditioners and humidifiers/dehumidifiers ensure optimal indoor climate. Small appliances like mixers, coffee makers, and kettles add convenience and functionality to daily life.
Product innovation and advancement leading to portfolio extension and product launches and premiumization are the key factors boosting household appliance market growth. The global market is witnessing intensified competition due to technological advancements and changing customer preferences, driving demand for innovative products.
Advancements in technology have led to the addition of smart home appliances, such as home automation systems, air purifiers, and televisions, enhancing comfort and convenience. The selection of home appliances continues to expand, catering to various needs and preferences. Whether it is a busy family or a single individual, there's an appliance for every household. Moreover, to stay ahead, companies invest in R&D, focusing on technology, performance, features, and design innovations. Customers now seek multitasking appliances with minimal resource consumption, prompting companies to diversify their product offerings.
Rising purchasing power is a primary trend in the market. The market is experiencing significant growth due to the increasing demand for technologically advanced and multifunctional products. Artificial intelligence technology and Bluetooth connectivity are becoming increasingly common features in domestic appliances, enabling consumers to optimize energy usage and enhance convenience.
Changing consumer lifestyles, including do-it-yourself pursuits and sedentary habits, have led to an increased focus on energy efficiency and sustainability within the Germany major home appliance market. Nuclear families and single-person households are driving the demand for smart appliances and smart homes, which integrate AR/VR, cloud technology, and the Internet of Things to provide improved living standards. These advancements not only enhance convenience but also promote environmental responsibility by optimizing resource usage and reducing carbon footprints. As the German major home appliance market evolves, manufacturers are innovating to meet these preferences, offering appliances that can be remotely monitored and controlled via mobile apps and other interfaces. This trend reflects a broader shift toward interconnected living environments that cater to modern lifestyles, emphasizing efficiency, comfort, and sustainability.
Fluctuations in raw material prices and operational costs is a major challeneg hindering household appliance market growth. Household appliances are subject to market fluctuations influenced by several factors. Artificial intelligence technology and novel technologies, such as AR/VR and IoT, are increasingly integrated into domestic appliances, driving up manufacturing costs. Consumer spending on energy-efficient and smart appliances, including food processors, grills & roasters, tea/coffee makers, and vacuum cleaners, is on the rise due to changing consumer lifestyles and improving living standards.
Moreover, consumer disposable income, driven by rising disposable income and nuclear families, is a significant factor in this trend. E-commerce platforms and wireless technologies, such as Bluetooth and Wi-Fi, facilitate the purchase and delivery of these technologically advanced appliances. However, supply chain disruptions and regulations can impact the availability and affordability of raw materials, such as steel, iron, plastic, glass, electronic equipment, petroleum products, and paints. Hence, such factors are hindering the market during the forecast period.
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.
Breville Group Ltd: The company offers kitchen and cooking appliances, including ovens, cookers, coffee machines, air purifiers and more.
The household appliance market research report also includes detailed analyses of the competitive landscape of the market and information about 15 market companies, including:
Electrolux AB, Dyson Group Co., Glen Dimplex Group., SEB Developpement SA, Haier Smart Home Co. Ltd., Hamilton Beach Brands Holding Co., Hisense International Co. Ltd., Hitachi Ltd., Koc Holding AS, LG Electronics Inc., MIDEA Group Co. Ltd., Miele and Cie. KG, MIRC Electronics Ltd., Panasonic Holdings Corp., Robert Bosch GmbH, Samsung Electronics Co. Ltd., TEKA INDUSTRIAL SA, Transform Holdco LLC, and Whirlpool Corp.
The household appliance market is experiencing significant growth, driven by various factors such as rising disposable income, improving living standards, and the adoption of novel technologies. The shift towards smart homes and smart sensors has led to the integration of Internet of Things (IoT) in many appliances, including smart connected cooking appliances, optimizing energy consumption and enhancing user experience. The demand for technologically advanced appliances like robotics, AR/VR, and artificial intelligence technology is increasing as consumers seek energy optimization and convenience. E-commerce platforms have revolutionized the way consumers purchase appliances, making it easier for single-person households and nuclear families to access a wide range of products. The changing consumer lifestyle and the popularity of do-it-yourself pursuits have boosted sales of domestic appliances such as grills & roasters and tea/coffee makers.
Smart sensors in these appliances are becoming a standard feature, reflecting the trend towards smart homes. In the global household appliances market, various factors significantly influence the market landscape. Among these factors are the adoption of Bluetooth and Wi-Fi technologies, which enable connectivity and remote control capabilities in consumer appliances. Another critical factor is consumer disposable income, as it determines the affordability of these appliances. Domestic and electric appliances, including food processors, are key product segments within this market. Energy efficiency is a significant trend, with consumers increasingly preferring appliances that reduce energy consumption and save on utility bills. The integration of wireless technologies, such as Bluetooth and Wi-Fi, enhances the functionality of these appliances, making them more convenient and efficient for users. Overall, the global household appliances market is shaped by the interplay of these factors, with continuous advancements in technology and consumer preferences driving innovation and growth.
However, the market faces challenges such as supply chain disruptions, regulations, and the high capital investment cost associated with novel technologies. The International Telecommunication Union and other bodies are working to standardize these technologies, which is crucial for household appliance market growth. Additionally, the increasing focus on energy optimization aligns with global sustainability goals, driving innovation in electric appliances. As consumer spending continues to rise, especially in urban areas with a high concentration of sedentary lifestyle, the global home appliance industry is poised for further expansion. The adoption of cloud technology and artificial intelligence in appliances will continue to shape the future of this market, catering to the demands of smart homes and improving overall quality of life. The supply chain disruption significantly impacted distribution channels, prompting businesses to increasingly rely on the e-commerce channel for sales and distribution.
Market Scope |
|
Report Coverage |
Details |
Base year |
2023 |
Historic period |
2018 - 2022 |
Forecast period |
2024-2028 |
Growth momentum & CAGR |
Accelerate at a CAGR of 5.06% |
Market growth 2024-2028 |
USD 121.1 billion |
Market structure |
Fragmented |
YoY growth 2023-2024(%) |
4.55 |
Regional analysis |
APAC, Europe, North America, South America, and Middle East and Africa |
Performing market contribution |
APAC at 54% |
Key countries |
China, US, Germany, Japan, and France |
Competitive landscape |
Leading Companies, Market Positioning of Companies, Competitive Strategies, and Industry Risks |
Key companies profiled |
Electrolux AB, Breville Group Ltd., Dyson Group Co., Glen Dimplex Group., SEB Developpement SA, Haier Smart Home Co. Ltd., Hamilton Beach Brands Holding Co., Hisense International Co. Ltd., Hitachi Ltd., Koc Holding AS, LG Electronics Inc., MIDEA Group Co. Ltd., Miele and Cie. KG, MIRC Electronics Ltd., Panasonic Holdings Corp., Robert Bosch GmbH, Samsung Electronics Co. Ltd., TEKA INDUSTRIAL SA, Transform Holdco LLC, and Whirlpool Corp. |
Market dynamics |
Parent market analysis, market trends and analysis, market growth analysis, market growth and forecasting, Market forecasting, Market growth inducers and obstacles, Fast-growing and slow-growing segment analysis, COVID-19 impact and recovery analysis and future consumer dynamics, Household appliance market worth and condition analysis for market forecast period |
Customization purview |
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1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Historic Market Size
5 Five Forces Analysis
6 Market Segmentation by Product
7 Market Segmentation by Distribution Channel
8 Customer Landscape
9 Geographic Landscape
10 Drivers, Challenges, and Opportunity/Restraints
11 Competitive Landscape
12 Competitive Analysis
13 Appendix
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