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The household appliance market size is forecast to increase by USD 120.36 billion between 2022 and 2027, accelerating at a CAGR of 5.23%. In 2017, China held the largest market share, projecting an annual revenue of USD 88.61 billion. The report encompasses industry forecasts for the Household Appliance Market and is segmented by Product into major household appliances and small household appliances, by Distribution Channel into offline and online, and by Geography into APAC, Europe, North America, South America, and the Middle East and Africa. The market size, historical market size (2017-2021), and forecasts are provided on the basis of value (USD billion) for all the above segments.
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In 2020, COVID-19 negatively impacted APAC's trade and economy. Lockdowns closed retail stores and restricted manufacturing of household appliances, leading to a market slowdown. However, in the latter part of 2020, online sales helped the market recover. In 2021, with the easing of lockdowns due to vaccinations, both online and offline sales of household appliances rebounded, driving growth in the APAC market for these products in the forecast period.
Product innovation and advancement leading to portfolio extension and product premiumization is a key factor boosting market growth. The global household appliance market is witnessing intensified competition due to technological advancements and changing customer preferences, driving demand for innovative products. To stay ahead, vendors invest in R&D, focusing on technology, performance, features, and design innovations. Customers now seek multitasking appliances with minimal resource consumption, prompting vendors to diversify their product offerings.
Rising purchasing power has led to increased spending on premium appliances, spurring innovation in materials and technologies, enhancing performance, and modernizing household aesthetics. Vendors are also introducing smart, eco-friendly appliances, driving product premiumization. This trend, along with expanded product lines and higher customer expenditure, is boosting value sales in the global household appliance market.
Major Household Appliances Segment Dominates the Market
The major household appliances segment was valued at USD 294.68 billion in 2017 and continued to grow until 2021. Room comfort and water heater appliances witness high demand, which is mainly propelled 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 huge demand across the globe in all regions as they became basic and necessary amenities for every household. Another major trend witnessed in the major household appliances segment is reducing household sizes, which increases the growth potential of built-in appliances.
Household Appliance Market - Revenue Share by Major Household Appliances Segment, 2017-2027
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APAC Holds a Prominent Position in the Household Appliance Market
APAC is estimated to contribute 50% to the growth of the global market during the forecast period. APAC's household appliance 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 household appliances, and the demand for premium products is rising. In countries like China, domestic vendors 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.
Japan, the third-largest global household appliance market and the second-largest in APAC, is seeing a trend toward compact appliances with improved design and energy efficiency. Small household appliances are also in demand, particularly among working individuals and single households, offering convenience and compact solutions for daily needs. These factors collectively drive demand for both major and small household appliances in APAC, contributing to market growth in the forecast period.
Household Appliance Market Size, By Region, Global, 2017-2027
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The Household Appliance Market is fragmented in nature. Some significant players include AB Electrolux, Breville USA Inc., Dyson Ltd., Glen Dimplex Group, Groupe SEB, Hamilton Beach Brands Inc., Hisense International Co. Ltd.
The research report also includes detailed analyses of the competitive landscape of the market and information about 15 market companies, including:
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 SR Brands LLC, Whirlpool Corp., Haier Smart Home Co. Ltd., and Hitachi Ltd.
The household appliance market report forecasts market growth by revenue at global, regional & country levels and provides an analysis of the latest trends and growth opportunities from 2017 - 2027.
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Household Appliance Market Scope |
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Report Coverage |
Details |
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Page number |
171 |
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Base year |
2022 |
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Historic period |
2017 - 2021 |
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Forecast period |
2023-2027 |
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Growth momentum & CAGR |
Accelerate at a CAGR of 5.23% |
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Market growth 2023-2027 |
USD 120.36 billion |
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Market structure |
Fragmented |
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YoY growth 2022-2023(%) |
4.36 |
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Regional analysis |
APAC, Europe, North America, South America, and Middle East and Africa |
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Performing market contribution |
APAC at 50% |
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Key countries |
US, China, Japan, Germany, and France |
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Competitive landscape |
Leading Companies, Market Positioning of Companies, Competitive Strategies, and Industry Risks |
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Key companies profiled |
AB Electrolux, Breville USA Inc., Dyson Ltd., Glen Dimplex Group, Groupe SEB, Hamilton Beach Brands Inc., Hisense International Co. 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 SR Brands LLC, Whirlpool Corp., Haier Smart Home Co. Ltd., and Hitachi Ltd. |
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Market dynamics |
Parent market analysis, Market growth inducers and obstacles, Fast-growing and slow-growing segment analysis, COVID 19 impact and recovery analysis and future consumer dynamics, Market condition analysis for forecast period |
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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 Product
7 Market Segmentation by Distribution Channel
8 Customer Landscape
9 Geographic Landscape
10 Drivers, Challenges, and Trends
11 Vendor Landscape
12 Vendor Analysis
13 Appendix
Research Framework
Technavio presents a detailed picture of the market by way of study, synthesis, and summation of data from multiple sources. The analysts have presented the various facets of the market with a particular focus on identifying the key industry influencers. The data thus presented is comprehensive, reliable, and the result of extensive research, both primary and secondary.
INFORMATION SOURCES
Primary sources
Secondary sources
DATA ANALYSIS
Data Synthesis
Data Validation
REPORT WRITING
Qualitative
Quantitative
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