Household Appliance Market by Product, Distribution Channel, and Geography - Forecast and Analysis 2021-2025

  • Published: Aug 2021
  • Pages: 120
  • SKU: IRTNTR44899
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The household appliance market share is expected to increase by USD 89.50 billion from 2020 to 2025, and the market’s growth momentum will decelerate at a CAGR of 4%.

This household appliance market research report provides valuable insights on the post COVID-19 impact on the market, which will help companies evaluate their business approaches. Furthermore, this report extensively covers household appliance market segmentation by product (major household appliances and small household appliances), distribution channel (offline and online), and geography (APAC, Europe, North America, South America, and MEA). The household appliance market report also offers information on several market vendors, including AB Electrolux, Haier Smart Home Co. Ltd., Hitachi Ltd., LG Electronics Inc., MIDEA GROUP, Panasonic Corp., Robert Bosch GmbH, Samsung Electronics Co. Ltd., Transform SR Brands LLC, and Whirlpool Corp. among others.

What will the Household Appliance Market Size be During the Forecast Period?

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Household Appliance Market: Key Drivers, Trends, and Challenges

Based on our research output, there has been a negative impact on the market growth during and post COVID-19 era. The product innovation and advancement leading to portfolio extension and product premiumization is notably driving the household appliance market growth, although factors such as fluctuations in raw material prices and operational costs may impede the market growth. Our research analysts have studied the historical data and deduced the key market drivers and the COVID-19 pandemic impact on the household appliance industry. The holistic analysis of the drivers will help in deducing end goals and refining marketing strategies to gain a competitive edge.

Key Household Appliance Market Driver

One of the key factors driving growth in the household appliance market is product innovation and advancement leading to portfolio extension and product premiumization. The competition in the global household appliance market is getting more intense over the years. This has compelled the vendors operating in the global household appliance market to continually engage in R&D and innovation to sustain themselves in the competitive market environment. With the growing purchasing power and rising disposable income, customers are gradually increasing their spending on household appliances. This has propelled the demand for premium household appliances and led to the growth of the global household appliance market. The increased demand for premium household appliances has also fueled the investments by vendors for innovating product raw materials and technologies, which have a positive impact on the performance of appliances and reforming the interior aesthetic appeal of households. This growth in the product premiumization and product line extension, coupled with the growing customer expenditure on household appliances, will drive the value sales in the global household appliance market.

Key Household Appliance Market Trend

The increased adoption of multi-functional and advanced products is another factor supporting the household appliance market share growth. Multi-functional products offered in the market can address more than one household application, thereby providing good value for money. The multifunctional household appliances are priced higher than other household appliances, but consumers are increasingly seeking multi-functional household appliances, as they give a high return on investment over conventional household appliances. Multi-functional products are perceived to save time and resources for customers. They also eliminate the need to purchase different products for various applications. To address the growing demand for multi-functional household appliances, vendors are continuously innovating to remain competitive, high customer attention, expand the customer base, and generate demand for products. An increase in the number of such multifunctional offerings in the global household appliance market drives the adoption of such products.

Key Household Appliance Market Challenge

The fluctuations in raw material prices and operational costs will be a major challenge for the household appliance market during the forecast period. The market price of appliances depends on various factors such as manufacturing costs, labor costs, prices of raw materials, transportation, and marketing costs. Fluctuations in prices of raw materials directly impact the price of products or profit margins of manufacturers. The procurement of raw materials includes add-on costs such as transportation and other necessary services, constraints of suppliers, and the inability to maintain favorable arrangements with suppliers for adequate and timely delivery of raw materials. Fluctuation in prices of petroleum affects the transportation costs of raw materials and that of the final products. The market is competitive and has the presence of several international and local vendors. The market also has counterfeit products. Such factors restrict vendors from increasing the prices of end-products as it has an associated risk of decline in the consumer base. Hence, vendors usually reduce their profit margins, thereby affecting operational costs and R&D. Therefore, fluctuating prices of raw materials pose a challenge to manufacturers operating in the global household appliance market to produce efficient and innovative household appliances at affordable prices.

This household appliance market analysis report also provides detailed information on other upcoming trends and challenges that will have a far-reaching effect on the market growth. The actionable insights on the trends and challenges will help companies evaluate and develop growth strategies for 2021-2025.

Parent Market Analysis

Technavio categorizes the global household appliance market as a part of the global household durables market. Our research report has extensively covered external factors influencing the parent market growth potential in the coming years, which will determine the levels of growth of the household appliance market during the forecast period.

Who are the Major Household Appliance Market Vendors?

The report analyzes the market’s competitive landscape and offers information on several market vendors, including:

 

  • AB Electrolux
  • Haier Smart Home Co. Ltd.
  • Hitachi Ltd.
  • LG Electronics Inc.
  • MIDEA GROUP
  • Panasonic Corp.
  • Robert Bosch GmbH
  • Samsung Electronics Co. Ltd.
  • Transform SR Brands LLC
  • Whirlpool Corp.

 

This statistical study of the household appliance market encompasses successful business strategies deployed by the key vendors. The household appliance market is fragmented and the vendors are deploying growth strategies such as emphasizing technology for innovating products to compete in the market.

Product Insights and News

  • AB Electrolux - Household Appliance The company offers household appliances such as wall ovens, microwaves, dishwashers, refrigerators, and more.

To make the most of the opportunities and recover from post COVID-19 impact, market vendors should focus more on the growth prospects in the fast-growing segments, while maintaining their positions in the slow-growing segments.

The household appliance market forecast report offers in-depth insights into key vendor profiles. The profiles include information on the production, sustainability, and prospects of the leading companies.

Household Appliance Market Value Chain Analysis

Our report provides extensive information on the value chain analysis for the household appliance market, which vendors can leverage to gain a competitive advantage during the forecast period. The end-to-end understanding of the value chains is essential in profit margin optimization and evaluation of business strategies. The data available in our value chain analysis segment can help vendors drive costs and enhance customer services during the forecast period.

The value chain of the household durables market includes the following core components:

  • Inputs
  • Inbound logistics
  • Operations
  • Outbound logistics
  • Marketing and sales
  • Service
  • Support activities
  • Innovation

The report has further elucidated on other innovative approaches being followed by manufacturers to ensure a sustainable market presence.

Which are the Key Regions for Household Appliance Market?

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53% of the market’s growth will originate from APAC during the forecast period. Chin and Japan are the key markets for household appliances in APAC. Market growth in this region will be faster than the growth of the market in other regions.

The growing middle-class population and their rising income, which empowered their spending power on household needs and appliances will facilitate the household appliance market growth in APAC over the forecast period. This market research report entails detailed information on the competitive intelligence, marketing gaps, and regional opportunities in store for vendors, which will assist in creating efficient business plans.

COVID Impact and Recovery Analysis

The COVID-19 outbreak resulted in slow growth in the household appliance market in the region. The outbreak severely impacted countries like China and India. The imposition of lockdowns to contain the spread of the disease resulted in non-essential services being postponed, and this led to the closure of shops and manufacturing facilities. With social distancing guidelines and the closing of stores, very few people were buying household appliances. Thus, the market witnessed a decline in growth in 2020, which will result in a slow growth during the forecast period.

What are the Revenue-generating Product Segments in the Household Appliance Market?

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The household appliance market share growth by the major household appliances segment will be significant during the forecast period. Appliances such as refrigerators, air conditioners, and washing appliances witnessed the highest sales in APAC owing to the growing disposable income and changing lifestyle of the population coupled with rising urbanization. These factors led to an increase in awareness about these appliances among people and enabled them to spend on them. 

This report provides an accurate prediction of the contribution of all the segments to the growth of the household appliance market size and actionable market insights on post COVID-19 impact on each segment.

 

Household Appliance Market Scope

Report Coverage

Details

Page number

120

Base year

2020

Forecast period

2021-2025

Growth momentum & CAGR

Decelerate at a CAGR of 4%

Market growth 2021-2025

USD 89.50 billion

Market structure

Fragmented

YoY growth (%)

21.36

Regional analysis

APAC, Europe, North America, South America, and MEA

Performing market contribution

APAC at 53%

Key consumer countries

China, US, Japan, Germany, and France

Competitive landscape

Leading companies, Competitive strategies, Consumer engagement scope

Key companies profiled

AB Electrolux, Haier Smart Home Co. Ltd., Hitachi Ltd., LG Electronics Inc., MIDEA GROUP, Panasonic Corp., Robert Bosch GmbH, Samsung Electronics Co. Ltd., Transform SR Brands LLC, and Whirlpool Corp.

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 the forecast period

Customization purview

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What are the Key Data Covered in this Household Appliance Market Report?

  • CAGR of the market during the forecast period 2021-2025
  • Detailed information on factors that will drive household appliance market growth during the next five years
  • Precise estimation of the household appliance market size and its contribution to the parent market
  • Accurate predictions on upcoming trends and changes in consumer behavior
  • The growth of the household appliance industry across APAC, Europe, North America, South America, and MEA
  • A thorough analysis of the market’s competitive landscape and detailed information on vendors
  • Comprehensive details of factors that will challenge the growth of household appliance market vendors

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Executive Summary

    Market Landscape

    • Market ecosystem
    • Value chain analysis

    Market Sizing

    • Market definition
    • Market segment analysis
    • Market size 2020
    • Market outlook: Forecast for 2020 - 2025

    Five Forces Analysis

    • Five forces analysis 2020 & 2025
    • Bargaining power of buyers
    • Bargaining power of suppliers
    • Threat of new entrants
    • Threat of substitutes
    • Threat of rivalry
    • Market condition

    Market Segmentation by Product

    • Market segments
    • Comparison by Product
    • Major household appliances - Market size and forecast 2020-2025
    • Small household appliances - Market size and forecast 2020-2025
    • Market opportunity by Product

    Market Segmentation by Distribution channel

    • Market segments
    • Comparison by Distribution channel
    • Offline - Market size and forecast 2020-2025
    • Online - Market size and forecast 2020-2025
    • Market opportunity by Distribution channel

    Customer landscape

      Geographic Landscape

      • Geographic segmentation
      • Geographic comparison
      • APAC - Market size and forecast 2020-2025
      • Europe - Market size and forecast 2020-2025
      • North America - Market size and forecast 2020-2025
      • South America - Market size and forecast 2020-2025
      • MEA - Market size and forecast 2020-2025
      • Key leading countries
      • Market opportunity by geography
      • Market drivers
      • Market challenges
      • Market trends

      Vendor Landscape

      • Overview
      • Landscape disruption

      Vendor Analysis

      • Vendors covered
      • Market positioning of vendors
      • AB Electrolux
      • Haier Smart Home Co. Ltd.
      • Hitachi Ltd.
      • LG Electronics Inc.
      • MIDEA GROUP
      • Panasonic Corp.
      • Robert Bosch GmbH
      • Samsung Electronics Co. Ltd.
      • Transform SR Brands LLC
      • Whirlpool Corp.

      Appendix

      • Scope of the report
      • Currency conversion rates for US$
      • Research methodology
      • List of abbreviations

      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.

      TechnavioINFORMATION SOURCES

      Primary sources

      • Manufacturers and suppliers
      • Channel partners
      • Industry experts
      • Strategic decision makers

      Secondary sources

      • Industry journals and periodicals
      • Government data
      • Financial reports of key industry players
      • Historical data
      • Press releases
      Technavio

      TechnavioDATA ANALYSIS

      Data Synthesis

      • Collation of data
      • Estimation of key figures
      • Analysis of derived insights

      Data Validation

      • Triangulation with data models
      • Reference against proprietary databases
      • Corroboration with industry experts
      Technavio

      TechnavioREPORT WRITING

      Qualitative

      • Market drivers
      • Market challenges
      • Market trends
      • Five forces analysis

      Quantitative

      • Market size and forecast
      • Market segmentation
      • Geographical insights
      • Competitive landscape
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      The household appliance market growth will increase by $21.76 billion during 2019-2024.
      The household appliance market is expected to grow at a CAGR of 0.97% during 2019-2024.
      Technavio has segmented the household appliance market by product (Major household appliances and Small household appliances) ,distribution channel (Offline and Online) , and geographic (APAC, Europe, North America, South America, and MEA).
      AB Electrolux, Haier Smart Home Co. Ltd., Hitachi Ltd., LG Electronics Inc., Midea Group Co. Ltd., Panasonic Corp., Robert Bosch GmbH, Samsung Electronics Co. Ltd., Transform SR Brands LLC, Whirlpool Corp. are a few of the key vendors in the household appliance market.
      APAC will register the highest growth rate of 52.71% among the other regions. Therefore, the household appliance market in APAC is expected to garner significant business opportunities for the vendors during the forecast period.
      The key factors driving the household appliance market growth are:
      • Product innovation and advancement leading to portfolio extension and product premiumization
      The household appliance market vendors should focus on grabbing business opportunities from the major household appliances segment as it accounted for the largest market share in the base year.
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