Enjoy complimentary customisation on priority with our Enterprise License!
The global household appliance market is projected to reach a value of USD 120.36 billion, at an accelerating CAGR of 5.23%. The household appliance market includes a wide range of products such as refrigerators, washing machines, dishwashers, stoves, and vacuum cleaners. These appliances are designed to cater to the diverse needs of households and are available in different sizes, styles, and features to meet specific requirements. This market research and growth report includes information on the key market drivers, trends, and challenges during the forecasted period.
To learn more about this report, Download Report Sample
The major household appliance 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 this segment is reducing household sizes, which increases the growth potential of built-in appliances.
For more details on other segments, Download Sample Report
The household appliance market comprises products like refrigerator, washing machine, dishwasher, oven, stove, microwave, vacuum cleaner, air conditioner, dryer, blender, toaster, coffee maker, juicer, iron, kettle, mixer, food processor, slow cooker, bread maker, air purifier, humidifier, dehumidifier, fan, heater, and television, has witnessed a growing demand for energy-efficient appliances in recent years. This trend is driven by environmental concerns and the desire for cost savings. With technological advancements, there has been a proliferation of smart appliances that can be remotely controlled via smartphones or voice assistants. The Asia-Pacific region leads as the largest market, followed by Europe and North America.
Product innovation and advancement leading to portfolio extension and product launches and premiumization are a key factor boosting market growth. The global 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 market.
APAC is estimated to contribute 50% to the growth of the global 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, 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.
Market Size, By Region, Global, 2017-2027
To understand geographic trends Download Report Sample
Japan, the third-largest global market and the second-largest in APAC, is seeing a trend toward compact appliances with improved design and energy efficiency. They 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.
This 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., and Hisense International Co. Ltd.
This market analysis and 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 Group Smart Home Co. Ltd., and Hitachi Ltd.
The Home Appliance Market thrives on factors like Consumer disposable income and High living standards, driving Market demand for appliances with Value-added features and Stylish design. Consumers seek products that enhance Quality of life through Smart functionality and Sustainability, leveraging Wireless technologies such as Wi-Fi and Bluetooth. In a bid for Product differentiation, manufacturers cater to Tech-savvy consumers by integrating advanced features and leveraging Network infrastructure like Broadband and Internet penetration. Particularly in Developing economies, the market sees a surge in Replacement sales driven by rising Per capita income. Leading Market players compete in segments like Refrigerators, offering options such as Single-door and French door refrigerators that prioritize Food preservation.
This market is characterized by its effectiveness in providing low-cost solutions to consumers, with a wide range of products offered by top consumer electronic brands. This includes refrigerators, ovens, microwaves, air conditioners, dryers, blenders, toasters, coffee makers, juicers, kettles, mixers, food processors, slow cookers, bread makers, air purifiers, humidifiers, dehumidifiers, fans, and televisions. Services such as repair and maintenance are essential, with companies boasting extensive experience and skilled technicians to address various appliance problems. Brands like Frigidaire and Maytag offer appliance repairs, installations, and maintenance, ensuring customer satisfaction and loyalty through quality service and competitive pricing. However, environmental concerns such as Harmful emissions and Environmental pollution underscore the importance of Sustainability in product design and manufacturing processes, urging brands to consider their Environmental impact and embrace Global supply chain practices.
This market trends and analysis 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.
Market Scope |
|
Report Coverage |
Details |
Page number |
171 |
Base year |
2022 |
Historic period |
2017 - 2021 |
Forecast period |
2023-2027 |
Growth momentum & CAGR |
Accelerate at a CAGR of 5.23% |
Market growth 2023-2027 |
USD 120.36 billion |
Market structure |
Fragmented |
YoY growth 2022-2023(%) |
4.36 |
Regional analysis |
APAC, Europe, North America, South America, and Middle East and Africa |
Performing market contribution |
APAC at 50% |
Key countries |
US, China, Japan, Germany, and France |
Competitive landscape |
Leading Companies, Market Positioning of Companies, Competitive Strategies, and Industry Risks |
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. |
Market dynamics |
Market growth and trends, 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 |
Customization purview |
If our market 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
Get lifetime access to our
Technavio Insights
Cookie Policy
The Site uses cookies to record users' preferences in relation to the functionality of accessibility. We, our Affiliates, and our Vendors may store and access cookies on a device, and process personal data including unique identifiers sent by a device, to personalise content, tailor, and report on advertising and to analyse our traffic. By clicking “I’m fine with this”, you are allowing the use of these cookies. Please refer to the help guide of your browser for further information on cookies, including how to disable them. Review our Privacy & Cookie Notice.