The consumer appliances market has shown robust growth, increasing from $435.10 billion in 2023 to $465.85 billion in 2024, with a CAGR of 7.1%. Growth factors include higher demand for energy-efficient, multifunctional products, and rising consumer spending. The market is expected to reach $615.50 billion by 2028, driven by the adoption of smart appliances, sustainability, and home automation. Key trends include smart kitchen technologies, AI, and wireless connectivity.
Major Driver In The Consumer Appliances Market
The rising popularity of restaurants is expected to drive the consumer appliances market's growth. Restaurants benefit from consumer appliances that enhance operational efficiency and food quality, driven by a demand for diverse and social dining experiences. Statistics Sweden reported in June 2024 that restaurant sales volume increased by 1.2% and turnover rose by 5.9% in the first quarter of 2024 compared to 2023. Consequently, the growing popularity of restaurants is fueling the consumer appliances market's expansion.
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Consumer Appliances Market Competitive Landscape
Samsung Electronics Co. Ltd., Robert Bosch GmbH, General Electric Company, Hitachi Ltd., Panasonic Corporation, Midea Group Co. Ltd., Xiaomi Corporation, Haier Group Corp., Koninklijke Philips N.V., Whirlpool Corporation, BSH Hausgeräte GmbH, Sharp Corporation, AB Electrolux, Arçelik, Spectrum Brands Inc., Rinnai Corp., Havells India Ltd., Andis Company, VEGA, Syska, Hisense Inc., Sunbeam Products Inc., Wahl Clipper Corporation, Brio Product Group LLC
Key Consumer Appliances Market Trend
Major companies in the consumer appliances sector are revolutionizing meal preparation through the development of AI-based kitchen robots. These advanced systems enhance efficiency, consistency, and convenience for both domestic and commercial kitchens. In June 2024, Wonderchef, an India-based consumer appliance manufacturer, launched Chef Magic, an all-in-one kitchen robot featuring 360° induction heating for even cooking, an integrated weighing scale for precision, and a user-friendly touchscreen interface akin to a smartphone. This Wi-Fi-connected device will receive regular updates with new recipes and features, making cooking more accessible and enjoyable.
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Consumer Appliances Market Segmentation
The consumer appliances market covered in this report is segmented –
1) By Product Type: Kitchen Applications, Small Appliances, Washing Machine, Air Purifiers, Water Heaters, Water Purifiers, Cloth Dryers And Tumblers, Air Conditioners, Vacuum Cleaners
2) By Sales Channel: Offline, Online
3) By End User: Domestic, Professional
By Geography:The regions covered in the consumer appliances market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.
Asia-Pacific was the largest region in the consumer appliances market in 2023.
The Consumer Appliances Global Market Report 2024 furnishes information about the global consumer appliances market, encompassing details like market size, projections for growth, segmentation across various sectors and regions, and an overview of competitors, including their revenues, profiles, and market shares. Furthermore, the report pinpoints potential opportunities and strategic directions derived from market trends and the strategies adopted by key competitors. The report also offers an assessment of how the COVID-19 pandemic, the Russia-Ukraine conflict, and increasing inflation have affected both global and regional markets, furnishing valuable strategic insights for businesses.
