The household appliances market is experiencing robust growth, with its size increasing from $596.03 billion in 2023 to $644.42 billion in 2024, reflecting a CAGR of 8.1%. Growth is driven by home renovation activities, energy efficiency awareness, and demographic shifts. The market is expected to reach $854.21 billion by 2028, with a CAGR of 7.3%, supported by smart home integration, health and wellness features, and energy storage solutions. Key trends include IoT integration, advanced cooking technologies, and customization.
Major Driver In The Household Appliances Market
The rising trend of outdoor parties and cookouts on weekends and holidays is expected to be a significant driver for the household appliances market. The evolving lifestyle, coupled with increasing outdoor recreational activities, is contributing to the demand for household appliances. Projections indicate that the Europe household appliances market is expected to reach $5.98 million by 2026. The accessibility of unique camping sites, the growing popularity of adventure camping, and the rise in disposable income globally are expected to boost the household appliances market during the forecast period, indicating a positive outlook for the market in 2023, 2024, and 2028.
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Household Appliances Market Competitive Landscape
Samsung Electronics Co. Ltd., Hitachi Appliances, LG Electronics, Panasonic Appliances, Qingdao Haier Co. Ltd., Daikin Industries Ltd, Haier Smart Home Co. Ltd., Gree Electric Appliances, Toshiba Corporation, Whirlpool Corporation, Sharp Corporation, Bosch-Siemens, Electrolux AB, Liebherr Group, Wolf Appliance, Candy Group, Hisense Group, Groupe SEB SA, Arçelik Global, Miele, Maytag Corporation, Vestel International, Fisher & Paykel, Indesit Company, Blue Star Limited, Thermador, Sub-Zero Group, DCS Appliances, Smeg, Viking Range, AGA Rangemaster, Gaggenau, Bertazzoni S.p.A., Dacor Inc., American Range, Asko Appliances, La Cornue, Hestan Commercial Corporation, Lynx Grills, ILVE Spa
Key Household Appliances Market Trend
Household appliance manufacturers are embedding LED lights in their products to minimize power consumption. LED lights require lesser wattage as compared to CFL or incandescent light bulbs. Household appliance manufacturers are more focused on introducing products with LED lighting for minimal power consumption and improved visual appearance. For instance, GE’s LED refrigerator lighting system minimizes power consumption by 80% compared to halogen lamps. The company has introduced products such as café’s French door refrigerators and profile wall ovens with this lighting. For instance, some of the major companies manufacturing LED lighting include Philip Electronics N.V., Osram Opto, Digital Lumens Inc., and Cree Corporation.
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Household Appliances Market Segmentation
The household appliances market covered in this report is segmented –
1) By Type: Small Electrical Appliance, Household Cooking Appliance, Household Refrigerator And Home Freezer, Household Laundry Equipment, Other Major Household Appliance
2) By Mode: Online, Offline
3) By Application: Cooking, Cleaning, Other Applications
Subsegments Covered: Household Type Fans, Household Type Vacuum Cleaners, Other Household Type Small Electric Appliances, Electric Stoves, Microwave Ovens, Barbecues And Grills, Other Household Cooking Appliance, Refrigerators, Freezers, Ice Boxes, Refrigerator/Freezer Combinations, Washing Machines, Ironers, Dryers, Other Household Laundry Equipment, Dishwashers, Waste Disposable Units, Water Heaters, All Other Major Household Appliance
By Geography:The regions covered in the household appliances market report are Australia; China; India; Indonesia; Japan; South Korea; Bangladesh; Thailand; Vietnam; Malaysia; Singapore; Philippines; Hong Kong; New Zealand; USA; Canada; Mexico; Brazil; Chile; Argentina; Colombia; Peru; France; Germany; UK; Austria; Belgium; Denmark; Finland; Ireland; Italy; Netherlands; Norway; Portugal; Spain; Sweden; Switzerland; Russia; Czech Republic; Poland; Romania; Ukraine; Saudi Arabia; Israel; Iran; Turkey; UAE; Egypt; Nigeria; South Africa.
Asia-Pacific was the largest region in the household appliances market in 2023.
The Household Appliances Global Market Report 2024 furnishes information about the global household 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.
