The size of the world market for home appliances was estimated at USD 646.46 billion in 2021, and it is expected to increase at a compound annual growth rate (CAGR) of 5.57% from USD 720.49 billion in 2023 to USD 1100.3 billion by 2031.
The global home appliances market is expected to maintain steady growth with the enhanced disposable income levels in a number of countries, mounting middle-class economy, surge in labor costs, busier lifestyles, and the availability of a range of home appliances at competitive prices. With home appliance market trends like rapid digitalization that encouraged consumers to be tech-savvy and strengthen their technical knowledge regarding benefits of modern appliances. Evolution of smart appliances has helped proliferating smart appliances, which can be connected to the end-user’s smartphone and examined remotely. Manufacturers are using connectivity as a differentiating feature, for instance Bluetooh, ZigBee and Wi-Fi are more incorporated in tablets and smartphones at present. This penetration of technology in appliances has advanced consumers convenience.
Asia-Pacific is growing at rapid speed for smart appliances. Developed countries like Hong Kong, Singapore, Indonesia and Japan are anticipated to register a higher growth in the sales of smart appliances owing to rising labor costs and energy, greater awareness about smart integrated appliances and smart cities, higher purchasing power of consumers. China has highest demand for air conditioners across the globe backed by favoring government policies that encouraged use of energy-saving appliances
The home appliance market is segmented based on user application, types, product structure, fuel type, and geography. Based on Type, the segmentation includes Cooking appliance, Refrigerator, Dishwasher and Others. On the basis of User Application, the classification includes Commercial and Household. By Fuel Type, the classification extends into Electricity, Cooking gas and other. Further, on the basis of structure, it includes Built-in and Free stand.
As a key strategy, most of the manufacturers have adopted product launch and acquisition for developing their companies. Acquisition facilitate players to exchange technological requirements for already existing products and upcoming products. Electrolux acquired professional dishwashers - Shanghai Veetsan Commercial Machinery Co. Ltd. in February 2015 with a motive to enhance product positioning in China. Home appliances majorly includes coffee machines, refrigerators and freezers, recording devices, air conditioners, heaters, television and washing machines/ dryers. Prominent players of global home appliances are Blendtec, Hamilton Beach Brands, Meyer Corporation, Proctor Silex, Russell Hobbs Inc., Philips, Haier, Braun Company, BPL Group, Krups, Kitchen Aid, Zojirushi Corporation, Brother Industries and Tiger Corporation.
Global Home Appliances Market Scope
|Forecast Unit||Value (USD)|
|Revenue forecast in 2031||USD 1100.3 billion|
|Growth Rate||CAGR of 5.57 % during 2021-2031|
|Segment Covered||Product Type ,Distribution ,Geographical|
|Regions Covered||North America, Europe, Asia Pacific, South America, Middle East and Africa|
|Key Players Profiled||THE WHITEWAVE FOODS COMPANY, Conagra Brands, General Mills, Newman's Own, Hormel Foods, Amy’s Kitchen, Clif Bar & Company, AMCON Distributing Company, Frito-Lay, Dean Foods, Hain Celestial Group and Organic Valley.
Key segments of ‘Global Home Appliances Market’
Based on type, the market has been segmented into,
- Cooking appliance
Based on user-application, the market has been segmented into,
Based on fuel-type, the market has been segmented into,
- Cooking gas
Based on region, the market has been segmented into,
- North America