The global home appliances market size was valued at USD 646.56 Billion in 2021 and USD 675.59 Billion in 2022. The market is expect to reach USD 987.35 Billion by 2029 with a CAGR of 5.57% during the forecast period. Growing demand for improving lifestyle of individuals and high spending per capita income are expect to propel market growth. Growing demand for house appliances in North America and Europe is expect to impel the market course. Increasing population and the trend of urbanization are set to assist in market development. Fortune Business Insights™ shares this information in its report titled “Home Appliances Market, 2022-2029.”
List of Key Players Profiled in the Report
- Whirlpool Corporation (U.S.)
- Samsung Electronics Co. Ltd. (South Korea)
- Haier Inc. (China)
- Bajaj Electricals Ltd (India)
- Koninklijke Philips N.V. (South Korea)
- IFB Appliances (India)
- KENT (India)
- Eureka Forbes Ltd. (India)
- Panasonic Holdings Corporation (Japan)
- Orient Electric (India)
Specialty Stores to Dictate Due to Various Discounts Offered to Customers
Based on distribution channel, the market is categorized into supermarkets & hypermarkets, specialty stores, online/e-commerce, and others. Specialty stores segment is anticipated to dominate the market accounting for more than 45% in terms of sales as they offer various discounts and codes to consumers. The online/e-commerce segment is also set to grow at a fast pace due to easy shipping & exchange, change in the lifestyle of customers, and financial availabilities.
The report provides a detailed analysis of the top segments and the latest trends in the market. It comprehensively discusses the driving and restraining factors and the impact of COVID-19 on the market. Additionally, it examines the regional developments and the strategies undertaken by the market’s key players.
Drivers and Restraints
Increasing Disposable Incomes to Progress Market Development
Increasing spending by consumers and increasing disposable income amongst population are anticipated to drive the home appliances market growth. Major manufacturers have been focused on efficient appliances that are highly focused on saving energy and to maximize energy. Shift in new technology and demand toward environment-friendly products are set to propel market growth. In February 2021, Panasonic Holdings Corp. announced its expansion of AI-enabled appliances, including connected refrigerators, air conditioners, and washing machines in India.
However, shortage of semiconductor chip is expected to hamper the market growth.
Smart Home Appliances to be the Prime Part Due to Digitalization
On the basis of type, the market is divided into major appliances, small appliances, and smart home appliances. Smart home appliances segment holds the largest part in the type segment with spacious houses, increasing levels of disposable income, and affordability. Increasing digitalization and recent trend for smart homes globally are set to gain market share.
North America to Lead the Market Share Due to High Spending by Consumers
North America is expected to have the largest part of the home appliances market share due to high spending of consumers. The market stood at USD 209.7 Billion in 2021 due to high demand from countries such as Canada and the U.S., thereby increasing the adoption and consumption rate of smart devices. High efficiency, enhanced design, and insulated appliances are expected to gain traction in the market growth of the region.
Asia Pacific is expected to have a considerable substantial growth in the forecast period due to increasing demand for energy-efficient appliances. Growing demand from countries such as India and China is set to increase the demand for such appliances.
Increasing number of constructional activities in Western European countries has led to increasing adoption rate of such appliances. Demand for innovative products and popularity for advanced appliances are anticipated to pose opportunities for the market growth.
Technological Innovations by Key Players to Drive Market Progression
The market has various players who focus on new brands, product launches, and partnerships. Manufacturers have been focusing on development of innovative products for increasing their customer base for more revenue generation. In May 2022, Hisense launched its new range of smart home appliances, which are Wi-Fi enabled in the Middle East. In February 2022, Crompton Greaves Consumer Electricals announced the acquisition of a small household appliances manufacturer, Butterfly Gandhimath Appliances Ltd. to support its small domestic appliances category.
Key Industry Development
- August 2022- Maytag launched its new laundry washer-dryer system, which is designed for the removal of towels, blankets, clothes, and other household fabric items of pet hair. Maytag is a brand of Whirlpool.
Browse Detailed Summary of Research Report: