The global consumer appliances market is anticipated at USD 419 billion in 2022. Demand is likely to remain high for consumer appliances during the assessment period. This is due to the increased demand for advanced appliances and connected kitchen appliances and garnering USD 679.8 billion in 2033, recording a CAGR of 4.5% from 2023 to 2033. The market is likely to secure USD 437.8 billion in 2023.
| Data Points | Key Statistics |
|---|---|
| Consumer Appliances Market Size Value in 2023 | USD 437.8 billion |
| Consumer Appliances Market Forecast Value in 2033 | USD 679.8 billion |
| Global Growth Rate | 4.5% |
| Forecast Period | 2023 to 2033 |
Key Factors Shaping the Demand Outlook of the Consumer Appliances Industry:
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| Historical CAGR (2018 to 2022) | 4.0% |
|---|---|
| Forecasted CAGR (2023 to 2033) | 4.5 % |
Over the past few years, the consumer electronics industry has witnessed rapid transformation with the launch of novel appliances such as food processors, kitchen appliances, home appliances, and others. The global consumer appliances market totaled USD 419 Billion in 2022, growing at a CAGR of 4.0% between 2018 and 2022.
The increasing availability of devices enabling automation of day-to-day activities is drastically changing consumer preferences from general single-purpose electronic products to multi-purpose smart devices.
Leading consumer appliance manufacturers are increasingly focusing on developing novel multi-functional appliance devices to meet the surging demand. Driven by this, the sales in the global consumer appliances market are anticipated to spur at a CAGR of 4.5% during the forecast period.
Launch of Internet of Things Integrated Devices Facilitate Consumer Appliances Sales
Demand for advanced consumer appliances products and connected devices such as smart kitchen appliances is rapidly increasing in the household sector owing to surging investment toward building smart homes across developed countries such as the United States of America, Germany, and Japan. This also is favoring the growth in the market.
Key players in the market are increasingly investing in research and development activities for launching novel devices integrated with technologies such as artificial intelligence and the internet of things.
For instance, INALSA, a leading home appliance company, announced introducing an internet of things integrated smart all-in-one cleaning solution for homes, the Robotic Vacuum Cleaner. The product offers 6 cleaning modes along with 2-in-1 sweeping and mopping functionalities. A multiplicity of such developments are estimated to accelerate the sales of consumer appliances in the coming years.
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Promotional Events Organized in the USA Encouraging Sales of Home Appliances
As per FMI, the USA market is projected to register robust growth in North America, assisting the region to account for nearly 18.9% of the total consumer appliance sales in 2023.
Realizing the importance of innovation, regional associations are increasingly undertaking initiatives and organizing promotional events such as trade shows and expos.
For instance, Consumer Technology Association (CTA), an association representing the consumer technology industry in the USA, organizes a global trade show, Consumer Electronics Show (CES), every year to promote innovation across the consumer appliances industry, thereby, augmenting the sale of home appliances.
Launch of New Consumer Electronic Showrooms to Bolster Kitchen Appliances Sales
With rising demand for innovative consumer appliances such as induction cooktops, conventional grills, and others across modern homes in China, consumer electronics giants are increasingly aiming at launching new showrooms and outlets to capitalize on existing opportunities.
For instance, in October 2019, Panasonic, a leading electronic appliance brand announced the opening of its flagship showroom in Hangzhou, China. It showcases a wide range of home appliances, kitchen appliances, and others. These developments are estimated to accelerate sales in China, assisting the East Asia market to hold nearly 19.1% of the revenue share through 2022.
Rise in Trend of Single Living Pushing Sales of Consumer Appliances
FMI states that the sales of consumer appliances in Germany are estimated to rise at a rapid CAGR over the assessment period.
With the growing trend of single-living and increasing fast-paced lifestyle, the demand for advanced consumer appliances such as kitchen appliances, and small appliances is rapidly surging in the country, which is in turn, driving the growth in Germany.
The increasing adoption of energy-efficient electronic products that assures more performance efficiency in cost-effective ways, owing to growing environmental awareness is expected to further boost sales in the market. This rise in sales is projected to assist the Europe market to capture approximately 26.2% of the value share by 2023.
Growing Hospitality Sector to Create Growth Prospects for Kitchen Appliances
As per FMI, the kitchen appliances and small appliances segments are estimated to collectively account for maximum sales in the market between 2023 and 2033.
An increasing number of food outlets, restaurants, and hotels, especially across developing economies such as China, India, Brazil, Australia, and others is creating immense sales opportunities for kitchen appliances such as coffee machines, ovens, mixer grinders, and others.
The growing consumption of bakery products such as bread, cookies, biscuits, bagels, cakes, and others in countries such as Germany, France, the United States, and Italy among others are accelerating the sales of bread makers, microwaves, and refrigerators, thereby, favoring the growth in the segment.
Rising Customer Living Standards to Spearhead the Sales of Household Appliances
In terms of end-user, the global consumer appliances market is segmented into domestic and professional segments. FMI estimates that the domestic segment will exhibit growth at a robust CAGR over the assessment period.
Rising fast-paced lifestyles and growing living standards of customers have resulted in increasing the demand for household appliances for carrying out their daily life chores, which is in turn, boosting the sales of consumer appliances across the domestic segment.
Shifting Customer Preference for Online Shopping to Multiply Consumer Appliances Sales
Future Market Insights reveals that the online segment is estimated to exhibit growth at a rapid CAGR during the forecast period 2023 to 2033. Increasing customer inclination towards online shopping owing to product availability, tempting discounts, and high convenience associated with it is accelerating the sales of consumer appliances across the segment.
The offline segment is forecast to account for a significant share of the market through 2033. The growing use of brick-and-mortar strategy among customers to counter the disadvantages of online shopping such as receiving defective products and lack of customer service is favoring the growth in the segment.
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Leading consumer appliances manufacturers are increasing investments in research and development activities for launching novel products to gain a competitive edge in the highly competitive market.
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| Attribute | Details |
|---|---|
| Growth Rate | CAGR of 4.5% from 2023 to 2033 |
| Market Value in 2023 | USD 437.8 billion |
| Market Value in 2033 | USD 679.8 billion |
| Base Year for Estimation | 2022 |
| Historical Data | 2018 to 2022 |
| Forecast Period | 2023 to 2033 |
| Quantitative Units | Revenue in USD Billion and CAGR from 2023 to 2033 |
| Report Coverage | Revenue Forecast, Company Ranking, Competitive Landscape, Growth Factors, Trends, and Pricing Analysis |
| Segments Covered | Equipment, Component, System, Sorting, End-Use, Load Capacity, Throughput Capacity, Region |
| Regions Covered | North America; Latin America; Western Europe; Eastern Europe; South Asia and Pacific; East Asia; Middle East & Africa |
| Key Countries Profiled | United States, Canada, Brazil, Mexico, Germany, United Kingdom, France, Spain, Italy, Poland, Russia, Czech Republic, Romania, India, Bangladesh, Australia, New Zealand, China, Japan, South Korea, GCC Countries, South Africa, Israel, Rest of MEA |
| Key Companies Profiled | AB Electrolux; Qingdao Haier Co., Ltd. (Haier); Hitachi, Ltd.; LG Electronics Inc. (LG); Midea Group Co., Ltd. (Midea); Panasonic Corporation (Panasonic); Robert Bosch GmbH; Samsung Electronics Co., Ltd.; Sharp Corporation (Sharp); Whirlpool Corporation |
The market is valued at USD 437.8 billion in 2023.
Energy-efficient devices and fast-paced lives are current trends.
The market will expand by USD 679.8 billion by 2033.
Adoption of smart kitchen and growth of e-commerce.
AB Electrolux, Hitachi,Ltd., and Qingdao Haier Co., Ltd are key players.
1. Executive Summary 2. Market Overview 3. Market Background 4. Global Market Analysis 2018 to 2022 and Forecast, 2023 to 2033 5. Global Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Product Type 5.1. Kitchen Appliances 5.1.1. Refrigerators 5.1.2. Ranges and Ovens 5.1.3. Microwave 5.1.4. Conventional Grill 5.1.5. Dishwashers 5.1.6. Chimneys 5.1.7. Electric Stove 5.1.8. Induction Cooktops 5.2. Small Appliances 5.2.1. Hair Dryers 5.2.2. Irons 5.2.3. Toasters 5.2.4. Bread Makers 5.2.5. Coffee Machines 5.2.6. Grinders & Mixers 5.2.7. Food Processors 5.3. Washing Machine 5.4. Air Purifiers 5.5. Water Heaters 5.6. Water Purifiers 5.7. Cloth Dryers/Tumblers 5.8. Air Conditioners 5.9. Vacuum Cleaners 6. Global Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By End Use 6.1. Domestic 6.2. Professional 6.2.1. Hotels 6.2.2. Salon & Grooming Parlors 6.2.3. Cafeteria & Restaurants 6.2.4. Offices & Institutes 6.2.5. Others 7. Global Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Sales Channel 7.1. Offline 7.1.1. Organized Retailer 7.1.2. Unorganized 7.2. Online 7.2.1. Company Direct Sales 7.2.2. Independent Vendor/E-Commerce 8. Global Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Region 8.1. North America 8.2. Latin America 8.3. Western Europe 8.4. Eastern Europe 8.5. South Asia and Pacific 8.6. East Asia 8.7. Middle East and Africa 9. North America Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Country 10. Latin America Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Country 11. Western Europe Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Country 12. Eastern Europe Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Country 13. South Asia and Pacific Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Country 14. East Asia Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Country 15. Middle East and Africa Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Country 16. Key Countries Market Analysis 17. Market Structure Analysis 18. Competition Analysis 18.1. AB Electrolux 18.2. Qingdao Haier Co., Ltd. (Haier) 18.3. Hitachi, Ltd. 18.4. LG Electronics Inc. (LG) 18.5. Midea Group Co., Ltd. (Midea) 18.6. Panasonic Corporation (Panasonic) 18.7. Robert Bosch GmbH 18.8. Samsung Electronics Co., Ltd. 18.9. Sharp Corporation (Sharp) 18.10. Whirlpool Corporation 19. Assumptions & Acronyms Used 20. Research Methodology
Industrial Automation
February 2024
REP-US-1305
333 pages
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Consumer Appliances Market
