The household appliances market is projected to be valued at USD 707.52 billion in 2023 and is expected to rise to USD 1,328.11 billion by 2033. The sales of household appliances are expected to grow at a significant CAGR of 6.50% during the forecast period. Numerous factors propelling the demand for household appliances are
| Attributes | Details |
|---|---|
| Household Appliances Market CAGR | 6.50% |
| Household Appliances Market Valuation (2023) | USD 707.52 billion |
| Household Appliances Market Valuation (2033) | USD 1,328.11 billion |
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The household appliances market has grown steadily over the last few decades as consumer demand for convenience and time-saving appliances has increased. The historical demand analysis of the household appliances market shows a growth trend, which is being driven by factors such as rising disposable income, urbanization, and changing lifestyles. Demand for refrigerators, washing machines, dishwashers, air conditioners, and Hoover cleaners has increased significantly.
Consumer awareness of energy-efficient appliances has also contributed to the market's growth. Manufacturers have responded by releasing a variety of energy-efficient appliances that not only meet consumers' needs and help them save money on energy costs.
As per Future Market Insights (FMI), the market witnessed a substantial CAGR of 6.46% from 2018 to 2022.
The household appliances market is expected to expand further in the future. The growing internet penetration and proliferation of smartphones have resulted in the emergence of the smart home concept. Smart homes include appliances that can be controlled remotely via smartphones and other devices, allowing homeowners to manage their energy consumption and lower their utility bills.
Advancements in household appliances such as artificial intelligence (AI), machine learning, and the Internet of Things (IoT) are expected to drive market growth in the coming years. These technologies allow appliances to perform tasks autonomously, monitor their performance, and communicate with other home devices.
The growing number of working women, combined with the trend towards smaller households, is expected to increase demand for time-saving appliances such as robotic vacuums, smart washing machines, and dishwashers.
Considering the factors mentioned above, FMI opines that the household appliance market is likely to record a CAGR of 6.50% between the analysis period (2023 to 2033) and is likely to surpass the market valuation of USD 1,328.11 billion by 2033.
The global chip shortage began during the pandemic, which disrupted several industries around the world. The global chip shortage was caused by increased demand for electronic products and disruptions in supply chains worldwide during the pandemic. Microchips enable appliances to perform advanced functions, such as connecting with other intelligent devices or creating innovative home systems that allow people to control appliances with smartphones.
Due to a microchip shortage in the market, increased demand for consumer electronics caused a struggle in the supply chain, negatively affecting the electronics industry. According to the Consumer Electronics and Appliances Manufacturers Association (CEAMA), several consumer electronics manufacturers are experiencing manufacturing bottlenecks, and many companies have fallen behind in exports.
The massive import of various appliances, including refrigerators and washing machines, into the United States and Canada drives the consumption rate of these appliances. It is the world's largest regional economy and is expected to remain a key region in the global economy shortly, primarily for technological development. Consumers' high spending power, rising smart device adoption, and significant consumer demand for connected home appliances are likely to drive the consumption rate of IoT-based appliances in the region.
White goods and small appliances are in high demand in the Chinese market. In the electronic appliance industry, consumer brand awareness is increasing, emphasizing design and functionality, while price sensitivity is decreasing. As people become more environmentally responsible, there is a greater demand for energy-efficient and eco-friendly products. Customers who enjoy camping are expected to be drawn to such high-tech refrigerators.
This can be attributed to the rising popularity of i-wave microwave ovens. The rising popularity of cordless technology-based appliances in Saudi Arabia drives market demand. The increasing adoption of irons, grills, roasters, and coffee machines in South Africa is expected to drive market growth during the forecast period. Furthermore, rising demand for tempered glass shelf refrigerators in Middle Eastern countries is expected to drive market growth.
With the growing trend of single-living and a faster-paced lifestyle, demand for advanced consumer appliances such as kitchen appliances and small appliances is rapidly increasing in the country, driving growth in Germany. Furthermore, as environmental awareness grows, the market is expected to see an increase in the adoption of energy-efficient electronic products that ensure greater performance efficiency in cost-effective ways.
Household appliance demand has grown into a global industry. Household appliances are now more affordable for a generous portion of the global population to assist in day-to-day household chores as disposable income, larger spaces, and access to electricity increase. Connected devices have entered the market, and most appliances are now linked to the internet to automate tasks with less human intervention.
The recent trend of smart homes, combined with major companies' increasing focus on developing and launching innovative and connected home appliances, is expected to fuel market growth.
Small appliances are further classified as food processors, grills and toasters, tea/coffee makers, hoover cleaners, and others. A major factor driving the growth of this segment is the increasing demand for small appliances for various daily routine tasks such as cleaning, making breakfast, juices, and tea and coffee. Some of the major drivers of the small appliances segment are the easy availability of small appliances at affordable prices and rising living standards. Small appliance technological advancements and energy efficiency are expected to have a significant impact on the growth of demand for small appliances during the forecast period.
Rising smartphone adoption, increasing internet penetration, rising manufacturer investments in digital distribution channels, huge discounts, easy return and replacement policies of e-commerce platforms, and fast home delivery are the most prominent factors driving the growth of the e-commerce segment in the global household appliances market.
According to the International Telecommunication Union, approximately 64% of the global population has internet access. During the forecast period, this population is expected to grow significantly. As a result, the market is expected to expand significantly in the coming years.
The large presence of various multi-branded and mono-branded consumer electronic stores across developed and developing regions and the increased popularity of these stores among consumers has resulted in this segment's dominance in the market.
The availability of a diverse range of products and brands and exclusive discounts and guidance provided by salespeople in stores make the purchasing and installation process easier for consumers. Thus, the growth of this segment has been significant in recent decades.
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The household appliances market is highly competitive, with numerous brands vying for market share. Some of the key players in this market include
These companies offer various products, including refrigerators, washing machines, air conditioners, ovens, and other home appliances. Many companies invest heavily in research and development to introduce innovative and energy-efficient products to remain competitive. They also use various marketing strategies, such as offering promotions, discounts, and warranties to attract customers.
In recent years, there has been an increasing focus on sustainability in the household appliances market. Many companies are introducing eco-friendly products that consume less energy and reduce carbon emissions. The emergence of smart homes and the Internet of Things (IoT) has also created new opportunities for companies to differentiate themselves by offering connected appliances that can be controlled remotely through mobile apps.
Overall, the household appliances market is highly competitive, and companies must be innovative, customer-focused, and agile to succeed.
Important developments
| Attribute | Details |
|---|---|
| Forecast Period | 2023 to 2033 |
| Historical Data Available for | 2018 to 2022 |
| Market Analysis | USD billion for Value |
| Key Countries Covered | USA, Canada, Germany, United kingdom, France, Italy, Spain, Russia, China, Japan, South Korea, India, Thailand, Malaysia, Indonesia, Australia, New Zealand, GCC Countries, Turkey, Northern Africa, and South Africa |
| Key Segments Covered | Size, Price Range, Functionality, End User, Sales Channel, Region |
| Key Companies Profiled | Whirlpool Corporation; Samsung Electronics; LG Electronics; Haier Group Corporation; AB Electrolux; Panasonic Corporation; Midea Group Co., Ltd.; Hitachi, Ltd.; Robert Bosch GmbH; GE Appliances |
| Report Coverage | Market Forecast, Company Share Analysis, Competition Intelligence, DROT Analysis, Market Dynamics and Challenges, and Strategic Growth Initiatives |
| Customization & Pricing | Available upon Request |
The overall market is projected to follow a growth rate of 6.5% through 2033.
By 2033, the net worth of the whole industry could reach around USD 1,328.11 million.
The sales of home appliances in North is poised to thrive at 6.2% CAGR through 2033.
Sales of white goods and small appliances in China generated USD 166.2 billion revenue in 2022.
Major household appliances segment generates a market revenue of more than 50%.
| Market Value (2023) | USD 37.73 billion |
|---|---|
| Market Projected Value (2033) | USD 80.71 billion |
| Market CAGR (2023 to 2033) | 7.9% |
| Estimated Base Year Value (2020) | USD 601,532 Million |
|---|---|
| Anticipated Forecast Value (2026) | USD 963,451 Million |
| Projected Growth Rate (2022 to 2032) | 6.1% CAGR |
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Household Appliances Market
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