Key Market Overview:
Home Appliances Market is estimated to reach over USD 973.19 Billion by 2030 from a value of USD 670.68 Billion in 2022, growing at a CAGR of 4.76% from 2023 to 2030.
Home appliances are devices and machines designed for use in a household setting to perform various functions. Household appliances play a vital role in simplifying and streamlining daily activities, thereby enabling individuals and families to save time and energy. Moreover, modern appliances are designed to be energy-efficient, enabling homeowners to make significant cost-savings on electricity bills. Additionally, home appliances are integrated with smart technology that enables users to remotely control or operate home devices using voice commands, thereby enhancing convenience and efficiency to perform daily tasks.
The growing awareness among consumers about health and wellness is driving the demand for appliances that support healthier lifestyle. The growing trend among consumers to prioritize health in order to lead a healthy lifestyle is driving the growth of home appliances market. Therefore, the increase in demand for energy-efficient appliances such as washing machines, dishwashers, and vacuum cleaners is driving the growth of home appliances market. For instance, in April 2022, LG Electronics introduced a new lineup of home appliances for Indian consumers in order to meet the growing demand for modern and efficient appliances. The lineup consists of frost-free refrigerators, AI direct drive washing machines, air conditioners, and a new range of charcoal microwaves. As a result of evolving consumer lifestyles, there is a rising demand for home appliances that are offering timesaving and energy-efficient features thus allowing consumers to spend less time on household activities.
Home Appliances Report Coverage:
|Report Attributes||Report Details|
|Market Size in 2030 (USD Billion)||USD 973.19 Billion|
|CAGR (2023-2030)||4.76 %|
|By Product Type|
- Major Appilances
- Washing Machine
- Air Conditioners
- Other Major Applicances
- Small Appliances
- Coffee / Tea Makers
- Vaccume Cleaners
- Mixers and Grinders
- Hair Dryers
- Other Small Appliances
|By Distribution Channel||Supermarket & Hypermarket, Specialty Stores, E-Commerce, and Others|
|By Geography||Asia-Pacific [China, Southeast Asia, India, Japan, Korea, Western Asia] |
Europe [Germany, UK, France, Italy, Russia, Spain, Netherlands, Turkey]
North America [United States, Canada, Mexico]
Middle East & Africa [GCC, North Africa, South Africa]
South America [Brazil, Argentina, Columbia, Chile, Peru]
|Key Players||Robert Bosch GmbH, Dongbu Daewoo Electronics, Electrolux, Fisher & Paykel Appliances Holdings Ltd., Frigidaire, GE Appliances, Haier Group Corporation, LG Electronics, Panasonic Corporation, Philips Electronics, Robert Bosch GmbH, SAMSUNG, SMEG, Whirlpool Corporation|
The rapid pace of technological innovation is facilitating manufacturers to introduce new and improved products to meet the changing needs of consumers. The introduction of smart technology has revolutionized the home appliances market, allowing appliances to be controlled through mobile apps or voice assistants. As a result, consumers are able to manage their appliances remotely thereby providing convenience and greater control over household appliances. Moreover, technological advancements have led to the development of more energy-efficient appliances enabling consumers to save more on energy bills, thereby attracting a large number of consumers to deploy technologically advanced home appliances.
For instance, in February 2023, Signature Kitchen Suite enhanced its smart kitchen connectivity by integrating LGs ThinQ technology into its products. ThinQ technology is a platform that enables appliances to be controlled and monitored remotely using a smartphone app. Therefore, the integration of smart technology with existing home appliances provides wireless connectivity, thereby helping consumers to control home appliances remotely. The convenience offered by the smart technology is accelerating the growth of home appliances market.
The market for home appliances is highly competitive with a large number of manufacturers producing technologically advanced, energy-efficient home appliances. Manufacturers need to enhance the product technology and make regular updated to differentiate the products from other manufacturers in order to gain competitive advantage over other players operating in the market. Consumers look for cost-effective home appliances. As a result, manufacturers need to balance pricing with product features and quality. Therefore, consumers\' preference towards price-sensitive products is restraining the growth of home appliances market.
The integration of advanced technologies such as the Internet of Things (IoT) and artificial intelligence (AI) with home appliances is presenting potential opportunities for the growth of home appliances market. The use of smart home technology allows homeowners to control various aspects of their homes, including lighting, temperature, security, and entertainment, from a single device or app. Therefore, global home appliances market is expected to grow significantly in the coming years, driven by the increasing adoption of smart home devices and the development of new and innovative products.
Home Appliances Market Competitive Landscape:
The home appliances market is highly competitive owing to a number of vendors providing home appliances to the international and domestic markets. The key market players are adopting strategies for merger and acquisitions, product innovations to stay competitive in the market. These factors are examined to offer an insightful understanding of current market circumstances. Following are the major market players that comprise the latest market concentration–
• Robert Bosch GmbH
• Dongbu Daewoo Electronics
• Fisher & Paykel Appliances Holdings Ltd.
• GE Appliances
• Haier Group Corporation
• LG Electronics
• Panasonic Corporation
• Philips Electronics
• Whirlpool Corporation
• In October 2021, Whirlpool launched a series range of premium Quattro 4-door refrigerators for premium aesthetics.
• In November 2022, Daikin Industries, Ltd. opened new air conditioner factory in Indonesia. The factory produces a wide range of air conditioning products, including split air conditioners, window air conditioners, and air purifiers.
By Product Type
Based on the product type, the market is bifurcated into major home appliances and small home appliances. Major home appliances segment accounted for the largest revenue share in the year 2022. The growth of the segment is attributed to factors such as consumers\' demand for energy-efficient appliances, technological advancements, and the trend towards smart homes. Major home appliances such as refrigerators, freezers, washing machines, ovens, and air conditioners are quite expensive with a long-life expectancy. For instance, in January 2023, LG Electronics showcased its InstaView Refrigerator at the Consumer Electronics Show (CES) 2023. The InstaView Refrigerator is a spacious refrigerator offering a wide variety of features that make it a great addition to any modern kitchen.
The small home appliances segment is expected to witness robust growth during the forecast period. The growth of this segment is driven by factors such as changing consumer lifestyles and the increasing demand for convenience and efficiency in the home. Small home appliances are smaller, portable devices that are designed to perform specific household tasks. Small home appliances such as coffee/ tea makers, vacuum cleaners, dishwashers, mixers and grinders, and hair dryers are less expensive with a shorter life expectancy. For instance, in June 2021, BSH Home Appliances launched a new range of dishwashers that includes 19 new models. The new product line is intended to provide consumers with a range of options to fulfill the diverse requirements and preferences.
By Distribution Channel
Based on the distribution channel, the market is segregated into supermarket & hypermarket, specialty stores, e-commerce, and others. Specialty stores dominated the global market and accounted for the largest revenue share in the year 2022. The specialty store segment holds a significant advantage as customers exhibit a preference for physical product testing before purchase, particularly for expensive items such as refrigerators, air-conditioners, microwaves, and dishwashers. Specialty stores provide the opportunity to understand product features and functionality to make appropriate decisions. Accordingly, consumers are able to make purchases based on the advice and guidance of the sales staff along with their understanding of the product.
The e-commerce segment is expected to witness robust growth during the forecast period. The growth of this segment is attributed to the shift in customer behavior of shopping online through e-commerce websites, online marketplaces, and mobile applications. Consumers have a tendency to compare products and prices from different brands and manufacturers, thereby attracting a large number of consumers to online shopping platforms. Moreover, the convenience of home delivery services offered by shopping from e-commerce websites is further contributing to the growth of this segment. For instance, home appliances such as air conditioners, washing machines, microwaves, and air fryers are marketed globally through e-commerce platforms such as Amazon and Alibaba. Furthermore, the consumers\' shift towards online shopping is expected to drive the growth of e-commerce segment during the forecast period.
The Asia-Pacific region dominates the global market and accounted for the largest revenue share in the year 2022. Consumers in the Asia-Pacific region are adopting western-style lifestyles that leads to the increasing demand for home appliances that save time and energy. Moreover, e-commerce is rapidly expanding in the Asia Pacific region allowing consumers to purchase home appliances online through e-commerce websites and other online platforms. According to Statista, 31.3% of total revenue will be generated through online sales by 2023. Therefore, e-commerce has become an attractive option for consumers as it provides an opportunity to compare prices online and many retailers offer free delivery and easy returns, thereby contributing to the growth of the regional market.
North America is expected to register fastest CAGR growth during the forecast period. The rising awareness about health and wellness among customers is driving the demand for home appliances market in the region. Consumers are demanding new appliances that purify air and water and help reduce allergens in their homes. Furthermore, growing technological advancements in the region is further contributing to the growth of regional market. Consumers in North America prefer appliances that are smart and connected, allowing them to control and monitor home appliances using smartphones or tablets. Therefore, the growing technological advancements and rising awareness about health and wellness among consumers is driving the growth of home appliances market in the region.