The consumer appliances global market report 2024 from The Business Research Company provides comprehensive market statistics, including global market size, regional shares, competitor market share, detailed segments, trends, and opportunities. This report offers an in-depth analysis of current and future industry scenarios, delivering a complete perspective for thriving in the industrial automation software market.
Consumer Appliances Market, 2024 report by The Business Research Company offers comprehensive insights into the current state of the market and highlights future growth opportunities.
Market Size –
The consumer appliances market size has grown strongly in recent years. It will grow from $435.10 billion in 2023 to $465.85 billion in 2024 at a compound annual growth rate (CAGR) of 7.1%. The growth in the historic period can be attributed to increase in consumer spending power, increased demand for energy-efficient appliances, increased demand for multifunctional products, change in consumer lifestyles, and rise in demand for home automation.
The consumer appliances market size is expected to see strong growth in the next few years. It will grow to $615.50 billion in 2028 at a compound annual growth rate (CAGR) of 7.2%. The growth in the forecast period can be attributed to rising living standards, growing consumption of bakery products, growing focus on sustainability and energy optimization, rising purchasing power, growing adoption of smart appliances and smart homes. Major trends in the forecast period include demand for advanced appliances, demand for connected kitchen appliances, integration of advanced technologies such as AI, Wi-Fi, and Bluetooth, demand for technologically advanced products, demand for wireless technologies.
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Scope Of Consumer Appliances Market
The Business Research Company’s reports encompass a wide range of information, including:
1. Market Size (Historic and Forecast): Analysis of the market’s historical performance and projections for future growth.
2. Drivers: Examination of the key factors propelling market growth.
3. Trends: Identification of emerging trends and patterns shaping the market landscape.
4. Key Segments: Breakdown of the market into its primary segments and their respective performance.
5. Focus Regions and Geographies: Insight into the most critical regions and geographical areas influencing the market.
6. Macro Economic Factors: Assessment of broader economic elements impacting the market.
Consumer Appliances Market Overview
Market Drivers –
The rise in the popularity of restaurants is expected to propel the growth of the consumer appliances market going forward. Restaurants are establishments where food and beverages are prepared, served, and consumed, typically in exchange for payment. The popularity of restaurants is rising due to increasing consumer demand for convenient, diverse, and social dining experiences. Consumer appliances enhance operational efficiency, improve food quality, expand culinary capabilities, and enable restaurants to innovate, offer diverse menu options, and maintain high standards of hygiene and service. For instance, in June 2024, according to Statistics Sweden, a Sweden-based government agency, in the first quarter of 2024, restaurants saw a 1.2% increase in sales volume and a 5.9% rise in turnover at current prices compared to the same period in 2023. Therefore, the rise in the popularity of restaurants drives the consumer appliances market.
Market Trends –
Major companies operating in the consumer appliances market are developing AI-based kitchen robots to revolutionize meal preparation by enhancing efficiency, consistency, and convenience in both domestic and commercial kitchens. An AI-based kitchen robot is an advanced robotic system designed to assist with or fully automate various cooking and kitchen tasks by leveraging artificial intelligence and robotics technologies that revolutionize both home and commercial kitchens, making cooking more efficient, enjoyable, and accessible. For instance, in June 2024, Wonderchef, an India-based company that manufactures consumer appliances, launched Chef Magic, an all-in-one kitchen robot. This features 360° induction heating for efficient and even cooking, an in-built weighing scale for precision, and a user-friendly touchscreen interface similar to a smartphone. The device is Wi-Fi connected, allowing it to receive regular updates with fresh recipes, new features, and weekly enhancements.
The consumer appliances market covered in this report is segmented –
1) By Product Type: Kitchen Applications, Small Appliances, Washing Machine, Air Purifiers, Water Heaters, Water Purifiers, Cloth Dryers And Tumblers, Air Conditioners, Vacuum Cleaners
2) By Sales Channel: Offline, Online
3) By End User: Domestic, Professional
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Regional Insights –
Asia-Pacific was the largest region in the consumer appliances market in 2023. North America is expected to be the fastest-growing region in the forecast period. The regions covered in the consumer appliances market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
Key Companies –
Major companies operating in the consumer appliances market are <b>Samsung Electronics Co. Ltd., Robert Bosch GmbH, General Electric Company, Hitachi Ltd., Panasonic Corporation, Midea Group Co. Ltd. , Xiaomi Corporation, Haier Group Corp., Koninklijke Philips N.V., Whirlpool Corporation, BSH Hausgeräte GmbH, Sharp Corporation, AB Electrolux, Arçelik, Spectrum Brands Inc., Rinnai Corp., Havells India Ltd., Andis Company, VEGA, Syska, Hisense Inc., Sunbeam Products Inc., Wahl Clipper Corporation, Brio Product Group LLC</b>
Table of Contents
1. Executive Summary
2. Consumer Appliances Market Report Structure
3. Consumer Appliances Market Trends And Strategies
4. Consumer Appliances Market – Macro Economic Scenario
5. Global Consumer Appliances Market Size and Growth
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32. Global Consumer Appliances Market Competitive Benchmarking
33. Global Consumer Appliances Market Competitive Dashboard
34. Key Mergers And Acquisitions In The Consumer Appliances Market
35. Consumer Appliances Market Future Outlook and Potential Analysis
36. Appendix
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