The Household Appliances Global Market Report 2024 by The Business Research Company provides market overview across 60+ geographies in the seven regions – Asia-Pacific, Western Europe, Eastern Europe, North America, South America, the Middle East, and Africa, encompassing 27 major global industries. The report presents a comprehensive analysis over a ten-year historic period (2010-2021) and extends its insights into a ten-year forecast period (2023-2033).
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According to The Business Research Company’s Household Appliances Global Market Report 2024, The household appliances market size has grown strongly in recent years. It will grow from $596.03 billion in 2023 to $644.42 billion in 2024 at a compound annual growth rate (CAGR) of 8.1%. The growth in the historic period can be attributed to increased home renovation, housing market growth, electrification of homes, changing lifestyles, energy efficiency awareness, demographic shifts.
The household appliances market size is expected to see strong growth in the next few years. It will grow to $854.21 billion in 2028 at a compound annual growth rate (CAGR) of 7.3%. The growth in the forecast period can be attributed to growing smart home integration, rising middle-class population, health and wellness features, aging population needs, energy storage integration. Major trends in the forecast period include sustainable design, internet of things (iot), voice and ai integration, compact and multi-functional appliances, advanced cooking technologies, customization and personalization.
The rising trend of outdoor parties and cookouts on weekends and holidays is expected to drive the market for household appliances in the forecast period. Rapidly evolving lifestyle along with the increasing outdoor recreational activities would increase the demand for house hold appliances. The Europe household appliances market is expected to grow to $5.98 million by 2026. Increasing access to unique camping sites, and increasing adventure camping, coupled with the rising disposable income would drive the market for household appliances globally, which in turn would boost the market for household appliances in the forecast period.
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The household appliances market covered in this report is segmented –
1) By Type: Small Electrical Appliance, Household Cooking Appliance, Household Refrigerator And Home Freezer, Household Laundry Equipment, Other Major Household Appliance
2) By Mode: Online, Offline
3) By Application: Cooking, Cleaning, Other Applications
Subsegments Covered: Household Type Fans, Household Type Vacuum Cleaners, Other Household Type Small Electric Appliances, Electric Stoves, Microwave Ovens, Barbecues And Grills, Other Household Cooking Appliance, Refrigerators, Freezers, Ice Boxes, Refrigerator/Freezer Combinations, Washing Machines, Ironers, Dryers, Other Household Laundry Equipment, Dishwashers, Waste Disposable Units, Water Heaters, All Other Major Household Appliance
Household appliance manufacturers are embedding LED lights in their products to minimize power consumption. LED lights require lesser wattage as compared to CFL or incandescent light bulbs. Household appliance manufacturers are more focused on introducing products with LED lighting for minimal power consumption and improved visual appearance. For instance, GE’s LED refrigerator lighting system minimizes power consumption by 80% compared to halogen lamps. The company has introduced products such as café’s French door refrigerators and profile wall ovens with this lighting. For instance, some of the major companies manufacturing LED lighting include Philip Electronics N.V., Osram Opto, Digital Lumens Inc., and Cree Corporation.
The household appliances market report table of contents includes:
- Executive Summary
- Household Appliances Market Characteristics
- Household Appliances Market Trends And Strategies
- Household Appliances Market – Macro Economic Scenario
- Global Household Appliances Market Size and Growth
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- Global Household Appliances Market Competitive Benchmarking
- Global Household Appliances Market Competitive Dashboard
- Key Mergers And Acquisitions In Household Appliances Market
- Household Appliances Market Future Outlook and Potential Analysis
- Appendix
Top Major Players :
- Samsung Electronics Co. Ltd.
- Hitachi Appliances
- LG Electronics
- Panasonic Appliances
- Qingdao Haier Co. Ltd.
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